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What is value?

A ratio of the bundle of benefits a customer receives from an offering compared to the cost incurred by the customer in acquiring that bundle of benefits


What is a mission statement?

It articulates an organization's purpose, or reason for existence


What are the components of a mission statement?

1. Strategic vision - What the company would like to become in the future
2. Goals - what the firm hopes to accomplish
3. Objectives - provide the benchmarks by which organizational performance is assessed


What are the functions of a mission statement?

1. clarifies the purpose and primary, measurable objectives of the organization
2. A mission statement is meant for employees and leaders of the organization.


What is Strategic Planning?

The process of marshaling the various resource and functional areas of the firm toward a central purpose around the customer


What is a SWOT analysis?

1. Internal strengths vs. weaknesses
- competitive advantages
- internal barriers to growth
2. External opportunities and growth
- Macro and micro environmental factors
market opportunity analysis
- unfavorable trends or developments


What are the components of a marketing plan?

Market Research
Establish goals and objectives
Develop Marketing strategies
Create an implementation plan
Develop contingency plans


the level of liking an individual harbors for an offering

customer satisfaction


a customer's commitment to a company and its products and brands for the long run

customer loyalty


low propensity among a firm's customer base to consider switching to other providers

customer retention


activities within a firm's value chain that act to increase the value of its products and services for its customers.

value creating activities


The five primary activities in the value chain are...

-Inbound logistics
-Outbound logistics
-Marketing and sales


The four support activities in the value chain are..

-Firm infrastructure
-Human resource management
-Technology development


Mission statement (PAL View)

-Needs served
-People served
-How they are served
-Technologies used