Lesson 3 Flashcards
(48 cards)
are people or groups affected by a business, like customers, employees, suppliers, and the community. Businesses should meet their basic needs. The first step is to identify who they
are and understand what they expect.
Stakeholders
Companies create teams with members from different departments to handle important tasks and stay competitive. However, departments often focus on their own goals instead of the company’s overall success.
Processes
Businesses focus on their main strengths and hire outside help for less important tasks. To run smoothly, they need staff, materials, equipment, and information.
Resources
Companies change their structure, rules, and work culture to adapt to business changes. While rules and structures can be updated easily, changing a company’s culture is the hardest part. Successful hospitality businesses work hard to build and maintain a strong service culture
Organization
- the process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its
changing marketing opportunities.
Strategic Planning
- A guide that gives everyone connected to the
company a common goal, allowing them to work both independently and together.
Corporate Mission Statement
- The company’s core priorities and standards for behavior.
Corporate Values
explains a company’s purpose and what it aims to achieve in the
world.
mission statement
To achieve its mission, a company must create clear goals for different management levels. Marketing strategies and programs should support these objectives,
B.Setting Company Objectives and Goals
business should fOCUS on meeting customer needs rather than just selling products. Instead of seeing itself as a product maker, it should view itself as a company that
solves customer problems.
C.Designing the Business Portfolio
-MARKET EXPANSION GRID OFFERS A USEFUL FRAMEWORK FOR EXAMINING
GROWTH.
ANSOFF PRODUCT
- Increasing sales of current products in
existing markets
Market Penetration
- Finding new markets for existing
products.
Market Development
- Creating new or improved products
for current markets
Product Development
A business expands into new areas
when good opportunities exist outside its current operations.
Diversification Growth
Adding new products that
are related in technology or marketing but may attract
different customers.
Concentric Diversification Strategy.
Introducing new products that appeal to existing customers but are not related to current
products.
Horizontal Diversification Strategy.
Expanding into completely new industries that have no connection to the company’s current products or markets.
Conglomerate Diversification Strategy.
Businesses can grow by expanding within their industry through different types of integration,
Integrative Growth
different types of integration:
Backward Integration
Forward lntegration
Horizontal Integration.
When a firm finds brands or businesses that are unprofitable or that no longer fit its overall strategy. It must carefully prune, harvest, or divest them,
Downsizing
All key departments-such as marketing, finance, accounting,
purchasing, operations, IT, and human resources–must collaborate to achieve the company’s strategic goals
Partnership with other company departments
Competition is no longer just between individual companies;
it now happens between entire value delivery networks
formed by these companies.
Partnership with others in the marketing systems.
is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors, who may need
separate products or marketing strategies.
Market Segmentation
