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20 Cards in this Set
- Front
- Back
business plan
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Formal document that outlines a company’s objectives, how they will be met, how the business will achieve financing, and how much money the firm expects to earn.
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distribution strategy
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Planning that ensures that consumers find their products in the proper quantities at the right times and places.
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first mover strategy
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Theory advocating that the company that is first to offer a product in a marketplace will be the long-term market winner.
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marketing mix
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Blending of the four strategy elements—product, distribution, promotion, and pricing—to fit the needs and preferences of a specific target market.
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marketing plan
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Detailed description of the resources and actions needed to achieve stated marketing objectives.
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marketing planning
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Implementing planning activities devoted to achieving marketing objectives.
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marketing strategy
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Overall, companywide program for selecting a particular target market and then satisfying consumers in that market through the marketing mix.
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mission
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Essential purpose that differentiates one company from others.
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planning
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Process of anticipating future events and conditions and of determining the best way to achieve organizational goals.
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Porter’s Five Forces
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Model developed by strategy expert Michael Porter, which identifies five competitive forces that influence planning strategies: the threat of new entrants, the threat of substitute products, rivalry among competitors, the bargaining power of buyers, and the bargaining power of suppliers.
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pricing strategy
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Methods of setting profitable and justifiable prices.
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product strategy
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Decisions about what goods or services a firm will offer its customers; also includes decisions about customer service, packaging, brand names, and the like.
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promotion
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Communications link between buyers and sellers. Function of informing, persuading, and influencing a consumer’s purchase decision.
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second mover strategy
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Theory that advocates observing closely the innovations of first movers and then introducing new products that improve on the original offering to gain advantage in the marketplace.
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spreadsheet analysis
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Grid that organizes information in a standardized, easily understood format
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strategic business units (SBUs)
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Key business units within diversified firms.
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strategic planning
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Process of determining an organization’s primary objectives and adopting courses of action that will achieve these objectives.
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strategic window
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Limited periods during which the key requirements of a market and the particular competencies of a firm best fit together.
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SWOT analysis
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Analysis that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats.
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tactical planning
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Planning that guides the implementation of activities specified in the strategic plan.
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