STUDY FOR BUSINESS

Value Chain The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products.

Marketing Environment The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.

Marketing Mix & 4 Ps of Marketing The set of controllable tactical marketing tools, product, price place, and promotion that the firm blends to produce the response it wants in the target market Product Variety Quality Design Features Brand name Packaging Services Price List price Discounts Allowances Payment period Credit terms

SWOT Analysis An overall evaluation of the company’s Strengths (S), Weakness (W), Opportunities (O), and Threats (T) Strengths Internal capabilities that may help a company reach its objectives. Weaknesses Internal limitations that may interfere with a company’s ability to achieve its objectives Opportunities External factors that the company may be able to exploit to its advantage Threats Current and emerging external factors that may challenge the company’s performance Internal External .................Positive...............................Negative...............

Managing the Marketing Effort Marketing Analysis Managing the marketing function begins with a complete analysis of the company’s situation. The marketer should conduct a SWOT analysis. SWOT Analysis An overall evaluation of the company’s Strengths (S), Weakness (W), Opportunities (O), and Threats (T)

Differentiation Actually differentiating the market offering to create superior customer value

Positioning Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Market Targeting or Target Market The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

--> Market Segment A group of consumers who respond in a similar way to a given set of marketing efforts

--> Market Segmentation Dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing programs.

Marketing Strategy The marketing logic by which the business unit hopes to achieve its marketing objectives

Downsizing Reducing the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company’s overall strategy.

Product/Market expansion grid A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification ...........Existing Product....... New Product Market Penetration Product Development Market Development Diversification Existing Market New Market

The Boston Consulting Group Approach "A portfolio-planning method that evaluates a company's strategic business units in terms of their market growth rate and relative market share. SBUs are classified as stars, cash cows, question marks, or dogs". Using the Boston Consulting Group (BCG) approach, a company classifies all its SBUs according to the growth-share matrix.

Business Portfolio The collection of businesses and products that make up the company. Portfolio Analysis The process by which management evaluates the products and businesses making up to company.

Mission Statement A statement of the organization's purpose, what it wants to accomplish in he larger environment.

Strategic Planning Each company must find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources. This is the focus of strategic Plannings. "The process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities".

Customer Relationship Management (CRM) “The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction”. Customer Relationship Management (CRM) is perhaps the most important concept of modern marketing. Until recently, CRM has been defined narrowly as a customer data management activity. By this definition, it involves managing detailed information about individual customers and carefully managing customer "touch points" in order to maximize customer loyalty.  

Marketing Concept The marketing management philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better that competitors do. Starting point Focus Means Ends Market Customer needs Integrated marketing Profits through customer satisfaction

Selling Concept The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. Starting point Focus Means Ends Factory Existing of products in the Market Selling and Promoting Profits through sales volume The concept is typically practiced with unsought goods those that buyers do not normally think of buying. Such as insurance or blood donations. These industries must track down prospects and sell them on product benefits. such aggressive selling, however, carries high risks. It focuses on creating sales transactions rather than on building long-term, profitable customer relationships. The aim often is to sell what the company makes rather than making what the market wants. It assumes that customers who are coaxed into buying the product will like it. Or if they don't like it, they will possibly forget their disappointment and buy it again ...

Marketing Offering The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

Marketing Management The art and science of choosing target markets and building profitable relationships with them.

Market The set of all actual and potential buyers of a product or service.

Needs States of felt deprivation. Wants The form human needs take as shaped by culture and individual personality. Demands Human wants that are backed by buying power.

Marketing: The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. In other words Marketing is used to recognize the customer, to keep the customer, and to satisfy the customer. Marketing is the process by which companies create customer attention in products or services. It is an incorporated procedure through which companies construct strong customer relationships and generate value for their customers and for themselves.

Computer software 1. Application software Programs that direst the performance of a particular use or application of computers and computer network to meet the information processing needs of end users. a) General purpose application programs General purpose application programs are programs that perform common information processing jobs for end users. b) Application specific programs Application specific software packages are available to support specific applications to end users in business and other fields. 2. System software Programs that manage and support the resources and operations of a computer system or network as it performs various information processing tasks a) System management programs Programs that manage the hardware, software, network and data resources of the computer system during its execution of the various information processing jobs of users b) ...

BUSINESS USE OF THE INTERNET This should give you a good idea of how versatile the internet is as an information technology platform on which to base a variety of business strategies. You could group the ways that companies are using the internet for business into a few major application categories. 1. Interactive marketing Because of the internet, marketing a company and its products and services has become an interactive process. The internet and the web enable companies to create a dialog with customers through online discussion groups, bulletin board, electronic questionnaires, and mailing lists and E-mail exchanges. Thus customers can be interactively involved in the development marketing, sales and support of products and services, along with a company’s market researchers, product designers, marketing and sales staff, and support specialists. 2. E-Commerce The internet, the World Wide Web, and internet-based technologies such...

The new product development process Idea generation The systematic search for new-product ideas. Idea screening Screening new-product ideas in order to spot good ideas and drop poor ones as soon as possible . Concept testing Testing new-product concepts with a group of target consumer to find out it the concepts have strong consumer appeal. Marketing Strategy Development Designing an initial marketing strategy for a new product based on the product concept Business analysis A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company’s objectives. Product Development Development the product concept into a physical product in order to ensure that the product idea can be turned into a workable product. Test marketing The stage of new-product development in which the product and marketing program are tested in more realistic m...

Product life cycle The course of a product’s sales and profits over its lifetime. It involves live distinct stages product development, introduction, growth, maturity, and decline. The product life cycle goes through many phases, involves many professional disciplines, and requires many skills, tools and processes. Product life cycle (PLC) has to do with the life of a product in the market with respect to business/commercial costs and sales measures; whereas product life cycle management (PLM) has more to do with managing descriptions and properties of a product through its development and useful life, mainly from a business/engineering point of view. To say that a product has a life cycle is to assert four things: 1) That products have a limited life 2) Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller 3) Profits rise and fall at different stages of product life cycle 4) Products...

Int ernet Internet refers to the world-wide collection of independent networks, connected via routers to each other for communication purposes. Intranet Intranet refers to a collection of networks within a logical body, such as a building, corporation or other entity. Intranet s can be as simple as two computers connected at home to each other, or as vast as 1000 branch offices of a bank, connected via privately owned, non-public network links. Intranets usually have a firewall and router, which permits access to the public Internet, while protecting the internal Intranet from malicious users. Extranet Extranets are collaborative meta-networks which are set up between two or more Intranets to facilitate business or research communication. An example would be General Motors and the many subcontractors that supply GM with parts for their products. GM and it's partners establish links to tie each others Intranets together to better serve each others needs...

Extranet Extranets are collaborative meta-networks which are set up between two or more Intranets to facilitate business or research communication. An example would be General Motors and the many subcontractors that supply GM with parts for their products. GM and it's partners establish links to tie each others Intranets together to better serve each others needs, such as secure communications for financial transactions, parts ordering, etc. Another example would be the Federal Reserve Bank, which maintains an Extranet connected to each of it's constituent banks for the transfer of funds.

Intranet Intranet refers to a collection of networks within a logical body, such as a building, corporation or other entity. Intranets can be as simple as two computers connected at home to each other, or as vast as 1000 branch offices of a bank, connected via privately owned, non-public network links. Intranets usually have a firewall and router, which permits access to the public Internet, while protecting the internal Intranet from malicious users. Finally, the term 'internet' (lower case) is a generic description of a collection of networked devices.