MBA514 Marketing Management
Chapter 2 Key Terms
Chapter 2 Key Terms
* Value Chain: A high-level model of how businesses receive raw materials as input, add value to the raw materials through various processes, and sell finished products to customers. A value chain typically consists of; inbound distribution or logistics, manufacturing operations, outbound distribution or logistics, marketing and selling, and after-sales service. These activities are supported by purchasing or procurement, research and development, human resource development, and corporate infrastructure. * Supply Chain: the movement of materials as they flow from their source to the end customer. Supply Chain includes purchasing, manufacturing, warehousing, transportation, customer servicing, demand planning, supply planning and Supply Chain management. It is made up of the people, activities, information and resources involved in moving a product from its supplier to customer. * Core competency: The main strengths or strategic advantages of a business. Core competencies are the combination of pooled knowledge and technical capacities that allow a business to be competitive in the marketplace. Theoretically, a core competency should allow a company to expand into new end markets as well as provide a significant benefit to customers. It should also be hard for competitors to replicate. * Marketing Plan: a detailed, written account and timetable of the objectives, methods to be used by a firm to achieve its marketing goals. * Strategic Marketing Plan: the managerial process of developing and maintaining a match between an organization’s resources and its market opportunities. * Tactical marketing plan: planning of the shorter-term tactics to be used in implementation strategies to be employed in achieving planned marketing objectives. * Mission statements: sets out the organization’s basic purpose for being which could consist of (1) serve as filters...
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