Chapter 1 – Overview of Marketing * Inertia to Passion * * 80/20 Rule * “80% of profits come from 20% of consumers” * Economies of Scale * The more you make of something‚ the less it costs per unit * i.e. Microsoft Office 2014 * Wholesale – Costco * Understand Marketing Mix (4 P’s)/From Customer Perspective 4 Cs * Marketing Mix: A combination of the product itself‚ the price of the product‚ the place where it is made available‚
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Marketing Management Exam 1 Study Guide Chapter 1-3 Core Competency * Attribute that: * (1) Is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits * (2) Has applications in a wide variety of markets * (3) Is difficult for competitors to imitate Fad‚ Trend‚ Megatrend * Fad: * “Unpredictable‚ short-lived‚ and without social‚ economic‚ and political significance.” * Trend: * A direction
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important questions the marketing manager must answer to design a winning marketing strategy. How does the manager go about answering these questions Chapter 1 Review Notes 1. Define marketing and discuss how it is more than just “telling and selling.” Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Hence‚ marketing is defined as the process
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Strategic Planning MGT3880: Leadership for Organizations George Henson Strategic planning is a process of optimism by an organization. It anticipates the future of the organizational goals and strategically plans how the organization will achieve those goals. Strategic planning involves several steps in its process those steps are; (1) strategic thinking including external analysis‚ (2) internal analysis‚ (3) identifying key strategic issues‚ (4) developing
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Unit I LESSON 1 Concept of Corporate Strategy LESSON OUTLINE Introduction What is strategy? Why corporate strategy? Levels of strategy Crafting a strategy An ongoing process Summary Self assessment questions Activities References LEARNING OBJECTIVES After reading this lesson you should be able to Define and understand the concept of corporate strategy Identify the different levels of corporate strategy Examine the reasons for developing strategies See corporate
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Centre Assessment Guidance for Level 7 Strategic Management and Leadership (QCF) Version 2 Strategic Management and Leadership Centre Assessment Guidance Contents Page Introduction About these qualifications Titles and qualifications reference numbers Accreditation dates Qualifications summary Progressions Credit values and rules of combination for the qualifications Relationship to the National Occupational Standards for Management and Leadership Assessment and Verification What is expected
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Explain why strategic analysis is necessary in the process of developing an appropriate strategy. Identify tools that are available to examine the external environment and discuss how and why they are used. Introduction Strategy is a high level plan in which to achieve one or more goals under conditions of uncertainty. It is very important because resources available to achieve these goals are usually limited. Strategy is often the difference between mediocrity
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Lord Ashcroft International Business School Strategic Management Analysis Department: Economics‚ Strategy‚ Marketing & Enterprise Module Code: MOD001074 Academic Year: 2012/13 Semester/Trimester: 1 1 Contents 1. Key Information ..................................................................................................... 2 2. Introduction to the Module ..................................................................................... 2 3. Intended Learning Outcomes ..
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to four times longer than average (GreenSheet brochure‚ 2011). GreenSheet is a small but expanding business that is interested in investing their capital in marketing to promote the firm’s growth. With limited distribution‚ they currently sell their product at Dealer Jose’s. GreenSheet derives their consumer base from two main segments: 1. those who are "socially conscious" who may be willing to pay more for "green" products‚ 2. and those who wish to save money by reducing their personal amount
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Introduction To Marketing Chapter 1 Marketing: Managing Profitable Customer Relationships Marketing is the process my which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The Marketing Process can be represented by a simple five-step model. In the first four steps‚ companies work to understand consumers‚ create customer value‚ build strong customer relationships. In the final step‚ companies reap the rewards of creating
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