Allied Business School
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Latest notes & summaries Allied Business School
Marketing 
An organizational function and a set of processes for creating, capturing, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. 
 
The primary focus is on satisfying customers' needs and wants. And, the customer wants to be backed by buying power creates demand. 
 
 
 
Marketing plan 
A written document composed of an analysis of the current marketing situation, opportunities, and threats ...
marketing 
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large 
 
 
 
exchange 
people giving up something in order to receive something they would rather have 
 
 
 
production orientation 
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace 
 
 
 
sales orientation 
the ideas that people will...
Promotional Mix 
1) advertising 
2) public relations 
3) sales promotions 
4) personal selling 
5) social media 
 
 
 
promotion 
Communication by marketers that informs, persuades, and reminds potential buyers of a product in order to influence an opinion or elicit a response 
 
 
 
promotional strategy 
a plan for the optimal use of the elements of promotion to elicit a particular response; main goal is to convince buyers that the products offer competitive advantage 
 
 
 
advertising 
mass c...
Define supply chain management. 
coordinate and integrate all activities performed by supply chain members into a process, from source to the point of consumption, resulting in enhanced customer and economic value 
 
 
 
Why is it important for supply chain management to understand supply and demand? 
-it will enable managers to optimize decisions, reduce waste, and respond quickly to sudden change in supply chain 
 
 
 
Define supply chain agility. 
operational strategy inducing inventory veloc...
marketing 
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large 
 
 
 
exchange 
people giving up something in order to receive something they would rather have 
 
 
 
production orientation 
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace 
 
 
 
sales orientation 
the ideas that people will...
simulated (laboratory) market testing 
the presentation of advertising and other promotional materials for several products, including a test product, to members of the products target market 
 
 
 
commercialization 
the decision to market a product 
 
 
 
innovation 
a product perceived as new by a potential adopter 
 
 
 
simultaneous product development 
a team-oriented approach to new-product development 
 
 
 
development 
the stage in the product development process in which a prototype i...
marketing 
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large 
 
 
 
exchange 
people giving up something in order to receive something they would rather have 
 
 
 
production orientation 
a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace 
 
 
 
sales orientation 
the ideas that people will...
Importance of services to the economy 
- 55% of all US GDP 
- 10 out of 11 service sectors increased their revenue last year 
- Largest gains from Internet and Broadcasting: Google Facebook, Pandora, Spotify, SiriusM 
--- Interpublic Group - One of the largest 
 
 
 
How services differs from groups 
- Intangible 
- Inseparable 
- Heterogeneous 
- Perishable 
 
 
 
Intangible 
--- Services cannot be touched, seen, tasted, heard, or felt in the same way as goods. Tangible cues are often used to c...
star 
Fast growing market leader 
 
 
 
cash cow 
Generates more cash than it needs to maintain its market share. In a low growth market, but product has dominant market share 
 
 
 
question mark 
Shows rapid growth but poor profit margins. Low market share in high growth industry 
 
 
 
dog 
Low growth potential and a small market share 
 
 
 
SWOT Analysis 
Identifying internal strengths and weaknesses and also examining eternal opportunities and threats 
 
 
 
Penetration 
same products for ...
Production Orientation 
A philosphy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace 
 
 
 
Sales Orientation 
People will buy more goods and services if aggressive sales techniques are used and that high sales result in high profits 
 
 
 
Market Orientation 
Social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives 
 
 
 
Societal Marketi...