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MKC1

Fundamentals of Marketing and Business Communication

QuestionAnswer
What is a value proposition? a thirty-second “elevator speech” stating the specific benefits a product or service offering provides a buyer. It shows why the product or service is superior to competing offers.
What are corporate level plans? Plans developed for the corporation as a whole.
What is a strategic business unit (SBU)? A business or product line within an organization that has its own competitors, customers, and profit center for accounting purposes.
What are business level plans? Plans developed for each SBU. They typically have their own mission statement.
What is the first mover strategy? A corporate level strategy that theorizes that the first organization to offer a product in the marketplace (innovator) will be the long term market leader.
What is the second mover strategy? A corporate level strategy that theorizes that closely observing the innovations of first movers, and then improving them can help an organization gain marketplace advantage.
What is the strategic planning process? The process an organization takes to allocate it's resources under different conditions to accomplish it's objectives, deliver value, and be competitive.
What is a situation analysis? An assessment of an organization's internal and external environments.
What are some examples of things that are a part of an organization's internal environment? Capability of its personnel, financial resources, technology, etc.
What are some examples of things that are part of an organization's external environment? Competitors, Economy, etc.
What is a SWOT analysis? An analysis of an organization's strengths, weaknesses, opportunities, and threats.
What are Michael Porter's 5 forces? Potential new entrants, bargaining power of buyers, bargaining power of suppliers, substitutes, and competitive rivalry.
What is a mystery shopper? A person who is hired to visit a company or one of it's competitors as a customer to observe their level of customer service, cleanliness, quality, etc.
Created by: 928715837240915
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