BU352 Study Guide - Midterm Guide: Triple Bottom Line, Swot Analysis, Cognitive Dissonance
Document Summary
Product orientation- you make the product prior looking at the needs of the market. Sales orientation you focus on sales volume rather than profit or relationships. Market orientation do research to meet an unsatisfied consumer need. Value-based orientation you focus on the triple bottom line (profits, people, planet); higher value product than competitors which leads to relationships. Product excellence: high perceived value & effecting branding & positioning. Customer excellence: providing excellent customer service and retaining loyal customers. Operational excellence: efficient operations, excellent supply chain management, and strong supplier relations. Locational excellence: the 3 most important things in retailing are location, location, location. Develop a marketing plan: bu mission & obj. Mission statement- the core values, objective, goals, who they are, and beliefs of a company: situation analysis - swot, evaluate performance by using marketing metrics. Implement marketing mix product, price, place, promotion. Tool which ranks the relative market share and market growth rate: high-high=stars, high-low=question marks, low-high=cash cows, low-low=dogs.
