MBA 706 Exam 1
Saleh
Study online at https://quizlet.com/_dosckl
1. Relationship between strategy and change: There is a lot of change in the market (new tech,
change in political and cultural circumstances), requiring companies to be adaptive. Because we cannot predict what
will happen, having a solid, adaptable strategy will help us determine what actions to take in ditterent circumstances.
Strategic management recognizes the importance of IMPLEMENTATION and MANAGING CHANGE
2. How Change is an integral part of strategy: o 1. Drivers of Change (political, economic, social,
technical - PEST)
o 2. Impact of Change (volatility, globalization, intense competition, redefine)
o 3. Results of Change (opportunity, strategic drift)
3. Contribution of strategic marketing to business: · Strategy is concerned with making major
decisions attecting the long-term direction of the business
4. Strategic Marketing Management: o Ensuring that market strategy is:
a) relative to current/future business environment
b) sustainable
c) generating optional benefits to both the org and customers
d) correctly implemented
5. Concept of marketing: · The concept of marketing is inherently simple - business success through a
process of understanding and meeting customer needs
· Defines how the organization interacts with its marketplace
· Marketing involves many activities: Advertising, Branding, Pricing, Research, Personal Selling
6. Focus of strategic business decisions: · The purpose of strategy is to simplify managerial decision
making when it comes to marketing decisions
· Business definition: what business we are in (Marketing Myopia)
· Core competencies: what do we well / what's sustainable / competitive advantages / resources needed
· Integrating functional areas within the organization: coordinating marketing with other departments
· Consistency of approach and focus
7. Types of change: · Cyclical: repetitive, predictable (seasonal, variance with economic fluctuations)
· Evolutionary: fundamental shift, sudden or gradual
8. Balanced scorecard for measuring success: · financial / non-financial measures of success
· 1. Financial measures: how firm is perceived by stakeholders
· 2. Customers: how customers view firm
· 3. Internal activities: identify key areas which deliver customer satisfaction
, MBA 706 Exam 1
Saleh
Study online at https://quizlet.com/_dosckl
· 4. Innovation & learning
· Becomes the basis for evaluating strategy
9. Purpose of marketing strategy: · Achieving a superior competitive position within a defined market
o 1. Segmentation: break the market into groups
o 2. Targeting: select market segments
o 3. Positioning: establish a distinctive superior position
· Marketing defines how the organization interacts with its marketplace
· Marketing can be more than a functional activity. It can be adopted as a business philosophy - marketing orientation
· Establish the organization's marketing mix (4Ps) - product, price, promotion, and place
· Marketing strategy developed in 3-stages: analysis, formulation, and implementation
10. Business orientations: · A company's orientation defines its fundamental business philosophy, high-
lighting what is perceived as the primary route to success
· Production
· Product
· Sales
· Market: success derived from understanding and meeting customer needs; uses actual customer demand as a means
of focus resources
11. The five elements of a marketing orientation philosophy: § Customer focused
§ Competitor focused
§ Integrate marketing into the business
§ Strategic vision
§ Realistic expectations
12. Macro-environmental forces that can affect a business & Examples: PEST
· Political/Legal
o Taxation, monopoly, EPA, employment law, foreign trade agreements, stability of government
· Economic Factors
o Interest rates, inflation, $ supply, business cycles, unemployment, GNP/GDP trends
· Social/cultural Issues
o Age profiles, social mobility, lifestyle changes, family structures, education level, work behavior, dist of income, patterns
of ownership, attitudes and values
· Technical Factors
o Focus of government research, rate of tech. transfer, materials, developing tech. processes
Saleh
Study online at https://quizlet.com/_dosckl
1. Relationship between strategy and change: There is a lot of change in the market (new tech,
change in political and cultural circumstances), requiring companies to be adaptive. Because we cannot predict what
will happen, having a solid, adaptable strategy will help us determine what actions to take in ditterent circumstances.
Strategic management recognizes the importance of IMPLEMENTATION and MANAGING CHANGE
2. How Change is an integral part of strategy: o 1. Drivers of Change (political, economic, social,
technical - PEST)
o 2. Impact of Change (volatility, globalization, intense competition, redefine)
o 3. Results of Change (opportunity, strategic drift)
3. Contribution of strategic marketing to business: · Strategy is concerned with making major
decisions attecting the long-term direction of the business
4. Strategic Marketing Management: o Ensuring that market strategy is:
a) relative to current/future business environment
b) sustainable
c) generating optional benefits to both the org and customers
d) correctly implemented
5. Concept of marketing: · The concept of marketing is inherently simple - business success through a
process of understanding and meeting customer needs
· Defines how the organization interacts with its marketplace
· Marketing involves many activities: Advertising, Branding, Pricing, Research, Personal Selling
6. Focus of strategic business decisions: · The purpose of strategy is to simplify managerial decision
making when it comes to marketing decisions
· Business definition: what business we are in (Marketing Myopia)
· Core competencies: what do we well / what's sustainable / competitive advantages / resources needed
· Integrating functional areas within the organization: coordinating marketing with other departments
· Consistency of approach and focus
7. Types of change: · Cyclical: repetitive, predictable (seasonal, variance with economic fluctuations)
· Evolutionary: fundamental shift, sudden or gradual
8. Balanced scorecard for measuring success: · financial / non-financial measures of success
· 1. Financial measures: how firm is perceived by stakeholders
· 2. Customers: how customers view firm
· 3. Internal activities: identify key areas which deliver customer satisfaction
, MBA 706 Exam 1
Saleh
Study online at https://quizlet.com/_dosckl
· 4. Innovation & learning
· Becomes the basis for evaluating strategy
9. Purpose of marketing strategy: · Achieving a superior competitive position within a defined market
o 1. Segmentation: break the market into groups
o 2. Targeting: select market segments
o 3. Positioning: establish a distinctive superior position
· Marketing defines how the organization interacts with its marketplace
· Marketing can be more than a functional activity. It can be adopted as a business philosophy - marketing orientation
· Establish the organization's marketing mix (4Ps) - product, price, promotion, and place
· Marketing strategy developed in 3-stages: analysis, formulation, and implementation
10. Business orientations: · A company's orientation defines its fundamental business philosophy, high-
lighting what is perceived as the primary route to success
· Production
· Product
· Sales
· Market: success derived from understanding and meeting customer needs; uses actual customer demand as a means
of focus resources
11. The five elements of a marketing orientation philosophy: § Customer focused
§ Competitor focused
§ Integrate marketing into the business
§ Strategic vision
§ Realistic expectations
12. Macro-environmental forces that can affect a business & Examples: PEST
· Political/Legal
o Taxation, monopoly, EPA, employment law, foreign trade agreements, stability of government
· Economic Factors
o Interest rates, inflation, $ supply, business cycles, unemployment, GNP/GDP trends
· Social/cultural Issues
o Age profiles, social mobility, lifestyle changes, family structures, education level, work behavior, dist of income, patterns
of ownership, attitudes and values
· Technical Factors
o Focus of government research, rate of tech. transfer, materials, developing tech. processes
