MBA 706 Exam 1 Saleh
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1. Relationship be- There is a lot of change in the market (new tech, change in political and cultural
tween strategy circumstances), requiring companies to be adaptive. Because we cannot predict
and change what will happen, having a solid, adaptable strategy will help us determine what
actions to take in different circumstances.
Strategic management recognizes the importance of IMPLEMENTATION and MAN-
AGING CHANGE
2. How Change is an o 1. Drivers of Change (political, economic, social, technical - PEST)
integral part of o 2. Impact of Change (volatility, globalization, intense competition, redefine)
strategy o 3. Results of Change (opportunity, strategic drift)
3. Contribution of · Strategy is concerned with making major decisions affecting the long-term
strategic market- direction of the business
ing to business
4. Strategic Market- o Ensuring that market strategy is:
ing Management 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 mar- · The concept of marketing is inherently simple - business success through a
keting process of understanding and meeting customer needs
· Defines how the organization interacts with its marketplace
· Marketing involves many activities: Advertising, Branding, Pricing, Research, Per-
sonal Selling
6. Focus of strate- · The purpose of strategy is to simplify managerial decision making when it comes
gic business deci- to marketing decisions
sions · Business definition: what business we are in (Marketing Myopia)
· Core competencies: what do we well / what's sustainable / competitive advan-
tages / resources needed
, MBA 706 Exam 1 Saleh
Study online at https://quizlet.com/_dosckl
· 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 score- · financial / non-financial measures of success
card for measur- · 1. Financial measures: how firm is perceived by stakeholders
ing success · 2. Customers: how customers view firm
· 3. Internal activities: identify key areas which deliver customer satisfaction
· 4. Innovation & learning
· Becomes the basis for evaluating strategy
9. Purpose of mar- · Achieving a superior competitive position within a defined market
keting strategy 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 implemen-
tation
10. Business orienta- · A company's orientation defines its fundamental business philosophy, highlight-
tions ing 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
Study online at https://quizlet.com/_dosckl
1. Relationship be- There is a lot of change in the market (new tech, change in political and cultural
tween strategy circumstances), requiring companies to be adaptive. Because we cannot predict
and change what will happen, having a solid, adaptable strategy will help us determine what
actions to take in different circumstances.
Strategic management recognizes the importance of IMPLEMENTATION and MAN-
AGING CHANGE
2. How Change is an o 1. Drivers of Change (political, economic, social, technical - PEST)
integral part of o 2. Impact of Change (volatility, globalization, intense competition, redefine)
strategy o 3. Results of Change (opportunity, strategic drift)
3. Contribution of · Strategy is concerned with making major decisions affecting the long-term
strategic market- direction of the business
ing to business
4. Strategic Market- o Ensuring that market strategy is:
ing Management 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 mar- · The concept of marketing is inherently simple - business success through a
keting process of understanding and meeting customer needs
· Defines how the organization interacts with its marketplace
· Marketing involves many activities: Advertising, Branding, Pricing, Research, Per-
sonal Selling
6. Focus of strate- · The purpose of strategy is to simplify managerial decision making when it comes
gic business deci- to marketing decisions
sions · Business definition: what business we are in (Marketing Myopia)
· Core competencies: what do we well / what's sustainable / competitive advan-
tages / resources needed
, MBA 706 Exam 1 Saleh
Study online at https://quizlet.com/_dosckl
· 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 score- · financial / non-financial measures of success
card for measur- · 1. Financial measures: how firm is perceived by stakeholders
ing success · 2. Customers: how customers view firm
· 3. Internal activities: identify key areas which deliver customer satisfaction
· 4. Innovation & learning
· Becomes the basis for evaluating strategy
9. Purpose of mar- · Achieving a superior competitive position within a defined market
keting strategy 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 implemen-
tation
10. Business orienta- · A company's orientation defines its fundamental business philosophy, highlight-
tions ing 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
