MGMA01H3 Study Guide - Transact, Monopolistic Competition, Target Market
Document Summary
: a transaction- an exchange - intended to satisfy human needs. Two or more parties (individuals or organizations) with unsatisfied needs. A desire and ability on their part to be satisfied. A way for the parties to communicate, and transact. Different orientations: production , product: , sale: , marketing: . (engineering department): operational efficiencies and cost reduction, focused for volume/mass products. Satisfy needs at a profit, provide value" to consumers. Offer product/service that gives value such that the value of our product is more than the value from not purchasing it and the value from competitors. (value drivers: benefits (and quality), the costs, competitive offers. ) The corporate strategic planning process consists of 4 components: Identification of the corporation"s core competence and sbu"s. Development of a corporate plan for business growth. Marketing myopia: offers than to the benefits and experiences produced by these products. The mistake of paying more attention to the specific products a company.
