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Chapter 2

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MKT 100
Najam Saqib

Organizations can be divided into:  Business firms – a privately owned that serves its customers in order to earn a profit  Non-profit organizations – a nongovernmental organization that services its customers but does not have profit as an organizational goal. Levels in Organizations: 1. Corporate level – Level at which top management directs overall strategy for the entire organization. This level creates value for shareholders of the firm, as measured by the performance and profitability. 2. Business Unit Level – Level at which business unit managers set the direction for their products and markets. 3. Functional Level – Level at which group of specialists actually create value for the organization. Cross-functional teams: a small number of people from different departments in an organization who are mutually accountable to a common set of performance goals. Internal stakeholders: employees, officers, and board members External stakeholders: customers, suppliers, distributors, governments, union, local communities, and the general public. Strategy Issues in organizations:  The business definition – at birth, most organizations have a clear idea about “what” something and “someone” mean. But as the organization grows over time, often its purpose gets fuzzy or unclear. This is when the organization repeatedly asks some of its most difficult questions: what is our business? Who are our customers? What offerings should we provide to give these customers value? Organizations must be careful not to define their business too narrowly or too broadly. If they do, they may lose sight of who their customers are and how to best serve them.  The mission: After defining its business an organization can take steps to define its mission. A mission is a statement of an organization’s scope that often identifies its customers, markets, products, technology, and values.  Organizational Culture: Whether it’s corporate, business, or functional level, organizational culture exists in the unit, which is a set of values, ideas, and attitudes that is learned and shared among the members of the organization.  Goals: Goals exist at the corporate, business and functional levels. All lower-level goals must contribute to achieving the goals at the next, higher level. Firms can pursue several different types of goals such as profit, sales revenue, market share, unit sales, quality, customer satisfaction, employee welfare, and social responsibility. Where are we now? Asking an organization where it is at the present time involves identifying its customers, competencies, and competitors. Competencies: Organizations special capabilities include skills, technologies, and resources that distinguish it from other organizations. Competitive Advantage: A unique strength relative to competitors, often based on, quality, time, cost, innovation, customer intimacy, or customer experience management. Benchmarking: Discovering how others do something better than your own firm so that you can imitate or leapfrog competition. Where do we want to go? 2 techniques to aid in these decisions are Business portfolio analysis and market product analysis. Business Portfolio Analysis:  Used to analyze a firm’s business units  Used in the business unit level
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