Marketing Chapter 1 Study Guide

Allocating IT cost to business units, providing SLAs and traditional metrics to measure success were one of their strengths.

The model we will be using for Virgin is the Boston Consulting Group (BCG) model.

Concepts of marketing- marketing= a social and managerial process by which individual and groups obtain what they need and want through creating and exchanging products and value with others.

At this level, each of the SBUs is viewed as its own independent entity, pursuing its own profit-creating goals (Rothaermel, 2013). While organizations with a corporate-level strategy with a single or dominant business would be best served by a functional structure, organizations seeking related or unrelated diversification would be wise to utilize a multidivisional structure (Rothaermel, 2013).

Marketing – The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.

Strategic business unit (SBU): a subsidiary division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.

The corporation is divided into W H Smith Retail (high street and travel stores), W H Smith News (distribution) and W H Smith Direct (online) businesses and for the purpose of analysis it is important to understand the division between business units as competitive advantage is achieved at the level of each strategic business unit (SBU) and understood through competitive strategy whereas achieving

Basically SBU is part of portfolio technique (in which company operates multiple products), SBU plans itself and operate itself to separate some product or unit to stand alone but it remains in the company or boundaries of the company also separates business mission statement or objectives that can be planned separately from other company businesses. They themselves are responsible for their profit and loss also for their objectives. They plan strategies for achieving their goals.

A project portfolio is a group of projects that share and compete for the same resources and are carried out under the sponsorship or management of an organization (Archer & Ghasemzadeh, 1999a, 1999b). Turner and Müller (2003, p. 7) defined a portfolio as “an organization (temporary or permanent) where projects are managed together to coordinate interfaces, prioritize resources between projects, and thereby

Another definition of marketing is the "selling of products or services: the business activity of presenting products or services in such a way as to

Strategic business unit benefits include unit developing deep subject matter competency, the attention that sales force is able to give each product line, developing the next generation of company leaders and retaining nimbleness and an ability to respond to the market (via smaller units). In this way customers who were purchasing the product were able to easily locate a designated executive responsible for its sales who was also able to answer their specific questions, customize solutions or provide necessary support.

Marketing is an essentially about marshalling the resources of the organization so that they can meet the changing needs of the customers on whom the organization depends. As a verb, marketing is all about how an organization addresses its markets. Marketing is “The management process which identifies, anticipates and supplies the customer requirements efficiently and profitability”.

Marketing is selling the product goods and service by knowing the needs and wants of the customer and consumer (Kotler P, 2009). Marketing Management expertise has capable of knowing the change of an organisation to manage both the internal and external challenges of environment (Cant M C, et al, 2009). A company needs to classify the customer needs and identifies the demand of the supplying

Definition of Marketing – Marketing can be defined as the process of converting wants into needs. In other words it can be defined as the process of selling products or services to the customers by an organisation.

Boston Consulting Group (BCG) Matrix is a four celled matrix (a 2 * 2 matrix) developed by BCG, USA in 1970, to help corporations with analyzing their business units or product lines. This help the company allocate resources and is used as an analytical tool in brand marketing, product