Business Simulation - WGU D361

Business Simulation - D361 Leave the first rating Students also studied Terms in this set (17) Western Governors UniversityIT C182 Save D217 Accounting Information Syste...226 terms vanessa_harris263 Preview Marketplace Bikes Knowledge Chec...30 terms jli077Preview D101- Cost and Managerial Accounti...268 terms arobinett95Preview Market 55 terms step Practice questions for this set Learn1 / 7Study using Learn The estimated total sales potential for a product or service during a certain period (in a given geographic area) Choose an answer 1Market Potential2Company Sales Potential 3Pricing4Strategy Don't know?

Strategic PlanningProcess of defining organizational goals and the strategies, tactics, and resources that will enable a firm to achieve them

Seeks to answer:

What does your business do or create?For whom?How do they excel against the competition?

Building blocks of a strategic plan include: strategic analysis, business

opportunity analysis, strategic objectives (goals), strategic thrusts (strategies or initiatives), and tactics Business AnalysisData-driven process to identify the internal and external factors impacting a business and its decisions GoalsBrief, clear statement of an outcome an organization hopes to achieve within a given time frame

• aka objectives

SMART GoalSpecific, Measurable, Attainable, Realistic, Timely Strategy vs TacticStrategy is big overall plan and tactic is individual components of how you get to the strategy StrategyApproach taken to achieve a goal at the organizational, departmental/functional, or individual level; also referred to as strategic initiatives or strategic thrusts TacticSpecific activity used to pursue a strategy that aligns to a goal Cost LeadershipBusiness-level strategy where a firm seeks to position its product competitively as the lowest-priced offering on the market DifferentiationTargeting strategy where a company provides separate offerings to each different market segment that it targets Market PotentialThe estimated total sales potential for a product or service during a certain period (in a given geographic area) GlobalizationThe worldwide process of interaction and integration of products, technology, and operations; the growing interdependence of the world's economies, cultures, and populations

• exporting and importing, outsourcing and offshoring, licensing and franchising,

joint ventures, strategic alliances, and foreign direct investments BenefitsExperiences or qualities a customer seeks to receive from a product or service Marketing MixThe four P's of product, price, promotion, and place that describe a company’s offering

Market ResearchInformation gathered from primary or secondary sources about consumers' needs and preferences Benefit SatisfactionAbility of a product or service to meet a customer's expectations

• aka positive correlation (vs negative correlation which are features that detract

from a benefit) Quality Function Deployment (QFD)An approach that integrates the "voice of the customer" into both product and service development

• idea is that customers buy a product based on its benefits, not its features or

design Strategic ThrustDecisions regarding how company chooses to grow