Buffalo Wild Wings

Utility-Satisfying customers so that they keep coming back.

Four types of Utility: Form/produced – conversion of raw materials and components into finished goods and services.(production) Time-Availability of goods and services when customers want them. Place –Availability of goods and services at a convenient location. Ownership- Ability to transfer title to goods or services from marketer to buyer (credit card.

Global Marketplace- Growing influence because of international agreements, growth of electronic business and economic interdependence.

1920,s production- A good product will sell itself. 1950’s Sales – Creative advertising and selling will overcome consumer’s resistance and persuade them to buy. 1990’s relationship- Long term relationships with customers and other partners lead to success.

Marketing Myopia- Managers failure to recognize the scope of its business.

Transition based marketing to relationship marketing- Focus is on developing customers into repeat, loyal customers to increase their lifetime value.

Eight universal marketing functions-buying, selling, standardizing and grading, financing, transporting, storing, risk taking, securing marketing information.

Strategic planning- Process of determining an organization primary objectives and adopting courses of action that will achieve these objectives

Tactical planning- planning that guides the implementation of activities specified in the strategic plan.

Poters five forces model-1. The threat of new entrants.2. The bargaining power of buyers. 3. The bargaining power of suppliers.4 Rivalry among competitors.5. Rivalry among competitors.

First mover strategy- Theory that advocates the company that is first to offer a product in a market place will be the long-term market winner.

Secondmover strategy- Theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the marketplace.

C.L.E.T.S – Competitive, legal, economic, technology,...