Quiz May 31st - Western Oregon University

Quiz May 31st - Western Oregon University

Things I should have learned in Marketing: Jeopardy edition serve as a guide for what the organization wants to accomplish. be market-oriented rather than

product-oriented. be neither too narrow, nor too broad. fit with the market environment. be motivating.

What is a mission Statement? Should be specific Measurable Have a Time line

What is an objective? An SBU with a high relative market share in a market that has stopped growing

What is a Cash Cow Figure 2-2: Growth-Share Matrix

I should Divest or Harvest What is when my SBU is a DOG?

This is the riskiest of the generic growth strategies What is diversification?

Figure 2-3: Product / Market Expansion Grid

Dividing up a heterogeneous market into multiple user groups What is segmenting?

The group of consumers that you are trying to sell your products to What is your target market?

Creating the perception in the mind of the consumers that your product is the ideal product for them What is product positioning?

The variables that the marketer controls, sometimes known as the 4ps What is the marketing mix?

This element of the marketing mix deals with communication What is promotion?

Branding and Packaging issues are part of this element of the Marketing mix

What is Product? Distribution and logistics are part of this element of the marketing mix

What is Place? Figure 2-6: Managing the Marketing Effort

An advantage over competitors gained by offering consumers greater value than competitors offer What is competitive advantage?

Would have accepted core competency

The process of identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid.

What is competitive analysis Concentrating on competitors so much that you ignore other issues

What is competitor Myopia? Using other companies to establish industry standards

What is benchmarking? Those companies that compete in the same way in the same industry

What is a strategic group? Good or bad competitors

The generic strategy of Creating a highly differentiated product line and marketing program What is differentiation Competitive Strategies

Basic Winning Competitive Strategies: Porter Overall cost leadership Lowest production and

distribution costs Differentiation Creating a highly differentiated product line and marketing program Focus Effort is focused on serving

a few market segments 18- 41 The value discipline of superior value

via price and convenience What is operational excellence? Basic Competitive Strategies: Value Disciplines

Operational excellence Superior value via price and convenience Customer intimacy

Superior value by means of building strong relationships with buyers and satisfying needs Product leadership

Superior value via product innovation Figure 18-3: Hypothetical Market Structure

Product proliferation What is a market leader strategy designed to protect market share?

Expanding the total demand Finding new users

Discovering and promoting new product uses Encouraging greater product usage Protecting market share Many considerations Continuous innovation Expanding market share

Profitability rises with market share

Option 1: challenge the market leader High-risk but high-gain Sustainable competitive advantage over the leader is key to success Option 2: challenge firms of the same size, smaller size or challenge regional or local

firms Full frontal vs. indirect attacks What are market challenger strategies?

Content to not rock the boat and to rely on me too products Follow the market leader

Focus is on improving profit instead of market share Many advantages: Learn from the market leaders experience Copy or improve on the leaders offerings

Strong profitability Wants to be the dullest story in America

Who is the Dial Corporation? Targets small lucrative markets What is a market nicher?

Serving market niches means targeting subsegments Good strategy for small firms with limited resources Offers high margins Specialization is key By market, customer, product,

or marketing mix lines Game playing industry Nintendo a.

a. Wii hyperlink Microsoft b.

a. Xbox 360 Sony c. a. Play Station

18- 55 18- 56 Threat of New Entry

the existence of barriers to entry economies of product differences brand equity switching costs

capital requirements access to distribution absolute cost advantages learning curve advantages expected retaliation government policies

18- 57 Competitive Rivalry number of competitors rate of industry growth intermittent industry overcapacity exit barriers

diversity of competitors informational complexity and asymmetry brand equity fixed cost allocation per value added level of advertising expense

18- 58 Supplier Power supplier switching costs relative to firm switching costs degree of differentiation of inputs

presence of substitute inputs supplier concentration to firm concentration ratio threat of forward integration by suppliers relative to the threat of backward integration by firms cost of inputs relative to selling

price of the product 18- 59 Buyer Power

18- 60 buyer concentration to firm concentration ratio bargaining leverage

buyer volume buyer switching costs relative to firm switching costs buyer information availability ability to backward integrate availability of existing substitute products

buyer price sensitivity price of total purchase Threat of Substitution buyer propensity to substitute relative price performance of substitutes

buyer switching costs perceived level of product differentiation 18- 61

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