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Management of Business > 3.2 Market analysis and strategies > Flashcards

3.2 Market analysis and strategies Flashcards

1
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What is one major activity in the decision-making of marketing activities?

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2
Q

What does the BCG Matrix analyze?

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2
Q

What does the BCG Matrix highlight?

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2
Q

Why does management evaluate the product portfolio?

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2
Q

What must the management do after completing the product portfolio analysis?

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2
Q

What are the risks involved in growth strategies?

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2
Q

What is one of the best-known product portfolio analysis tools?

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3
Q

What tool is commonly used to help managers conduct product and market risk review?

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3
Q

What is the BCG Matrix also known as?

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3
Q

What additional analysis does the BCG Matrix provide?

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4
Q

What does the size of each circle in the BCG Matrix represent?

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5
Q

What are the four sectors created by the BCG Matrix?

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5
Q

What represents the cash cow in the BCG Matrix?

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6
Q

What is the typical characteristic of a cash cow?

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6
Q

What is the business’s aim regarding cash cows?

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6
Q

Why is the market share of a cash cow relatively high?

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6
Q

Why is the product termed a “cash cow”?

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7
Q

What strategy should a business practice with cash cows?

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7
Q

What does the star represent in the BCG Matrix?

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7
Q

What is the business’s aim regarding stars?

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7
Q

What is the typical characteristic of a star? [2]

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8
Q

How is the product promoted when it is classified as a star?

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9
Q

What strategy should a business practice with stars?

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9
Q

Why might a star product need to be refreshed in the eyes of consumers?

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9
Q

What is a ‘problem child’ in product portfolio analysis?

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9
Q

Why is a business likely to dedicate many resources to a problem child?

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10
Q

What decisions might managers need to make if the sales of a problem child do not improve?

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10
Q

How is a newly launched problem child typically financed?

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11
Q

What potential does a problem child have, and why?

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12
Q

What strategy should a business adopt for products that are considered problem children?

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12
Q

What actions might a business take regarding a dog product?

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12
Q

Where can the financing to support problem child products come from?

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12
Q

What does a ‘dog’ represent in product portfolio analysis?

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13
Q

Why does a dog have little to offer a business?

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14
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What considerations should a business take into account when divesting a dog product?

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14
Q

What strategy should a business adopt for products that are considered dogs?

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15
Q

Why is the BCG Matrix considered a useful analytical tool for business management?

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15
Q

What is the BCG Matrix used for in the management of a business? [3]

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16
Q

How does the BCG Matrix help in analyzing existing product portfolios? [2]

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16
Q

In what way does the BCG Matrix assist in planning actions for existing products? [2]

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17
Q

How can the BCG Matrix be used in planning the introduction of new products?

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18
Q

What is a primary limitation of the BCG Matrix? [2]

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19
Q

Why is the BCG Matrix criticized for being too simplistic?

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19
Q

How does the BCG Matrix fall short when used in isolation? [2]

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20
Q

What assumption does the BCG Matrix make about high profits and market share? [2]

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20
Q

Why must management consider external environmental factors in addition to using the BCG Matrix?

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20
Q

What is the Ansoff Matrix used for in business strategy?

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21
Q

What are the two options when it comes to the market the business is going to operate in?

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22
Q

What are the four growth strategies shown in the Ansoff Matrix?

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23
Q

How does the Ansoff Matrix help marketing managers?

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23
Q

What are the two main considerations for marketing managers to make decisions?

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24
Q

Why is market penetration considered the least risky of the four strategies?

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25
Q

What are the four strategies a business can use in its plans to increase sales?

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26
Q

What are the two options when considering the product to be sold?

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27
Q

What is the aim of market penetration?

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28
Q

What are some common methods of market penetration? [3]

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29
Q

What potential risk is associated with using price reduction as a method for market penetration?

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30
Q

Why might market penetration not be a totally risk-free strategy?

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31
Q

Can you provide an example of market penetration in action?

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Management of Business (29 decks)

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