3.8 Flashcards
Name 3 factors that influence marketing decisions
1) SWOT
2) External Environment
3) Financial/Non-Financial Information
What is a Strategic Direction?
A business using its knowledge of internal/external environments to choose the products it should produce/The markets to sell those products
What is Ansoff’s Matrix?
A marketing planning model that helps a business determine its product and its marketing strategy
What are the four factors in Ansoff’s Matrix
1) Market Penetration
2) Market Development
3) Diversification
4) Product Development
What is Market Penetration
Growth Strategy where a business sells existing products in existing markets
What is Competitive Advantage?
The Benefit one business has over another business
Give 3 advantages for Competitive Advantage
Greater sales
Greater profit
Stronger customer loyalty
What is Comparative Cost?
A businesses ability to produce goods and services at a lower price than its competitors
What is Differential Advantage?
A businesses ability to differentiate goods and services from its competitors
What is Market Development?
A growth strategy where the businesses tries to sell its existing products into new markets
What is Product Development?
A growth strategy where a business aims to introduce new products into existing markets
What is Diversification?
The growth strategy where a business markets new products in new markets
