chapter 2 - Class Notes Jan 25th

Question 1

what 4 things make up customer value:

Answer 1

-customer excellence
-operational excellence
-product excellence
-location excellence

Question 2

• Retain loyal customers
• Provide outstanding customer service

Answer 2

customer excellence

Question 3

• Efficient operations
• strong supplier relations
• Supply chain management

Answer 3

operational excellence

Question 4

• High perceived value
  -effective brand positioning
  -epple

Answer 4

product excellence

Question 5

Location - starbucks vs tims

Answer 5

location excellence

Question 6

• Customer value
• Customer service
• Customer relations
• Great prices
• Good service = good value

Answer 6

multiple sources of advantage

Question 7

what are the 3 phases of the planning process

Answer 7

1. planning phase
2. implementation phase
3. control phase

Question 8

• threat of new etrants
  -bargaining power of buyers
  -bargaining power of suppliers
  -threat of substitutes

Answer 8

competitive rivalry

Question 9

• Must be about company
• Must be within companies control
• Must be a comparison against the competition better or worse

Answer 9

strength vs weakness

Question 10

• Must be external to company
• Is not within control of company
• Must exist in absence of the company

Answer 10

opportunity vs threat

Question 11

name the main 4 growth strategies

Answer 11

• market penetration
• market development
• product development
• diversification

Question 12

• corporate level
• business level
  -functional level

Answer 12

3 levels of strategic planning

Question 13

• a firms target market
• related marketing mix 4p’s
• competiteve advantage

Answer 13

what is a marketing strategy

Question 14

good service = _________

Answer 14

good value

Question 15

what 2 parts of the swot analysis are helpful:

Answer 15

• strengths
  -opportuinities

Question 16

what 2 parts of the swot analysis are harmful:

Answer 16

• threats
  -weaknesses

Question 17

is this an micro or macro business environment:

-internal
-company
-corporate partners

Answer 17

micro business environment

Question 18

is this an micro or macro business environment:

-external
-political
-economic
-socio cultural
-technological
- competitive

Answer 18

macro business environment

Question 19

4 aspects of competition:

Answer 19

• potential new entrants
• bargaining power of suppliers
• substitutes
• bargaining power of buyers

Question 20

• the increase in the size of a market over time in terms of customers
• measures the change of a given metric over time in a percentage.

Answer 20

market growth rate

Question 21

• a metric that shows a company’s position in the market compared to its main competitor

Answer 21

Relative market share

Question 22

growth share matrix 4 main factors

Answer 22

• stars
• question marks
• cash cows
• dogs

Question 23

high market share and growth rate

Answer 23

stars

Question 24

high market growth rate and low market share

Answer 24

question marks

Question 25

low market share and growth rate

Answer 25

dogs

Question 26

low growth rate and high market share

Answer 26

cash cows