Chapter 2: Marketing Strategy

Question 1

A marketing management concept that focuses on the product being sold.

Answer 1

Product orientation

Question 2

A marketing management concept that focuses on the needs of the customer at a higher level.

Answer 2

Market orientation

Question 3

A single business or collection of related business with its own competitors (e.g. mobile phones division of Samsung)

Answer 3

Strategic business unit

Question 4

BCG Matrix - Offering that is likely to generate enough cash to be sustaining

High market growth, high market share

Answer 4

Star

Question 5

BCG Matrix - Offering that is losing money and likely to be a cash trap

Low market growth, low market share

Answer 5

Dog

Question 6

BCG Matrix - Offering that requires a lot of cash to maintain market share, or with an uncertain future

High market growth, low market share

Answer 6

Question Mark

Question 7

BCG Matrix - Offering with stable revenues that can be used to support other business units

Low market growth, high market share

Answer 7

Cash cow

Question 8

Growth strategy: gaining market share by investing in existing products in existing markets

Answer 8

Market penetration strategy

Question 9

Growth strategy: developing new products for existing markets

Answer 9

Product development strategy

Question 10

Growth strategy: identifying new markets for existing products

Answer 10

Market development strategy

Question 11

Growth strategy: developing new products for new markets

Answer 11

Diversification

Question 12

Source of competitive advantage. Makes a significant contribution to perceived customer benefits.

Answer 12

Core competency