Chapter 6

Question 1

3 step approaching to working out if you have a high or low market share

Answer 1

1) see if you are bigger than your competition
2) check the narrative see if it tells you
3) calculate it

Question 2

what is considered a high market growth

Answer 2

over 10%

Question 3

what is SAF

Answer 3

Suitability, acceptability and feasability

Question 4

what does suitability mean in terms of SAF

Answer 4

does it align with our goals / SWOT

Question 5

What does acceptability mean in terms of SAF

Answer 5

will stakeholders accept it?

Question 6

What does feasability mean in terms of SAF

Answer 6

do we have financial / competences, management or skilled labour to do it?

Question 7

how do you differentiate

Answer 7

build brand image

give product special features

exploit activities of value chain such as speed of delivery

use IT and innovation

build customer relationships

Question 8

what are the 7 P’s

Answer 8

product
placement (how do customers get it)
promotions (advertising, sales etc)
price
people ( interaction between customers and staff)
processes (fast and efficient )
physical evidence (important for a service as its intangible)

Question 9

which of 7 P’s relates to goods

Answer 9

product
place
price
promotion

Question 10

which of 7 P’s relates to services

Answer 10

people
processes
physical evidence

Question 11

what is lock in

Answer 11

achieved in a market when an organisations product becomes the industry standard

Question 12

what is on the vertical axis of the BCG Matrix

Answer 12

market growth

Question 13

what is on the horizontal axis of the BCG matrix

Answer 13

market share

Question 14

waht is high MS and high MG on the BCG

Answer 14

star ( let it shine)

Question 15

how does the vertical axis go on the BCG

Answer 15

Low to high

Question 16

how does the horizontal axis on the BCG

Answer 16

high to low

Question 17

waht is high MS and low MG on the BCG

Answer 17

cash cow ( milk it )

Question 18

waht is low MS and high MG on the BCG

Answer 18

question mark ( answer the question)

Question 19

waht is low MS and low MG on the BCG

Answer 19

dog (put it down)

Question 20

what is on the vertical axis of the public sector portfolio matrix

Answer 20

public or political need ( and therefore support for the expense)

Question 21

what is on the horizontal axis of the public sector portfolio matrix

Answer 21

ability to service effectively

Question 22

how does the vertical axis go on the public sector portfolio matrix

Answer 22

low to high

Question 23

how does the horizontal axis go on the public sector portfolio matrix

Answer 23

high to low

Question 24

what is high public or political need and high ability to serve effectively

Answer 24

public sector star

Question 25

what is low public or political need and high ability to serve effectively

Answer 25

golden fleece - potential targets for cost cutting. good at what they do but no demand

Question 26

what is low public or political need and low ability to serve effectively

Answer 26

back drawer issue - low priority for funding and candidates for cuts

Question 27

what is high public or political need and low ability to serve effectively

Answer 27

political hot box - not adequate resources for what the public wants

Question 28

what is on the vertical axis of the growth vector matrix

Answer 28

markets

Question 29

what is on the horizontal axis of the growth vector matrix

Answer 29

products

Question 30

how does the horizontal axis go on the growth vector matrix

Answer 30

existing to new

Question 31

how does the vertical axis go on the growth vector matrix

Answer 31

new to existing

Question 32

how do you grow with existing products in an existing market

Answer 32

market penetration - increase MS via promotions etc. low risk strategy

Question 33

how do you grow with existing products in an new market

Answer 33

market development - finding new customers for a product you already sell. risk is fairly low

Question 34

how do you grow with new products in an new market

Answer 34

diversification - risky

Question 35

how do you grow with new products in an existing market

Answer 35

product development - riskier as investing in new products which customers may not like