class 2 part b Flashcards
what are the three cs of marketing?
customer, company and competitors
what is the customer
Satisfying wants/ needs
Segmentation, targeting, position (STP)
Customer lifetime value
what is the company
Development of distinctive and hard to replicate resources - value proposition (what value are you promising to give customers)
SWOT
Strength (internal)
Weaknesses
Opportunities (external)
Threats
Successful marketing firms focus on satisfying consumer needs that match their core competencies
can use swot to see if an opportunity is good or bad
what are competitors
Positioning: how a firms offerings are perceived by customers, relative to what competitors can offer
Direct competitors, indirect competitors
Competitive analysis (process of identifying competitors, what the situation is for them, what they can do)
It is critical that marketers understand their firm’s competitors, including their strengths, weaknesses, and likely reactions to the marketing activities their own firm undertakes
bcg matrix
Stars: stars often require a heavy resource investment in things such as promotions and new production facilities to fuel their rapid growth, As their market growth slows, stars will migrate from heavy users of resources to heavy generators of resources and become cash cows
Cash cows: are in low-growth markets but are high-market-share products. These products have received heavy investments and have excess resources that can be spun off to those products that need it
Question Marks: appear in high-growth markets but have relatively low market shares; thus, they are often the most managerially intensive products in that they require significant resources to maintain and potentially increase their market share, if the question marks are infused with resources they product will hopefully turn into a star
Dogs: are in low-growth markets and have relatively low market shares, hey may generate enough resources to sustain themselves, dogs are not destined for stardom and should be phased out unless they are needed to complement or boost the sales of another product
your proidcyt falls into one of these
Stars: High market growth rate and high relative market share. Stars are leaders in high-growth markets and typically require heavy investment to sustain growth.
Cash Cows: Low market growth rate and high relative market share. Cash cows are established and profitable products or business units with a dominant market share. They generate a steady stream of income, requiring minimal investment.
Question Marks (or Problem Children): High market growth rate and low relative market share. Question marks are products or business units in rapidly growing markets but with a low market share. They require careful consideration and investment to determine whether to invest further to turn them into stars or divest.
Dogs: Low market growth rate and low relative market share. Dogs are products or business units with weak market positions in low-growth markets. They typically generate low profits and may not be worth further investment.
Stars: High market growth rate and high relative market share. Stars are leaders in high-growth markets and typically require heavy investment to sustain growth.
Cash Cows: Low market growth rate and high relative market share. Cash cows are established and profitable products or business units with a dominant market share. They generate a steady stream of income, requiring minimal investment.
Question Marks (or Problem Children): High market growth rate and low relative market share. Question marks are products or business units in rapidly growing markets but with a low market share. They require careful consideration and investment to determine whether to invest further to turn them into stars or divest.
Dogs: Low market growth rate and low relative market share. Dogs are products or business units with weak market positions in low-growth markets. They typically generate low profits and may not be worth further investment.
