Competitive Advantage & Strategic Choice

Question 1

The Marketing Mix (7Ps)

Answer 1

Product
Place
Promotion
Price
People
Processes
Physical evidence

Question 2

7Ps –> Product

Answer 2

The item/goods purchased by the customer – solution to problem or package of benefits

Question 3

7Ps –> Place

Answer 3

How the product is delivered to customers – in shops or online

Question 4

7Ps –> Promotion

Answer 4

Activities involved in telling (potential) customers about the product – advertising, sales promotions, public relations

Question 5

7Ps –> Price

Answer 5

Setting an appropriate price with reference to factors such as cost, competitors’ price – perceived quality, firm strategy

Question 6

7Ps –> People

Answer 6

Interaction between customers & organisation’s staff

Question 7

7Ps –> Processes

Answer 7

Fast & efficient processes may bring significant marking advantages

Question 8

7Ps –> Physical Evidence

Answer 8

As services are intangible it is sometimes important to provide physical evidence of ownership – ticket to travel, training certificate

Question 9

BCG Matrix

Answer 9

High Question Star
Mark
Market
Growth
Dog Cash
Low. Cow
Low High
Relative Market Share

Question 10

Ansoff Matrix

Answer 10

New Product Diversification
Development
Product
Market Market
Existing Penetration Development
Existing Market New