Exam 1 Concept Review Set 4 Flashcards
_________ is a concept where a market is identified and served by a product class or group of firms that provide the market a solution for the same basic need
What is a Product-Market?
Why is a Product-Market relevant?
_______ is relevant because managers must be able to define the product market to know if they should participate in it. To do so the firm must be capable of meeting the market’s need in the atmosphere of competition created by the other firms already doing so.
________ is an idea popularized by Theodore Levitt, dealing with the idea that market needs, if too narrowly defined, confine/constrict the firm and cause them to be too narrowly focused on satisfying a need that often goes away and leaves the firm without a viable market to satisfy
What is Marketing Myopia?
Why is Marketing Myopia relevant?
_______ is relevant because in strategic planning it is important not to focus closely on the present. Nimble firms change/morph over time to reflect broad needs using their specific skill sets to do so.
___________ is when in product-market space we can traditionally identify four ways to increase sales or profit; market penetration, market development, product development, and diversification
What are Growth Strategies?
Why are Growth Strategies relevant?
______ are relevant because owners, CEOs, fellow employees, and society all want to know ho your firm plans to grow revenue- as a marketer we have specific plans based on the product-market concept
_______ is a written document that describes in words the typical consumer in a market. Typical segmentation criteria are used including demographic, behavioral, and psychographic features
What is a Customer Profile?
Why is a Customer Profile relevant?
_______ is relevant because in order to understand the market, you must understand the consumer. This is used heavily in segmenting and positioning.
