Lecture 2 Flashcards
What is a marketing strategy?
Identifies a firm’s target market(s), a related marketing mix (the four P’s), and the bases for building a sustainable competitive advantage.
What are the four P’s in a marketing mix?
- Product
- Price
- Place
- Promotion
What leads to a sustainable competitive advantage?
A firm can consistently do better than its competitors in ways that are not easily copied.
What are key factors contributing to Pepsi’s sustainable advantage?
- Strong brand
- Innovative capabilities
- Extensive distribution network
- Loyal customers
What is customer excellence?
Focuses on having products with high perceived value and effective branding and positioning, while developing value-based strategies for retaining loyal customers.
What are the macro strategies for developing customer value?
- Customer Excellence
- Operational Excellence
- Product Excellence
- Locational Excellence
What is the first step in developing a marketing plan?
Define the Business Mission & Objectives.
What does a SWOT analysis evaluate?
- Strengths
- Weaknesses
- Opportunities
- Threats
What are internal strengths in a SWOT analysis?
- Superior resources and capabilities
- Strong brand
- Excellent geographic location
- Strong financial resources
What are external opportunities in a SWOT analysis?
- CDSTEP changes offering new markets
- Existing firms exiting the market
- Acquiring another firm
What is the purpose of market segmentation?
To identify and evaluate opportunities by grouping consumers who respond similarly to a firm’s marketing efforts.
Which of the following refers to a group of consumers who respond similarly to a firm’s marketing efforts?
A) Market segment
What is the key in place and value delivery?
Provide the consumer merchandise they want at the time they want it.
What is market penetration?
Existing marketing mix aimed at existing customers.
What is a market development strategy?
Using an existing marketing offering to serve new market segments.
What does product development involve?
New product/service targeted at the current market.
What is diversification in marketing?
Introducing a new product or service to a new market segment that is currently not served.
True or False: A diversification strategy introduces a new product or service to a market segment that already exists.
False
