Lecture 2 Flashcards
Marketing is ONLY about selling
False
What is the 4 P’s of marketing?
Product, Price, Place, Promotion
Which actors are key to build customer value? (There are 3)
Frontline Employees, Middle Management, Top Management.
If the customer does not percieve (enough) value, there is no
Transaction
Toe create value it requires an understanding of
The customer’s percieved values
What defines a Buyer-domintated-market?
Supply exceeds demand
What defines a Seller-dominated-market?
Demand eceeds supply
What is the most important actor at the moment
The customer
What is Customer-Percieved-Value (CPV)
Total customer benefits vs. Total customer costs. Seeing the benefit VS. Cost.
What is the benefits for the customer in (CPV) (there is 4)
Product, Service, Personal & Image benefits
What is the costs for the customer in (CPV) (there is 4)
Monetary, Time, Energy & Psychological costs
What is Goods Dominant Logic?
Company uses its competencies to produce products that customers demand due to the value in and of the product itself
What is Service Dominant Logic?
A company uses its competencies to produce something that creates value for customers beyond the product itself
What is the four stages in the “valvue Delivery Process”?
- Discovering the required value (research) 2. Developing the customer offering (development) 3. Delivering value (delivery) 4. Managing marketing (Continious monitoring)
What is the Value Chain?
A tool for identifying more customer-percieved value. Has primary and secondary activites. Marketing sensing, Customer acquisition, relationship management and fulfilment management.
What is the characteristics of “core Competency”? There are 3
- Servers as a competitive advantage and plays an important role in enhancing customer percieved value. 2. It can be applied across a diverse range of markets. 3. It is challenging for competitors to replicapte
What is the strategic Planning, Implemenation and Controll Process?
A process where you trough these 3 faces on repeat
What defines Strategic Planing? (4)
Defining the corporate mission 2. Defining the bussiness 3. Assigning resources to each strategic business unit (SBU) 4. Assesing growth oppertunities.
How do you define the Corporate Mission? (5)
Aks What is our business, customer and valvue of the customer. What should our business be? Why should people bother to buy from us?
What is the key characteristics of mission statements?
Focus on a limited number of goals, stresses the major policies, value and culture in the company. Long therm oriented
Mission VS. Vision
Mision: What the company is (currently) about and how it behaves. Vision: Future goals that give the organization a purpose.
What is the Boston Consultancy Matrix
A matrix with 4 different products sorted allong market growth and market share.
What is the 4 product types in the Boston Consultancy Group Matrix
High Growth, High Share (Star product) 2. High growth, Low share (The ?) 3. Low growth, High Share (Cash cow) 4. Low Growth, Low Share (The dog)
What Defines the High Growth, Low Share product In the Boston Matrix?
Investment should be made in “Question Mark” products depending on their chances of becoming stars.
What Defines the High Growth, High Share Product in the Boston Matrix
A significant amount of investment should be made in “Star” products.
What Defines the Low Growth, High Share Product in the Boston Matrix?
Cash Cows Should be milked so products can be reinvested in “stars” and “Question marks”
What Definest hte Low Growth, Low Share Product in the Boston Matrix?
Businossos should liquidato, divest, or reposition products in the “Dogs” category.
What is the BCG Analysis?
Has four strategies: Build (increase share turning questions Into stars), Hold (maintaining and defending), Harvesting (maximise the flow by milking cows) & Divest (Withdraw)
What is the 3 different growth strategies?
A. Intensive Growth B. Integrative growth C. Diversification Growth.
What is the characteristics of intensive Growth?
Focuses on oppertunities for improving exiting businesses. Utilises Ansoff’s product-market expansion grid. (Ansoff Matrix)
What is the characteristics of intgrative Growth?
Integrate other actors (competetors, supplier, wholesaler and retialers) into the company
What is the charactestics of Diversification Growth?
Creating Growth trough produc diversification
What is the 3 types of diversification Growth?
Concentric Diversification, Horizontal Diversification and Conglomerate Diversification
What is a SWOT analysis?
Strenghts, Weaknesses, Oppertunites & Threats. Is a tool that can be used to evaluate and make decisions helpfull for categorizing the benefits and downsides of a decision or a product. Is oriented in a Matrix format
