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Techno > Lesson 3 > Flashcards

Lesson 3 Flashcards

1
Q

Importance of Market Analysis

A

G A H
-Great help in understanding the customers
-Analyze competitors
-Helps determine unique sales proposition

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2
Q

Dimensions of MA

A

Market size
Market segment
Market trends
Market growth rate
Market profitability
Industry cost structure
Distribution channel
Key success factors

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3
Q

refers to the current and
potential volume of the selected market.

A

Market size

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4
Q

Methodologies for market sizing

A

Bottom-up, top-down

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5
Q

determine by considering the major variables of your business, such as where you sell your products, the number of potentialcustomers and the historical numbers of competitors’ products sold.

A

Bottom up

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6
Q

determine the size of
the entire market, figure
out how much of that
market you control and
then
compute the amount
your business may
earn from that share of
the market

A

Top-down

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7
Q

This refers to the rate at which the
market is expected to grow in terms of ____ for a particular product or
service over a period of time.

A

demand; market growth rate

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8
Q

The ____ is also the
basic information investors need
before making an investment decision.

A

market growth rate

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9
Q

HOW DO WE DETERMINE MARKET GROWTH RATE?

A

Product diffusion curve, Extrapolating

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10
Q

_____ the past data
into the future, market growth
rate can be ascertained in an
organization.

A

Extrapolating

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11
Q

based on the study of characteristics of adoption rate of similar products or services in the past

A

Product diffusion curve

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12
Q

refer to the general direction or
pattern of change in a particular market over time

A

Market trends

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13
Q

They are the movements or shifts in demand, supply, and pricing that reflect changes
in consumer behavior, preferences, and needs.

A

Market trends

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14
Q

are influenced by various factors
such as demographic shifts, technological
advancements, economic conditions, and
cultural shifts.

A

Market trends

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15
Q

process of dividing a larger
market into smaller, more defined
groups of consumers who have similar
needs, wants or characteristics.

A

Market segment

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16
Q

There are many ways to segment a
market, including

A

demographic, geographic, psychographic, and behavioral factors.

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17
Q

refers to the ability of a company or product to generate profits within a specific market.

A

Market Profitability

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18
Q

It is a measure of the
potential financial returns a business can make from operating within a given market segment.

A

Market Profitability

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19
Q

It refers to the way in which costs are incurred in a particular industry, including the fixed and variable costs associated with producing and delivering products or services.

A

Industry Cost Structure

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20
Q

Manufacturer -> wholesaler -> retailer -> customer

A

Distribution

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21
Q

These are the specific factors that are critical to the success of companies operating in a particular industry.

A

Key factors

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22
Q

Such key factors might include:

A

i. Accessibility to essential and unique resources
ii. Competence to reach economies of scale
iii. Accessibility to channels of distribution
iv. Accessibility to the state-of-the-art technology

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23
Q

PORTER’S FIVE FORCES MODEL

A
  1. Threat of new entrants
  2. Bargaining power of suppliers
  3. Bargaining power of buyers
  4. Threat of substitutes
  5. Rivalry among existing
    competitors
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24
Q

This force refers to the
potential for new competitors
to enter the market and
disrupt the current
competitive landscape.

A

Threat of new entrants

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25
Q

Factors that influence this
force include the ease of
entry, capital requirements,
and barriers to entry such as
patents, economies of scale,
or brand recognition.

A

Threat of new entrants

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26
Q

This force refers to the power
that suppliers have over the
industry and their ability to
increase prices or reduce the
quality of goods or services.

A

Bargaining power of
suppliers

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27
Q

Factors that influence this
force include the number of
suppliers, availability of
substitutes, and switching
costs.

A

Bargaining power of
suppliers

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28
Q

This force refers to the power
that buyers have over the
industry and their ability to
negotiate lower prices or
higher quality goods or
services.

A

Bargaining power of buyers

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29
Q

Factors that
influence this force include
the number of buyers, the size
of their orders, and their price
sensitivit

A

Bargaining power of buyers

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30
Q

This force refers to the
potential for substitutes to
take market share away from
the industry’s products or
services.

A

Threat of substitutes

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31
Q

Factors that
influence this force include
the availability of substitutes,
their relative price and
performance, and the
switching costs for
customers.

A

Threat of substitutes

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32
Q

This force refers to the
intensity of competition
among existing firms in the
industry.

A

Rivalry among existing
competitors

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33
Q

Factors that
influence this force include
the number and size of
competitors, industry growth
rate, differentiation of
products or services, and exit
barriers.

A

Rivalry among existing
competitors

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34
Q

5 skills that one must acquire to
understand their target market

A

Segmenting the market
Targeting
Understanding your target
Analyzing the Competition
Estimating Potential Market Demand

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35
Q

Segmenting the Market

A

Geographic
Demographic
Psychographic
Behavioral

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36
Q

marketing concept that describes grouping potential customers into segments or groups with comparable demands and and responses to marketing actions.

A

Segmenting the market

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37
Q
  • evaluate and select target segments.
  • allows you to focus your attention on one market
    or group at a time
A

Targeting

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38
Q
  • The goal of market research is to better understand the demands of a market by methodically collecting data on individuals, businesses, or both. The outcomes of market research are then applied to assist business owners in making more informed decisions concerning the company’s operations, strategy, and potential customers.
A

Understanding your target

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39
Q

Ways in Understanding your target

A

-SURVEYS
-OBSERVATION
-PROTOTYPING
-FOCUS GROUP DISCUSSION
-EMPHATIC TOOLS

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40
Q

when trying to understand your target market, do not neglect to look at your competitors.

A

Analyzing the Competition

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41
Q

Competitor’s Analysis

A
  • What yourcompetitor’s marketing is (4PS)
  • Why the target market is buying or will buy from the competitor (SWOT)
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42
Q

4Ps

A

Place
Product
Promotion
Price

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43
Q

SWOT

A

Strengths
Weaknesses
Opportunities
Threats

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44
Q

a marketing skill that has an impact on projecting sales, sales growth, and capital, machine, and manpower requirements

A

Estimating Potential Market Demand

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45
Q

Estimating Potential Market Demand

A

numerical representation of how well the entrepreneur understands the target market.

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46
Q

6 Steps of a Market Analysis

A

Research your industry
Investigate the competitive landscape
Identify market gaps
Define your target market
Identify barriers to entry
Create a sales forecast

47
Q

Gain a holistic understanding of everything happening in your
industry and prepare to navigate it.

A

Research your industry

48
Q

Know your customer’s unique characteristics and tailor your
offers and marketing accordingly

A

Define your target market

49
Q

Know who the big players are and how you can differentiate your
brand

A

Investigate the competitive landscape

50
Q

Market gaps are needs that are currently not being filled by
existing brands.

A

Identify market gaps

51
Q

Know what stands in your way and address challengers head on.

A

Identify barriers to entry

52
Q

Estimate future sales and make confident business decisions

A

Create a sales forecast.

53
Q

This refers to certain factors that allow a company to produce products and services cheaper and with a higher quality than its
rivaling companies.

A

COMPETITIVE ADVANTAGE

54
Q

These factors commonly include pricing, branding, cost structure, quality of services, distribution network,intellectualproperty,and
customer service.

A

COMPETITIVE ADVANTAGE

55
Q

Competitor Analysis

A

Identifying Competitors
Assessing Competitors
Selecting Competitors to Attack & Avoid

56
Q

To be able to create effective marketing strategies, a company needs constant analysis of their existing and potential competitors that includes theirprices, strategies, promotions, offers, and many more.

A

Competitor Analysis

57
Q

Identifying your company’s
competitors plays a major role in
keeping your company competitive in the market

A

Identifying Competitors

58
Q

IDENTIFYING COMPETITORS FROM:

A

Industry Point of View
Market Point of View

59
Q

Competitors have the same product/service and target market inside the same category or industry.

A

Industry Point of View

60
Q

Types of Competitors

A

Direct
Indirect
Replacement

61
Q

Competitors have the target market but differ in products/services that they offer.

A

Market Point of View

62
Q

This type of competitor offers the same products/services as your business.

A

DIRECT COMPETITORS

63
Q

This type of competitor is inclined with your category but offers different products/services to solve the same problem.

A

INDIRECT COMPETITORS

64
Q

This type of competitor offers alternatives products/services from you offer to solve the same problem.

A

REPLACEMENT COMPETITORS

65
Q

Ways to Identify Competitors

A
  1. MARKET RESEARCH
  2. KEYWORD RESEARCH
  3. ANALYZING GOOGLE SEARCH
    (PRODUCT/SERVICE +LOCATION)
  4. MONITORING SOCIAL MEDIA CONVERSATIONS
  5. CUSTOMER FEEDBACKS
66
Q

By ____, a company can identify its strengths and weaknesses relative to its rivals, and develop strategies to improve its competitive position.

A

assessing competitors

67
Q

ASSESSING COMPETITORS

A

Company’s objectives
Company’s strategies
Competitor’s strength and weaknesses
Estimating Competitor’s Reactions

68
Q

Each competitor has a mix of
objectives. The company wants to
know the relative importance that a competitor places on current
profitability, market share growth, cash flow, technological leadership, service leadership, and other goals.

A

Competitor’s Objectives

69
Q

The company needs to look at all the dimensions that identify strategic groups within the industry.

A

Competitor’s Strategies

70
Q

Marketers need to carefully assess each competitor’s strengths and weaknesses to answer a critical question: What can our
competitors do?
As a first step, companies can gather data on each competitor’s goals, strategies, and performance over the past year. Admittedly,
this some of this data is hard to obtain.

A

Competitor’s Strengths &
Weaknesses

71
Q

The company needs to look at all the dimensions that identify strategic groups within the industry company wants to know: What will our competitors do?Marketing managers need a deep understanding of a competitor’s mentality if they want to anticipate how that competitor will act or react

A

Estimating Competitor’s Reactions

72
Q

Selecting Competitors to Attack &
Avoid

A

Strong or weak
Good or bad
Close or distant
Finding uncontested market spaces

73
Q

Most companies will compete with
____ competitors that resemble
them most rather than ___
competitors

A

Close
Distant

74
Q

Rather than competing head to head with established competitors, many companies seek out
unoccupied positions in _______.

A

uncontested market spaces

75
Q

make the competition irrelevant

A

Blue-Ocean Strategy

76
Q

beat the competition

A

Red-Ocean Strategy

77
Q

A ____ refers to aunique advantage that a company has over its competitors,which enables itto outperform them over a long period of time.

A

sustainable competitive advantage

78
Q

A company works hard to achieve the lowest production and distribution costs.

A

Overall Cost Leadership

79
Q

The Cost Leadership strategy
can be implemented in various
ways, including:

A

-EFFICIENT OPERATIONS
-ECONOMIES OF SCALE
-LOW-COST INPUTS
-COST-EFFECTIVE MARKETING
-MINIMAL PRODUCT FEATURES

80
Q

A company concentrates on creating a highly differentiated product line and marketing program so that it comes across as the class leader in the industry.

A

Differentiation

81
Q

The Differentiation strategy can
be implemented by:

A

-MARKET RESEARCH INNOVATION
AND DEVELOPMENT
-ESTABLISHING BRAND REPUTATION

82
Q

A company focuses its effort on
serving a few market segments well rather than going after the whole
market.

A

Focus

83
Q

FOCUS STRATEGY

A

COST FOCUS
DIFFERENTIATION FOCUS

84
Q

A company aims to become the
lowest-cost producer in a specific
market or industry segment.

A

COST FOCUS

85
Q

A company aims to differentiate its
products or services from competitors in a particular market or industry segment.

A

Differentiation Focus

86
Q

A concept that describes a business strategy that tries to achieve both low cost and differentiation at the same time but fails to excel in either of them.

A

Middle-of-the-roaders

87
Q

MICHAEL PORTER’S Basic Competitive Strategies

A

Differentiation
Overall cost leadership
Focus

88
Q

TREACY & WIERSEMA’S CompetitiveStrategies

A

Product leadership
Operational excellence
Customer intimacy

89
Q

The company provides superior
value by leading its industry in price and convenience.

A

Operational Excellence

90
Q

The company provides superior
value by offering a continuous
stream of leading-edge products or
services.

A

Product Leadership

91
Q

The company provides superior
value by precisely segmenting its
markets and tailoring its products
or services to exactly match the
needs of targeted customers.

A

Customer intimacy

92
Q

____ is a marketing strategy that refers to how a marketing team can differentiate a company from its competitors.

A

Competitive positioning

93
Q

DIFFERENT COMPETITIVE POSITIONS

A

MARKET LEADER
MARKET CHALLENGER
MARKET FOLLOWER
MARKET NICHER

94
Q

firm with the largest market share

A

MARKET LEADER

95
Q

Firms fighting to
increase market share.

A

MARKET CHALLENGER

96
Q

firms that want to hold onto their market share.

A

MARKET FOLLOWER

97
Q

are firms that serve small market
segments not being pursued or overlooked by other firms.

A

MARKET NICHERS

98
Q

Market Leader Strategies

A

EXPAND TOTAL DEMAND
PROTECT THEIR CURRENT MARKET
EXPAND MARKET SHARE

99
Q

EXPAND TOTAL DEMAND BY DEVELOPING:

A

New users
New uses
More usage of its products

100
Q

PROTECT THEIR CURRENT MARKET BY:

A

Fixing or preventing weaknesses
Maintain consistent prices that provide value
Keep strong customer relationships
Continuous innovation

101
Q

EXPAND MARKET SHARE BY:

A

Producing high-quality products
Creating good service experiences
Building close relationships

102
Q

Market Challenger Strategies

A

FULL FRONTAL ATTACK
INDIRECT ATTACK

103
Q

By challenging the market leader and other competitors in an aggressive bid for more market
share (market challengers)

A

FULL FRONTAL ATTACK

104
Q

By carving out toeholds using tactics that established leaders have trouble responding to or choose to ignore.

A

INDIRECT ATTACK

105
Q

Market Follower Strategies

A

FOLLOW CLOSELY
FOLLOW AT A DISTANCE

106
Q

Market Nicher Strategies

A

BY SPECIALIZING IN SERVING ONE
TYPE OF NICHE SUCH AS CUSTOMER, MARKET, QUALITY-PRICE, SERVICE.

MULTIPLE NICHING

107
Q

In the modern business landscape, companies must balance
two crucial elements:

A

customer and competitor orientations

108
Q

A __ prioritizes the needs and
wants of its customers above all else.

A

customer-oriented company

109
Q

___ is primarily focused on beating
its rivals,often atthe expense of customer satisfaction

A

competitor-oriented company

110
Q

aims to find a balance between customer and competitor orientations.

A

market-oriented company

111
Q

A ___ is primarily focused on
beating its rivals. Its main goal is to capture as much market share as possible, even if that means sacrificing customer satisfaction.

A

competitor-centered company

112
Q

A ___ is primarily focused on
meeting the needs and wants of its customers. Its main goal is to create loyal customers who will continue to do business with the company for years to come

A

customer-centered company

113
Q

This approach can be effective in the long term, as it can create a strong brand reputation and customer loyalty

A

customer-centered company

114
Q

Competitors have the target market but differ in products/services that they offer.

A

Market Point of View

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