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MAR ELECTIVE > Lesson 4 > Flashcards

Lesson 4 Flashcards

1
Q

It refers to any obstacle or resistance within a market that inhibits the smooth operation of buying and selling goods or services

A

Market Friction

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2
Q

It represents the various challenges and obstacles that can impede the successful introduction and adoption of a new product in the market

A

Market Friction

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3
Q

is any point that slows or stops the movement of goods through the supply chain process.

A

Supply Chain Bottle neck

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4
Q

can happen for various
reasons, such as labor shortages,
component shortages, infrastructure
problems.

A

Bottlenecks

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5
Q

If you’re having a hard time
getting a certain material due
to a shortage, you might not be
able to meet customer
demand. Unmet demand
equals lost revenue

A

Bottlenecks problems

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6
Q

Challenges cause by supply chain bottlenecks

A

Increased Costs
Customer Dissatisfaction
Delivery Delays
Lost Revenue

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7
Q

is the ability to see and track your inventory: how much you have, what products you have, and where it all is

A

Inventory Visibility

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8
Q

Supplier might not tell company
about supply constraints, raw
material shortages, or delays on
certain products

A

Communication

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9
Q

How can one improve communication?

A

by setting clear expectations,
measuring performance, and
occasional check-in meetings

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10
Q

Having insufficient labor to fulfill
all your orders & Running out of warehouse space to hold inventory

A

Production Capacity

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11
Q

Not having the right technology
to aid material procurement and
order fulfillment

A

Production Capacity

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12
Q

How to increase Production Capacity?

A
  • Upgrade systems, management software, and equipment
  • Increase staff
  • Assess your order management system and fix your pain points
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13
Q

Causes of Transportation Infrastructure

A
  • Delayed shipping from your
    supplier.
  • Delayed shipping to your
    customer via carriers.
  • Slow last-mile delivery due to a
    lack of proper technology or a
    shortage of truck drivers
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14
Q

Prevention of transportation Infrastructure

A

Partnering with a third-party
logistics provider who can handle
all your order packing and
shipping.
* Using the carrier closest to your
distribution center will also help
you cut down on transit times and
costs.
* handle last-mile delivery on your
own.

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15
Q

What’s the contingency plan to prevent supply chain bottleneck

A

*Tiered approach when choosing suppliers.
* Have backup suppliers for emergencies.
* Increase your safety stock to avoid supply chain shortages,
especially for products with long lead times

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16
Q

____________ of a product varies with the relative level of importance consumers place on price compared to other purchasing criteria.

A

Price sensitivity

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17
Q

Factors that affect price sensitivity

A
  1. Demand
  2. Competition
  3. Location and Income
  4. Exclusivity
  5. Quality
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18
Q

The higher the
________ for
something, the
higher price
customers may be
willing to pay.

A

Demand

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19
Q

When companies in
similar industries
offer similar products
or services to the
same customer base.

A

Competition

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20
Q

Companies might
consider variable
pricing to provide
appropriate pricing
to customers in
different locations

A

Location and income

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21
Q

Customers may be more likely
to pay higher prices based on
the limited availability of certain
products

A

Exclusivity

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22
Q

The craftsmanship of a
product’s assembly or the
level of experience a service
provider has an effect on
the prices

A

Quality

23
Q

Psychological pricing tactics

A

Price anchoring
Charm pricing
Odd-even Pricing
Decoy pricing
Center stage

24
Q

recognizes that consumers tend to depend too heavily on an initial piece of information when decision-making

A

Price anchoring

25
Q

Best for companies with a tiered pricing model that offers various versions and associated features of the core product, at different prices

A

Price anchoring

26
Q

refers to the use of prices
ending in the number nine because of
the “left-digit bias

A

Charm Pricing

27
Q

Best for companies with non-luxury
products that want to convey a “deal.”

A

Charm Pricing

28
Q

This tactic leverages the belief that,
psychologically, buyers are more
sensitive to certain ending digits.

A

Odd-even pricing

29
Q

This pricing works best for luxury items

A

Even pricing

30
Q

This pricing tends to work best for
most other products.

A

Odd Pricing

31
Q

based on the
“decoy effect,” by which individuals
tend to have a specific change in
preference between two options when
also presented with a third option that is inferior in every way except one

A

Decoy pricing

32
Q

Best for Companies that have a
preferred option(s) to which they want
to direct customers

A

Decoy pricing

33
Q

Pricing which dictates
that, out of a range of products
presented side-by-side, we tend to be drawn to the one situated in the middle

A

Center stage pricing

34
Q

the art of setting your
products or services at a particular price point that aligns with the perceived value by your customers

A

Price positioning

35
Q

strategy involves pricing your
products or services at a
premium, targeting customers
who place value on quality or
exclusivity

A

Premium pricing

36
Q

is often used by luxury products, high-end services, and premium brands.

A

Premium pricing

37
Q

This strategy involves pricing your
products or services at a lower
price point to attract customers
and gain a foothold in the market
share.

A

Penetration pricing

38
Q

can be an effective way to generate sales quickly, attract price-sensitive
customers, and create brand
awareness.

A

Penetration pricing

39
Q

This strategy involves pricing your
products or services at the lowest
possible price to attract cost-sensitive customers.

A

Economy pricing

40
Q

is often used by discount stores, budget airlines, and other low-cost providers.

A

Economy Pricing

41
Q

This strategy involves pricing your
products or services at a high
introductory price point before
gradually reducing the price over
time, targeting early adopters or
customers who are willing to pay
a premium for new products or
services

A

Skimming Pricing

42
Q

This strategy involves pricing your
products or services based on the
prices of your competitors.

A

Competitive pricing

43
Q

While this strategy can help
businesses remain competitive, it
may require constant price
monitoring to maintain market
position and may result in lower
profit margins

A

Competitive pricing

44
Q

Analyzes the entire competitive
environment to give a comprehensive
overview of the industry.

A

Competitive Landscape analysis

45
Q

Competitive Landscape analysis is all bout identifying what?

A
  • Competitors
  • Competitors position
  • The strengths and weaknesses of
    competing products
  • Becoming familiar with the trends and developments in the industry
46
Q

The strengths and weaknesses of one of your competitors, the threats they pose, and the opportunities for growth
afforded by the gaps between their
strengths and weaknesses and your
own.

A

SWOT ANALYSIS

47
Q

Understanding the current political and
economic climate impacting the industry right now, getting the sense of how the industry might begin to change over time

A

PESTLE ANALYSIS

48
Q

Techniques for Analyzing Industries and Competitors, that five competitive
forces interoperate to “determine the
attractiveness of an industry”, going into detail as to “how these forces change over time and can be influenced through
strategy”.

A

Porter’s Five Forces

49
Q

A portfolio planning method that
evaluates a company’s Strategic
Business Units in terms of its market
growth rate and relative market share

A

Growth Share Matrix (BCG MATRIX)

50
Q

represents industry
attractiveness, while relative market
share stands for competitive advantage.

A

Market Growth

51
Q

They are the leaders in the business
It leads to large amount of cash
consumption & cash generation

A

Stars (High growth, High Market share)

52
Q
  • Foundation of the company & often the
    stars of yesterday
  • Located in an industry that is mature not
    growing or declining
A

Cash Cows (Low growth, High Market Share)

53
Q
  • The start of most business
  • Has potential to become star & evenly
    cash cow but can also become dog
A

Question Marks (High Growth, Low
Market Share)

54
Q
  • are the cash traps
  • Business is situated at a declining stage
A

Dogs (Low Growth, Low Market Share)

MAR ELECTIVE (5 decks)

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