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ESSENTIALS OF MARKETING > M3 > Flashcards

M3 Flashcards

1
Q

Marketing Strategy Planning Process:

A
  • Step 1: Narrowing down to the best opportunities
  • Step 2: Developing a strategy
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2
Q

Things to consider in marketing strategy planning

A
  • COMPETITORS
  • COMPANY
  • EXTERNAL MARKET ENVIRONMENT
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3
Q

After creating marketing strategy plan, what’s next?

A

Evaluate opportunities

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4
Q

How to evaluate opportunities after marketing strategy planning?

A
  • SCREENING CRITERIA
  • PLANNING GRIDS
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5
Q

T/F all objectives must align with the company’s vision mission

A

TRUE

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6
Q

How to analyze competitors and the competitive environment?

A
  • Avoid Head-On Competition
  • Know the Market Situation
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7
Q

What are the market situations

A
  • Monopoly
  • Oligopoly
  • Monopolistic
  • Pure competition
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8
Q

A market where there is only one seller or company controlling the whole supply of a product or service.

A

MONOPOLY

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9
Q

A market where many companies sell products that are similar but not identical.

A

MONOPOLISTIC

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10
Q

A market dominated by a few large companies. These companies may compete, but because there are so few of them, their actions affect each other.

A

OLIGOPOLY

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11
Q

A market where there are many sellers offering identical products, and no single seller can control the price.

A

PURE COMPETITION

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12
Q

Analyzing Competitors to Find a Competitive Advantage Key Concepts

A

● Competitor Analysis
● Competitive Rivals
● Competitor Matrix
● Competitive Advantage

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13
Q

Economic environment Key Economic Forces

A

○ Rapid Change
○ Global Economy
○ Interest Rates

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14
Q

Examples of Characteristics of the Political Environment

A

○ Nationalism
○ Regional Economic Groupings

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15
Q

The Legal Environment General examples of Legal Factors affecting business include:

A

○ Consumer law
○ Discrimination law
○ Copyright law
○ Health and Safety law
○ Employment law
○ Fraud law
○ Pyramid scheme legality
○ Import/Export law

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16
Q

CONSUMER PROTECTION AGENCIES

A
  • Food and Drug Administration (FDA)
  • DTI
  • DA
  • DOH
  • SEC
17
Q

Changes in Cultural and Social Environment

A

○ Cultural Changes ○ Demographic Data

18
Q

POPULATION TREND: LARGE

A

BABY BOOMERS

19
Q

POPULATION TREND: FEWER IN NUMBER

20
Q

POPULATION TREND: TECHNO SAVVY

21
Q

POPULATION TREND: CAUTIOUS

22
Q

Product-Market Screening Criteria

A

● Qualitative Criteria
● Quantitative Criteria

23
Q

PESTEL stands for?

A
  • POLITICAL
  • ECONOMICAL
  • SOCIAL
  • TECHNOLOGICAL
  • ENVIRONMENTAL
  • LAW

ESSENTIALS OF MARKETING (9 decks)

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