Marketing

Question 1

Marketing is about understanding the customer and shaping needs/wants, and do it better than anyone else

Answer 1

Identify the market opportunity (customer, company, competition)
Set the strategy (segment, target, position, differentiation)
-define mission
-set objectives and goals (customer relationships, profits, R&D, increase sales and costs decrease, or increase market share)
-design business portfolio (collection of lines that make up the company, process by which management evaluates products and businesses)
-planning marketing and other functional strategies (partner with other departments, partner outside marketing internal value chain)
Formulate e marketing program (4Ps)

Question 2

BCG matrix (market share vs. growth rate)

Answer 2

Hi-Hi: star
Hi growth, low share: ?
Lo growth, high share: cash cow
Lo growth, lo share: dog

Question 3

Product market/expansion grid (products vs. market)

Answer 3

Existing-existing: market penetration (change price, advertising, distribution)
New market, existing product: market development
New-new: diversification
Existing market, new product: product development

Question 4

Customer equity: total combined customer lifetime values (stream of purchases over lifetime of patronage) of all company’s customers (more loyal, higher value)

Answer 4

Profit vs. time
Hi-hi: true friend, tells others
Lo-lo: stranger
Hi-lo: butterfly (good fit, company's customers)
Lo-hi: barnacle (good but not enough)

Question 6

Marketing is about understanding the customer and shaping needs/wants, and do it better than anyone else

Answer 6

Identify the market opportunity (customer, company, competition)
Set the strategy (segment, target, position, differentiation)
-define mission
-set objectives and goals (customer relationships, profits, R&D, increase sales and costs decrease, or increase market share)
-design business portfolio (collection of lines that make up the company, process by which management evaluates products and businesses)
-planning marketing and other functional strategies (partner with other departments, partner outside marketing internal value chain)
Formulate e marketing program (4Ps)

Question 8

BCG matrix (market share vs. growth rate)

Answer 8

Hi-Hi: star
Hi growth, low share: ?
Lo growth, high share: cash cow
Lo growth, lo share: dog

Question 10

Product market/expansion grid (products vs. market)

Answer 10

Existing-existing: market penetration (change price, advertising, distribution)
New market, existing product: market development
New-new: diversification
Existing market, new product: product development

Question 11

Customer equity: total combined customer lifetime values (stream of purchases over lifetime of patronage) of all company’s customers (more loyal, higher value)

Answer 11

Profit vs. time
Hi-hi: true friend, tells others
Lo-lo: stranger
Hi-lo: butterfly (good fit, company's customers)
Lo-hi: barnacle (good but not enough)