Marketing Management Flashcards
How do you stimulate intensive growth
Concentrate activists on familiar products and markets, simply do what you’re doing but more
How is integrative growth achived
To start doing activities others have done on the same value chain. Linear integration I think I’ve heard before
How is growth through diversification achieved
Develop and market new products and services
Describe a genuine bottom of the pyramid marketing strategy
Directed at verry poor people so both affordable and available. They are adaptive and try to educate consumers in their consumer orientation. Try to be fair and inclusive
What is market penetration
Trying to gain more market share with present products in present markets
What is market development
Introduce present products to new markets
What is product development
Introduce new products in present markets
What is competitive advantage
To implement a value adding strategy not implemented by the competition
Name some sources if competative advantage
Better publicity, features or quality
Does the cost leadership strategy have lower price than the competition
Often but not necessarily, the important part is having lower costs for greater profit margins
Can you pursue both differentiation and cost benefit at the same time
Not in theory but in practice it is quite common not to be stuck un the middle
What are the different market positions
Leader, challenger, follower and nicher
What characteristics do market leaders have
They have the largest share and sets standards and expectations
What are the characteristics if market challangers
They are near the top of market share and aggressively try to take the lead
What are the characteristics of market followers
They dint possess the resources to compete and have a small market share. They often try to copy the market leaders
What characterizes market nitchers
They are specialists and try to cater to specific segments of the market
What are the strategies if market leaders
Attacking the market by creating new users and situations if use. They may also defend the market position by increasing promotion and cutting prices
What are the prime strategies if market challangers
Attacking the market leader by cutting costs, innovating and sharply increasing advertisement. They may also attack rivals through limited offerings and developing competitive advantages
What are the prime strategies of market followers
To copy the leaders but focus on differentiation. Avoid hostile conquest if market share
What is the prime strategy of market nichers
Provide special offering to a customer group/geography. Put all resources on serving the niche
What is relationship marketing
Gaining a competitive advantage by creating powerful alliances with suppliers and potential rivals to share resources streamline integration and gain better deals
What are platform strategies
To use your product to connect other companies and consumers like apples app-store and uber and its drivers
What organization culture aspects may be good for market adaptability and stratgies
Employee autonomy, retrospect on resort as a reward and internal competition
Why is it a bad idea to use sales as a key performance indicator
Because it rewards selling much at unprofitable rates
How co you calculate market share
You divide the sales revenue by the total sales revenue in the market
How do you calculate relative market share
You divide your market share with that if the market leader
What is the net promoter score
A score measuring the radio of promoters ranking the product 9-10 to detractors ranking the product 0-6. Promoters are likely to spread the word while detractors are extremely unlikely to do so
Name some key performance indicators to measure the success of marketing
Profitability, sales, operating margin, customer awareness, market share, amount of new products, price premium, satisfaction, net promoter score and, distribution
When should marketing be planned
Always and continually not only ones a year or when products are launched
What should be in a marketing plan
Objectives, background, market analysis, programs (people and resources), plan and evaluation
What characterizes good goals
They are realistic, measurable and communicable
Explain the innovation strategy
Don’t compete, create new markets
Explain a growth strategy
Put all your resources into rapid expansion
Explain an alliance strategy
Focus on relationships mergers and acquisitions, take advantage of others comparatives advantage
Name five business strategies
Cost leadership, differentiation, growth, alliance, innovation
What challenges are there to implementing marketing strategies
What is the roll of marketers, do they have direct control do the employees know how their actions affect the market position and what is in line with the strategy. People may feel threatened, uncertain and overwhelmed when asked to give up power.
What is a solution to strategic cohesion in an organization
Internal marketing, make value propositions to the members if the benefits ti gain by following the strategy
