Marketing Strategy, Opportunity Analysis, and Segmentation

Question 1

What is marketing?

Answer 1

The creation and satisfaction of demand for a product or service

Question 2

What is strategy?

Answer 2

A set of ideas that outline how a product line or brand will achieve its objectives.

Question 3

Target Market

Answer 3

groupof customers a company wishes to reach

Question 4

The marketing mix

Answer 4

controllable variables the company uses to satissfy the target group

Question 5

5 Cs customers

Answer 5

potential buyers with wants and needs that the company aims to fulfill with it’s offerings

-consumer - business buyer
-customer - non-business buyer
-customers are the focal point

Question 6

5 Cs company

Answer 6

organization or business unit providing certain goods or services
-look internally to define positioning, messaging, differentiators, capabilities, etc.

-awareness of competition ( not mutually exclusive)

Question 7

5 Cs Competitors

Answer 7

organizations that offer products or services that satisfy the same wants and needs to the same customers as the companies offering

-competitive matrix
-porters 5 forces

-attempting to create products and services that customers percieve as different from those provided by others

Question 8

5 Cs Collaborators

Answer 8

External business entities that work with the company to create value for customers

ex:
-raw material suppliers
-distributors
-marketing agencies
-3rd party retailers

SUGAR
-supply nabisco, dr pepper, etc

TV
-depends on retailers like target, costco, etc

Question 9

5Cs Context

Answer 9

environment in which the company operates and it’s associated elements
-regulations or laws
-economic conditions
-cultural norms
-technological factors

PESTEL Analysis:
Political, Economic, Social, Technological, Environmental and Legal Factors

Question 10

Competitive Advantage

Answer 10

A marketing mix the target customer sees as better than the competition’s mix

Question 11

Breakthrough Opportunities

Answer 11

Difficult to copy Profitable for a long time

Question 12

Marketing-oriented Manager

Answer 12

sees everyone as different and practices “target marketing”

Question 13

Production-oriented manager

Answer 13

sees everyone as basically similarand practices “mass marketing”

Question 14

Market Penetration

Answer 14

Drive increased sales of currentproduct in existingmarkets *Enhance customer relationship (LTV)

Question 15

Product Development

Answer 15

-New/Unique benefits
-Create newmarket(s)

Question 16

Customer Lifetime Values (LTV)

Answer 16

relationships that develop satisfied customers + time= return business

Question 18

What are the 4 p’s of marketing

Answer 18

Product, Place, Price, Promotion

Question 19

4 p’s Product

Answer 19

-physical characteristics
-warranties
-application benefits

Question 20

4 p’s place

Answer 20

-get the right product, to the right consumer, in the right place, at the right time, in the right quantity, and in the right condition

Question 21

4 p’s promotion ( 3 types)

Answer 21

Informing and selling the customer
-personal selling
-direct to consumer
-product service

mass selling
-advertising - paid
-publicity - unpaid

sales promotion
-stimulate interest
-encourage trial or purchase

Question 22

External Marketing Environment

Answer 22

-cultural and social environment
-political and legal environment
-technological environment

Question 23

Direct Marketing environment

Answer 23

-resources and objectives of the firm
-customers
-competitive environment

Question 24

what is swot and what is it used for?

Answer 24

In marketing, SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis is a strategic planning tool that helps businesses evaluate their current business model and identify areas for improvement.

Question 24

monopoly

Answer 24

1 company serves entire customer base
-rare in us

Question 25

Examples of Company resources

Answer 25

-financial strength
-production flexibility
-R&D
-channel relationships
-loyal customer base
-new product capability

Question 25

monopolistic competition

Answer 25

of different firms offer marketing mix that customers, at least sometimes, see as different

Question 25

pure competition

Answer 25

large # of firms compete w/ similar or comodity type products
-price usually deciding factor b/c customers see little different between options

Question 26

oligopoly

Answer 26

small # of companies control market

Question 27

Key Economic forces

Answer 27

-global economy
-rapid change
-interest rates

Question 28

Characteristics of political environment

Answer 28

-trade policy
-labor law
-political stability

Question 29

Legal environment

Answer 29

-fda
-consumer product safety commission (cpsc)

Question 30

Cultural and social environment

Answer 30

-health conciousness
-demographic data