MIDTERM Flashcards
.Identifies competitors and understand competitor’s strengths and weaknesses in relation to
yours
Competitor analysis
An organization uses these to develop and deliver their products and services
Internal processes
Known as 80-20 rule
Pareto principle
4.It is how the business sells its products and services.
Distribution channels
Methods the company uses to promote and sell its products and services.(
Marketing Strategy
Used to measure themselves against internal or external standards
Benchmarking
Secondary sources regarding information about the competitors. Enumerate alphabetically
Advertising
Articles
Reference books and databases
Sales brochure
SWOT means
Strengths
Weaknesses
Opportunities
Threats
.This section provides a general profile of the company in question and might include information
such as when the company was formed, how many employees it has etc
Company
profile
The proportion of market controlled by the company
Market share
This section highlights the basis of profits
Key competitive advantage
Used to refer to our current post-industrial era, given that practically all of the world’s most
valuable enterprises receive a significant percentage of their value from the strength of their networks
Network economy
A method you use to connect your offerings with your customers and users.
channel
The customer’s perceived portrayal of a business’s offerings.
brand
Ensure and enhance a product’s or service’s utility and value.
service innovations
Refers to improvement and modifications you perform to guarantee that your products function
together with other complimentary ones in a way that provides greater value than the product alone
could
Product system innovation
Focuses on an enterprise’s core product or service
offering
Businesses plot how to charge more for their products than their competitors do
premium pricing
Means creative solutions to real problems from study and experimentation can actually be
implemented.
innovation
5 Categories of Competitors
Direct
Future
Indirect
Potential
Replacement
The application of scientific knowledge for practical purposes especially in the industry
Technology
This covers pretty much everything from your organizational design, competencies and assets,
incentives and management structures, all the way to knowledge management.
structure
Involves himself in technological changes in producing goods and services for his organization
technopreneur
From the Latin verb _____, means “to renew”
innovare
Those who see a new technology development and understand how it can be applied to meet a market need
innovator
Those who develop a unique technology capable of driving a new business
Technology developers
.Used to ascertain the most salient aspects of a market and its structure at a certain point in
time.
market analysis
Works for an organization but given the task of starting new ventures(
intrapreneur
It is a process of merging technology prowess and entrepreneurial talent and skills(
technological entrepreneurship
The process of creating something with new value
entrepreneurship
Means “to enter”(
entre
A technique that identifies industry best practices followed by setting goals to implement
action to achieve goal or overtake competitors
benchmarking
Means “to undertake”(
entreprendre
A cross between managers and entrepreneurs(
intrapreneur
Foundation on which everything else in your business is built
sales unit
.The practice of embarking on a new business or reviving an existing business by pooling together
a bunch of resources in order to exploit new found opportunities
entrepreneurship
An innovator or developer who recognizes and seizes opportunities and converts these
opportunities into workable/marketable ideas
entrepreneur
An individual or business that purchases another company’s goods or services
customer
May not be the one who purchased, but the end-user
consumer
Motive of buying is for consumption only
consumer
The one who purchases the product
customer
It is simply entrepreneurship in a technology intensive context
technological entrepreneurship
A key contributor to a company’s cash flow
discount customers
Typically receptive to recommendations on products
impulse customers
Best customers to upsell to and the second most attractive segment to focus on
Impulse customers
.Important to solicit their feedback and involve them in a company’s decision-making process
Loyal customers
Customers that make up a minority of the customer base but generate a large portion of
sales
loyal customers
It acts as a new breed in the field of entrepreneurship
technopreneurship
The degree of assistance and courtesy granted those who patronize a business
customer service
Provides the customers with a series of services in order to make cost-effective choices and
appropriate use of a product
customer support
The most pared down version of a product that can still be released
minimum viable product
Means “nerve center
neur
By studying how your competitors are perceived, you can draw conclusions about your own
brand’s strengths and weaknesses TF
T
The 80-20 rule states that 80% of the causes result to 20% of the outcomes T/F
F
The more that one firm’s strategy resembles another firm’s strategy, the more the two firms
compete T/F
T
Companies normally learn about their competitors’ strengths and weaknesses through secondary
data, personal experience, and word of mouth. T/F
T
Companies normally learn about their competitors’ strengths and weaknesses through secondary
data, personal experience, and word of mouth T/F
T
Competitors may share the costs of market and product development and help legitimize new
technologies T/F
T
Competitive intelligence systems help decision makers identify opportunities to improve the
company or organization’s strategic position among competitors, customers, and suppliers T/F
T
Companies have long engaged in head-to-head competition in search of profitable growth. T/F
T
Most companies will compete with distant competitors—those that resemble them most—rather
than close competitors T/F
F
Shopping malls, department stores, retail stores are examples of this
Physical (market)
In this type of market, The buyers try to top each other for the purchase price. The items up for sale
end up going to the highest bidder
Auction
Refers to an illegal exchange or marketplace where transactions occur without the knowledge or
oversight of officials or regulatory agencies
Black market
Refers to any place where securities, currencies, bonds, and other securities are traded between
two parties
Financial market
Sold between industries for resale or the production of other goods
Market for intermediate goods
A strategy which is directed towards attracting a huge portion of the audience
mass marketing
Very effective in advertising products that are rendered as necessities and are guaranteed that
people will shop for it anyway
mass marketing
Allows brands to create strategies for different types of consumers, depending on how they
perceive the overall value of certain products and services
segmentation
Allows you to target your content to the right people in the right way, rather than targeting your
entire audience with a generic message
market segmentation
ROI means
Return on Investment
Main types of Market Segmentation
Behavioral
Demographic
Geographic
Psychographic
Other types of market segmentation
Firmographic
Generational
Lifestage
Seasonal
Value
In a marketing analysis, this is crucial
size of the market
Refers to any activities that involve distributing a finished product to a customer.
outbound logistics
Defined as “an advantage of established sellers in an industry over potential entrant sellers,
which is reflected in the extent to which established sellers can persistently raise their prices above
competitive levels without attracting new entrants to enter the industry,”
barriers
Most common in monopolistic markets, where the cost of entry to the market is too high for new
firms for a variety of reasons
Natural barriers to entry
Receiving, warehousing, and inventory control of a company’s raw materials are all part o
inbound logistics
The impact of several users on the value of a product or service to other users
multiplicity
A network of intermediaries that permits the transportation of products from manufacturers to end
consumers as well as the transmission of money from buyers to producers.
distribution channel
Can occur when companies in a market engage in tactics that make it more difficult for other
companies to enter
artificial entry barriers
Procedures for transforming raw materials into a final product or service are included in
operations
Comprises transforming all inputs into outputs
operations
Acts that aid in persuading a customer to buy a company’s product or service
marketing and sales strategy
The process of acquiring inputs, or resources, for a company
procurement
Refers to a company’s support systems as well as the functions that enable it to operate
infrastructure
It is the quickest and most straightforward method of direct distribution of products from
manufacturer to customer
direct channel
Defined as the practice of a manufacturer using one or more middle men to sell and distribute
their goods to clients
indirect selling
One intermediary is used to move items from the manufacturer to the customer via this channel
of distribution.
one level channel
This plays a key role in marketing research and strategy development
market trends
Business strategies that are crucial to a successful connection with your consumers are known
as
Key success factors
Manufacturers and customers are linked together via the intermediary role played by
wholesalers and retailers
Two level channel
Refers to a company’s efforts to lower technology expenditures, such as migrating from a
hardware storage system to the cloud.
technical development
Manufacturers that use the services of agents or brokers to connect with wholesalers and
retailers are considered to be in this distribution channel.
three level channel
It is the most often used distribution route for consumer goods.
two level channel
Promoting to a narrower target market as opposed to the overall market allows you to allocate
your hours and money more efficiently on the people who are most likely to need or want to buy from
you. T/F
T
For a successful mass marketing campaign, the advertisement must be focused on “set of
product needs that are common to most consumers in a target market T/F
T
Market analysis is a basis for decision-making. T/F
T
Culture and location’s impact on how advertising messages are received by customers is
another disadvantage of mass marketing T/F
T
Behavioral data is useful because it relates directly to how someone interacts with your brand or
products. T/F
T
If you find that members of a demographic segment are responding differently to your content,
you might want to add in some psychographic information T/F
T
Business-to-business (B2B) companies only uses value segmentation to divide up the
businesses in a market. T/F
F
.Identify the niche with the narrowest audience and whether it has needs that your brand can
effectively address T/F
F
A part of a company’s overall marketing strategy which refers to the value that a company
promises to deliver to customers should they choose to buy their product
Value proposition
Aims at achieving a fit between what the customer wants and what your product/service can
offer to overcome pains and generate gains
Value proposition canvas
.A company must clearly answer for its potential customers the question of why they should
choose the company’s products over all other available choices
specific value
Should be created for each customer segment
customer profile
This element is aimed at appealing to customers’ emotions and establishing a relationship
customer connection
6.Describes what the business offers to the customer
specific value
Instead of focusing on the features themselves, Blank saw the need to emphasize the benefits
derived from the features in a simple sentence
Steve Blank Method
A value proposition is executed best when it answers the following questions such as “What
sets my brand apart from competitors
Harvard Business School method
.A template that’s more specific in identifying the industry categories alongside the benefits
customer value
Geoff Moore Method
Also referred to as “expectations’
gains
The negative experiences, emotions and risks that the customer experiences in the process of
getting the job done
pains
The functional, social and emotional tasks customers are trying to perform, problems they are
trying to solve and needs they wish to satisfy
customer jobs
The benefits which the customer expects and needs, what would delight customers and the
things which may increase likelihood of adopting a value proposition.(
gains
Once the value proposition canvas is completed, the next step will be to determine how your
value proposition fits within the company profile t/f
F
The value proposition canvas identifies your customer’s major Jobs- to-be-done, the pains they
face when trying to accomplish their Jobs-to-be-done and the gains they perceive by getting their
jobs don T/F
T
Through the use of value proposition canvas, a business can adjust their Value Proposition
based on the insights you gained from customer evidence and achieve Product-Market fit T/F
T
A business can define the most important components of their offering using a value proposition
canvas T/F
T
The customer profile makes up the first half of the value proposition canvas. T/F
T
9.A customer profile represents your target buyer through their wants and needs T/F
T
The value proposition is the same with slogans and catchphrases T/F
F
Value proposition is a powerful tool to drive sales and build a customer base T/F
T
Each of the proposition must be the same to communicate differentiation points of a business to
its customers T/F
F
Value proposition must be pain-focused T/F
T
Value proposition must be exclusive T/F
T
Value proposition must be specific T/F
T
Knowing a competitor’s mix of _______ reveals whether the competitor is satisfied with its
current situation and how it might react to different competitive actions
Objectives
It is a group of firms in an industry following the same or a similar strategy in each target
market
strategic group
This aims to determine the benefits that target customers value and how customers rate the
relative value of various competitors’ offers.
customer value analysis
This strategy tries to create products and services for which there are no direct competitors, and
its main goal is to make competition irrelevant
blue ocean
.It helps decision makers identify opportunities to improve the company or organization’s
strategic position among competitors, customers, and suppliers
Competitive intelligence system
It means creative solutions to real problems from study and experimentation can actually be
implemented
innovation
According to Doblin, this type of innovation focuses on the innermost workings of an enterprise
and its business system
configuration
According to Doblin, this type of innovation focuses on an enterprise’s core product or service
offering innovation
A condition where there is a single seller and many buyers at the marketplace
monopoly
A set up where buyers can physically meet the sellers and purchase the desired merchandise
from them in exchange of money
physical market
In such markets, buyers purchase goods and services through internet. In such a market the
buyers and sellers do not meet or interact physically, instead the transaction is done through
internet.
nonphysical/virtual markets
A market that refers to any place where securities, currencies, bonds, and other securities are
traded between two parties
financial
This allows you to target your content to the right people in the right way, rather than targeting
your entire audience with a generic messag
market segmentation
.It refers to splitting up audiences based on observable, people-based differences. These
qualities include things like age and sex
demographic segmentation
This type of segmentation groups consumers by generation and group them into categories that
include Gen Z, Millenials, Generation X, Baby Boomers and the Silent Generation.
generational
Whenever you are establishing a new firm, it is important to be aware of this. It plays a key role
in marketing research and strategy development
market trends
These people sell unique products directly to retailers or agents
Independent suppliers or Independent craftspeopl
This type of segmentation is similar to demographic segmentation, but it deals with
characteristics that are more mental and emotional such as personality, interests, and belief
psychographic segmentation
t is splitting up your market based on their location, which a basic but highly useful
segmentation strategy
Geographic segmentation
.Ideally a market is a place where two or more parties are involved in buying and _____.
selling
They sell a similar product or service to a similar target audience
direct competitors
Those who provide an alternative to the services that you offer that solves the same pain points
replacement competitors
.Companies with business capabilities that will allow them to quickly take a market share in the
market if they decide to enter your market space
Future Competitors
They sell a different product or service in the same category but target an audience similar to
yours
indirect competitors
.They are either a direct, indirect, or replacement competitors that currently has no distribution in
your market
Potential Competitors
.Innovation is the process of translating new ideas into tangible product T/F
T
.In a frontal attack, the market’s leader attempts to match the challengers’ efforts across the full
range of products, attacking the challengers’ strengths rather than its weaknesses T/F
F
In an encirclement attack, the market challenger concentrates on the leader’s weaknesses
rather than its strengths. T/F
F
A flanking attack involves attacking from several directions at once. T/F
F
In a bypass attack, the market challenger attempts to bypass the market leader entirely and
targets new markets. T/F
F
