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Marketing > Session 3 > Flashcards

Session 3 Flashcards

1
Q

What are Ohmae’s 3 C’s?

A

Customers, Company, Competitors

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2
Q

What are Porter’s Five Competitive forces?

A
  1. Threat of new entrants (Capital requirements, regulations, knowledge, brand image)
  2. Bargaining power of buyers (Undifferentiated products, consumers have more power and can easily switch, large buyers have more power than small)
  3. Bargaining Power of suppliers
  4. Threat of substitutes
  5. rivalry among existing firms (If one or few companies dominate the market, it is said to be highly concentrated and tough to enter)
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3
Q

What are the components of SWOT analysis?

A

Internal Assessment:
1. Strengths
2. Weaknesses

External Assessment:
Opportunities
Threats

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4
Q

What are Strengths and weaknesses?

A

Core competencies: a company’s expertise or skills in key areas that directly product superior perfomrnace. Not what it does, but what it is good at and better at than others

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5
Q

What are opportunities and threats?

A

Opportunities: Favourable factors or trends in external environment that the company can exploit to its advantage

Threats: Unfavorable factors or treats that may present a challenge to the company’s performance

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6
Q

What are the 5 environmental forces that generally create threats and opportunities?

A
  1. Social
  2. Economic
  3. Technological
  4. Competitive
  5. Regulatory
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7
Q

What are the key points to consider for social environmental forces?

A

Demographics, lifestyle trends, customer needs, buying trends, ethical issues

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8
Q

What are the key points to consider for Economic environmental forces?

A

Economic growth, inflation rates, unemployment levels, exchange rates, customer confidence levels

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9
Q

What are the key points to consider for for Technological environmental forces?

A

Present and future state of technology, competing technologies, innovations, customer use of technology, legislation on technology

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10
Q

What are the key points to consider for competitive environmental forces

A

Direct competitors, indirect competitors, intensity of competition, success of competitors

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11
Q

What are the regulatory forces that influence marketing (environmetal forces)

A

Current and future laws, lobbying, econlogical and environmental issues, present and future political climate

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12
Q

What is a BCG matrix?

A

Helps firms analyse and design businesses and products to achieve objectives, such as enhances profits, sales or maket share. It is a report card on today’s businesses and products, does NOT provide insign into long term (More than 1 year)

It is a tool that uses business or product’s relative market share and the growth of the market in which the business/product operates to develop a strategy for growth

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13
Q

What is the formula for market share?

A

= My sales/ (My sales + Competitor’s sales)

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14
Q

What is the formula for relative market share?

A

= My sales/Leading Competitor’s sales

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15
Q

What is the formula for growth rate?

A

= (Sales now - Sales before)/Sales before

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16
Q

What are the 4 notes on the BCG matrix?

A

? = New products and business. Low sales, share and cash flow (Invest for frowth)

Star = Young but maturing. Strong sales and cashflows, growing shares (invest for R&D)

Cash cows = Mature products and business that yield strong sales, share and profits. (Use cash to support question marks, stars and dogs)

Dogs = Products and businesses in decline (Consider discontinuing)

17
Q

How do you mange stars?

A

Invest to sustain growth, increase sales by going into new markets, new channels of distrubution

18
Q

How do you mange cash cows?

A

Maintain market share by investing in quality and customer loyalty. Maximize cash flow by increasing usage rate and replacement rate

19
Q

How do you manage dogs?

A

Get rid of them or differentiate for a niche market

20
Q

What is Ansoff’s product/market matrix?

A

Can help firm in long term (1year to 10 years)

21
Q

What are the four ways to grow the business in Ansoff’s product/market matrix?

A
  1. Market penetration
  2. Market development
  3. Product Development
  4. Diversification
22
Q

What is penetration strategy?

A

Increase frequency of use among existing customers using existing products by using promotion

23
Q

What is Market development strategy?

A

Find new customers in new market (NEw customers same product) by increasing distribution of products. E.g. market krispy kreme in asia

24
Q

What is product development strategy?

A

Develop new products for existing cusomters by developing new solutions for customers

Marketing (14 decks)

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