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Business - A Level > Strategic Positioning > Flashcards

Strategic Positioning Flashcards

Porter's Theory, Bowman's Theory, Marketing Strategies

1
Q

Niche Market

A

A smaller segment of a larger market.

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2
Q

Mass Market

A

Products aimed at a broad market segment.

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3
Q

Competitive Advantage

A

Having a sustained advantage over competition. e.g improving quality, investing in R & D

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4
Q

Positioning

A

How to compete effectively in the target market.

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5
Q

Cost Leadership

A

Being the lowest cost producer in a market.

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6
Q

How to achieve cost leadership?

A

The use of economies of scale to reach low cost per unit.

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7
Q

Cost Focus

A

Attracting potential customers based on lower price.

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7
Q

Differentiation

A

A business distinguishing a product or service from similar offerings in the market.

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8
Q

Differentiation Focus

A

A business distinguishing itself from competitors through the quality of its products or services.

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9
Q

How to achieve differentiation?

A

By using branding, Specific channels, patenting

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10
Q

Porters Generic Strategies

A

Refers to competitive advantage, certain generic strategies are pursued.

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11
Q

Ansoff’s Matrix

A

Shows the strategic direction of a business.

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12
Q

Market Penetration

A

A growth strategy where the business focuses on selling existing products into existing markets.

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13
Q

Market Development

A

A growth strategy that involves selling your existing products or services to a new group of customers.

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14
Q

Product Development

A

The processes involved in bringing a new product to market.

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15
Q

Diversification

A

A growth strategy that involves entering into a new market or industry.

16
Q

Patent

A

An individual creator or company’s right to exclusively produce, market, and sell an item for a set period of time

17
Q

Marketing Channels

A
18
Q

Monopoly

A

A single company supplying a good or service, a lack of competition within the market, and no similar substitutes for the product being sold.

19
Q

Price Skimming

A

A strategy where a business starts of by setting the highest price customers are willing to pay.

20
Q

Price Penetration

A

Offering a low price initially to attract customers to a new product or service.

Business - A Level (3 decks)

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