SWOT analysis/Competitive strategy

Question 1

SWOT

Answer 1

strengths, weaknesses, opportunities, threats

Question 2

ANSOFF Matrix

Answer 2

4 possible strategic options; markets vs products; screenshot

Question 3

Segmentation-targeting-position

Answer 3

1. market segmentation (divide whole market into smaller segments); 2. define target segment (select one or more segments to enter); 3. differentiation (differentiate market offering in order to create stronger value proposition); 4. positioning (place market offering in minds of target consumers, staring with differentiation strategies)

Question 4

Segmentation

Answer 4

subdivision of whole market into distinctive buying groups which have different needs, features and behaviors, and which require tailor-made products and programs

Question 5

Segmentation variables

Answer 5

geographic, demographic, psychographic, behavioral

Question 6

Segmentation requirements

Answer 6

measurability- must be possible to measure dimensions, spending power and profile of each segment; accessibility- able to efficiently reach each market segment; significance- must be sufficiently wide and profitable; feasibility- must possess necessary resources to develop effective marketing programs

Question 7

Target type

Answer 7

undifferentiated (mass) marketing; differentiated (segmented) marketing; concentrated (niche) marketing; micro (local or individual) marketing

Question 8

Positioning

Answer 8

the way a product is defined by consumers on important attributes; the place the product occupies in consumers’ minds relative to competing products

Question 8

Value propotion

Answer 8

how it will create differentiated value for targeted segments and what position it wants to occupy in those segments compared with those of competitors

Question 9

Positioning maps

Answer 9

show consumer perceptions of their brands versus those of competing products on important buying dimensions

Question 10

Four P’s of marketing

Answer 10

product, price, promotion, place

Question 11

Product types

Answer 11

convenience: bought frequently, with minimal comparison and buying effort; shopping: less frequently purchased, consumers compare carefully on suitability, quality, price and style; specialty: unique characteristics or brand identification for which significant group of buyers is willing to make special purchase effort

Question 12

Intangibility (services)

Answer 12

cannot be seen, tasted, perceived, heard or smelled before experience

Question 13

Inseparability (service)

Answer 13

cannot be detached from their providers

Question 14

Variability

Answer 14

quality depends on supplier, time, place and way of delivery

Question 15

Perishability

Answer 15

services cannot be stored for future sale or consumption

Question 16

Product decisional levers

Answer 16

product attributes -> branding -> packaging -> labeling -> product support services

Question 17

NPD (new product development)

Answer 17

ideas generation -> idea screening -> concept development and testing -> marketing strategy development -> business analysis -> product development -> test marketing -> commercialization

Question 18

Idea generation

Answer 18

systematic search for new product ideas based on internal sources, external sources, and crowdsourcing

Question 19

Idea screening

Answer 19

reducing number of ideas previously generated in order to spot good ones and drop poor ones

Question 20

Concept development and testing

Answer 20

product ‘concept’ is detailed version of new product idea stated in meaningful consumer terms; testing is proposing new concept to selected group of potential customers to gage appeal

Question 21

Market strategy development

Answer 21

describing target market, planned value proposition, sales-market share-profit goals for first few years

Question 22

Business analysis

Answer 22

detailed review of sales, costs, profit projections to find out whether these factors satisfy company’s objectives

Question 23

Product development

Answer 23

transforming product ‘concept’ into physical product to ensure idea can be turned into workable market offering

Question 24

Test marketing

Answer 24

new product and its proposed marketing program are tested in realistic market settings/areas

Question 25

Commercialisation

Answer 25

introducing new product into market… crucial to consider when and where

Question 26

5 aims of NPD

Answer 26

1. increase market dimension 2. increase company’s market share 3. increase company’s profit 4. increase shopping frequency 5. increase partnership with retailers