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Things I should have learned in Marketing: Jeopardy edition

Things I should have learned in Marketing: Jeopardy edition . serve as a guide for what the organization wants to accomplish. be “market-oriented” rather than “product-oriented”. be neither too narrow, nor too broad. fit with the market environment. be motivating.

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Things I should have learned in Marketing: Jeopardy edition

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  1. Things I should have learned in Marketing: Jeopardy edition

  2. serve as a guide for what the organization wants to accomplish. • be “market-oriented” rather than “product-oriented”. • be neither too narrow, nor too broad. • fit with the market environment. • be motivating.

  3. What is a mission Statement?

  4. Should be specific • Measurable • Have a Time line

  5. What is an objective?

  6. An SBU with a high relative market share in a market that has stopped growing

  7. What is a Cash Cow

  8. Figure 2-2: Growth-Share Matrix

  9. I should Divest or Harvest

  10. What is when my SBU is a DOG?

  11. This is the riskiest of the generic growth strategies

  12. What is diversification?

  13. Figure 2-3: Product / Market Expansion Grid

  14. Dividing up a heterogeneous market into multiple user groups

  15. What is segmenting?

  16. The group of consumers that you are trying to sell your products to

  17. What is your target market?

  18. Creating the perception in the mind of the consumers that your product is the ideal product for them

  19. What is product positioning?

  20. The variables that the marketer controls, sometimes known as the 4ps

  21. What is the marketing mix?

  22. This element of the marketing mix deals with communication

  23. What is promotion?

  24. Branding and Packaging issues are part of this element of the Marketing mix

  25. What is Product?

  26. Distribution and logistics are part of this element of the marketing mix

  27. What is Place?

  28. Figure 2-6: Managing the Marketing Effort

  29. An advantage over competitors gained by offering consumers greater value than competitors offer

  30. What is competitiveadvantage? • Would have accepted core competency

  31. The process of identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid.

  32. What is competitive analysis

  33. Concentrating on competitors so much that you ignore other issues

  34. What is competitor Myopia?

  35. Using other companies to establish industry standards

  36. What is benchmarking?

  37. Those companies that compete in the same way in the same industry

  38. What is a strategic group? • Good or bad competitors

  39. The generic strategy of Creating a highly differentiated product line and marketing program

  40. What is differentiation

  41. Competitive Strategies • Basic Winning Competitive Strategies: Porter • Overall cost leadership • Lowest production and distribution costs • Differentiation • Creating a highly differentiated product line and marketing program • Focus • Effort is focused on serving a few market segments

  42. The value discipline of superior value via price and convenience

  43. What is operational excellence? • Basic Competitive Strategies: Value Disciplines • Operational excellence • Superior value via price and convenience • Customer intimacy • Superior value by means of building strong relationships with buyers and satisfying needs • Product leadership • Superior value via product innovation

  44. Figure 18-3: Hypothetical Market Structure

  45. Product proliferation

  46. What is a market leader strategy designed to protect market share? • Expanding the total demand • Finding new users • Discovering and promoting new product uses • Encouraging greater product usage • Protecting market share • Manyconsiderations • Continuous innovation • Expanding market share • Profitability rises with market share

  47. Option 1: challenge the market leader • High-risk but high-gain • Sustainable competitive advantage over the leader is key to success • Option 2: challenge firms of the same size, smaller size or challenge regional or local firms • Full frontal vs. indirect attacks

  48. What are market challenger strategies?

  49. Content to not rock the boat and to rely on “me too” products

  50. Follow the market leader • Focus is on improving profit instead of market share • Many advantages: • Learn from the market leader’s experience • Copy or improve on the leader’s offerings • Strong profitability

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