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Management of Business > 3.2 Market analysis and strategies > Flashcards

3.2 Market analysis and strategies Flashcards

(80 cards)

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1
Q

What is one major activity in the decision-making of marketing activities?

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2
Q

What does the BCG Matrix analyze?

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2
Q

What does the BCG Matrix highlight?

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2
Q

Why does management evaluate the product portfolio?

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2
Q

What must the management do after completing the product portfolio analysis?

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2
Q

What are the risks involved in growth strategies?

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2
Q

What is one of the best-known product portfolio analysis tools?

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3
Q

What tool is commonly used to help managers conduct product and market risk review?

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3
Q

What is the BCG Matrix also known as?

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3
Q

What additional analysis does the BCG Matrix provide?

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4
Q

What does the size of each circle in the BCG Matrix represent?

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5
Q

What are the four sectors created by the BCG Matrix?

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5
Q

What represents the cash cow in the BCG Matrix?

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6
Q

What is the typical characteristic of a cash cow?

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6
Q

What is the business’s aim regarding cash cows?

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6
Q

Why is the market share of a cash cow relatively high?

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6
Q

Why is the product termed a “cash cow”?

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7
Q

What strategy should a business practice with cash cows?

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7
Q

What does the star represent in the BCG Matrix?

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7
Q

What is the business’s aim regarding stars?

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7
Q

What is the typical characteristic of a star? [2]

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8
Q

How is the product promoted when it is classified as a star?

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9
Q

What strategy should a business practice with stars?

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9
Q

Why might a star product need to be refreshed in the eyes of consumers?

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9
What is a ‘problem child’ in product portfolio analysis?
9
Why is a business likely to dedicate many resources to a problem child?
10
What decisions might managers need to make if the sales of a problem child do not improve?
10
How is a newly launched problem child typically financed?
11
What potential does a problem child have, and why?
12
What strategy should a business adopt for products that are considered problem children?
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What actions might a business take regarding a dog product?
12
Where can the financing to support problem child products come from?
12
What does a 'dog' represent in product portfolio analysis?
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Why does a dog have little to offer a business?
14
What considerations should a business take into account when divesting a dog product?
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What strategy should a business adopt for products that are considered dogs?
15
Why is the BCG Matrix considered a useful analytical tool for business management?
15
What is the BCG Matrix used for in the management of a business? [3]
16
How does the BCG Matrix help in analyzing existing product portfolios? [2]
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In what way does the BCG Matrix assist in planning actions for existing products? [2]
17
How can the BCG Matrix be used in planning the introduction of new products?
18
What is a primary limitation of the BCG Matrix? [2]
19
Why is the BCG Matrix criticized for being too simplistic?
19
How does the BCG Matrix fall short when used in isolation? [2]
20
What assumption does the BCG Matrix make about high profits and market share? [2]
20
Why must management consider external environmental factors in addition to using the BCG Matrix?
20
What is the Ansoff Matrix used for in business strategy?
21
What are the two options when it comes to the market the business is going to operate in?
22
What are the four growth strategies shown in the Ansoff Matrix?
23
How does the Ansoff Matrix help marketing managers?
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What are the two main considerations for marketing managers to make decisions?
24
Why is market penetration considered the least risky of the four strategies?
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What are the four strategies a business can use in its plans to increase sales?
26
What are the two options when considering the product to be sold?
27
What is the aim of market penetration?
28
What are some common methods of market penetration? [3]
29
What potential risk is associated with using price reduction as a method for market penetration?
30
Why might market penetration not be a totally risk-free strategy?
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Can you provide an example of market penetration in action?
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