chapter 2 - Class Notes Jan 25th Flashcards
(26 cards)
what 4 things make up customer value:
-customer excellence
-operational excellence
-product excellence
-location excellence
- Retain loyal customers
- Provide outstanding customer service
customer excellence
- Efficient operations
- strong supplier relations
- Supply chain management
operational excellence
- High perceived value
-effective brand positioning
-epple
product excellence
Location - starbucks vs tims
location excellence
- Customer value
- Customer service
- Customer relations
- Great prices
- Good service = good value
multiple sources of advantage
what are the 3 phases of the planning process
- planning phase
- implementation phase
- control phase
- threat of new etrants
-bargaining power of buyers
-bargaining power of suppliers
-threat of substitutes
competitive rivalry
- Must be about company
- Must be within companies control
- Must be a comparison against the competition better or worse
strength vs weakness
- Must be external to company
- Is not within control of company
- Must exist in absence of the company
opportunity vs threat
name the main 4 growth strategies
- market penetration
- market development
- product development
- diversification
- corporate level
- business level
-functional level
3 levels of strategic planning
- a firms target market
- related marketing mix 4p’s
- competiteve advantage
what is a marketing strategy
good service = _________
good value
what 2 parts of the swot analysis are helpful:
- strengths
-opportuinities
what 2 parts of the swot analysis are harmful:
- threats
-weaknesses
is this an micro or macro business environment:
-internal
-company
-corporate partners
micro business environment
is this an micro or macro business environment:
-external
-political
-economic
-socio cultural
-technological
- competitive
macro business environment
4 aspects of competition:
- potential new entrants
- bargaining power of suppliers
- substitutes
- bargaining power of buyers
- the increase in the size of a market over time in terms of customers
- measures the change of a given metric over time in a percentage.
market growth rate
- a metric that shows a company’s position in the market compared to its main competitor
Relative market share
growth share matrix 4 main factors
- stars
- question marks
- cash cows
- dogs
high market share and growth rate
stars
high market growth rate and low market share
question marks
