chapter 2 - Class Notes Jan 25th Flashcards

1
Q

what 4 things make up customer value:

A

-customer excellence
-operational excellence
-product excellence
-location excellence

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2
Q
  • Retain loyal customers
  • Provide outstanding customer service
A

customer excellence

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3
Q
  • Efficient operations
  • strong supplier relations
  • Supply chain management
A

operational excellence

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4
Q
  • High perceived value
    -effective brand positioning
    -epple
A

product excellence

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5
Q

Location - starbucks vs tims

A

location excellence

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6
Q
  • Customer value
  • Customer service
  • Customer relations
  • Great prices
  • Good service = good value
A

multiple sources of advantage

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7
Q

what are the 3 phases of the planning process

A
  1. planning phase
  2. implementation phase
  3. control phase
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8
Q
  • threat of new etrants
    -bargaining power of buyers
    -bargaining power of suppliers
    -threat of substitutes
A

competitive rivalry

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9
Q
  • Must be about company
  • Must be within companies control
  • Must be a comparison against the competition better or worse
A

strength vs weakness

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10
Q
  • Must be external to company
  • Is not within control of company
  • Must exist in absence of the company
A

opportunity vs threat

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11
Q

name the main 4 growth strategies

A
  • market penetration
  • market development
  • product development
  • diversification
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12
Q
  • corporate level
  • business level
    -functional level
A

3 levels of strategic planning

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13
Q
  • a firms target market
  • related marketing mix 4p’s
  • competiteve advantage
A

what is a marketing strategy

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14
Q

good service = _________

A

good value

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15
Q

what 2 parts of the swot analysis are helpful:

A
  • strengths
    -opportuinities
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16
Q

what 2 parts of the swot analysis are harmful:

A
  • threats
    -weaknesses
17
Q

is this an micro or macro business environment:

-internal
-company
-corporate partners

A

micro business environment

18
Q

is this an micro or macro business environment:

-external
-political
-economic
-socio cultural
-technological
- competitive

A

macro business environment

19
Q

4 aspects of competition:

A
  • potential new entrants
  • bargaining power of suppliers
  • substitutes
  • bargaining power of buyers
20
Q
  • 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.
A

market growth rate

21
Q
  • a metric that shows a company’s position in the market compared to its main competitor
A

Relative market share

22
Q

growth share matrix 4 main factors

A
  • stars
  • question marks
  • cash cows
  • dogs
23
Q

high market share and growth rate

A

stars

24
Q

high market growth rate and low market share

A

question marks

25
Q

low market share and growth rate

A

dogs

26
Q

low growth rate and high market share

A

cash cows