DECK 3

Question 1

what is Ansoff’s matrix?

Answer 1

A strategic planning tool to help devise strategies for growth. Four options for growth – based on new or existing products, and new or existing products

Question 2

what does the SWOT analysis stand for?

Answer 2

strengths, weaknesses, opportunities, and threats

Question 3

what is the order of the strategic marketing process?

Answer 3

• planning. (1. Swot analysis, 2. market-product focus and goal setting, 3. marketing programme)
• implementation phase
• evaluation phase

Question 4

what is market-product focus and goal setting?

Answer 4

Determining which products will be directed toward which customers, often based on market segmentation, which involves aggregating prospective buyers into groups or segments that

1) Have common needs
2) Will respond similarly to a marketing action

Question 5

what is a marketing plan ?

Answer 5

a roadmap for the marketing actions of an organisation for a specified future time period, such as one year or five years

Question 6

what is environmental scanning?

Answer 6

The process of continually acquiring information on events occurring outside the organisation to identify and interpret potential trends.

Question 7

what is monopolistic competition?

Answer 7

• Marketers attempt to gain a differential advantage

(Marketer aims to get the buyer to perceive an attractive difference in their offerings)

Question 8

what is oligopoly?

Answer 8

• A market structure in which only a few large sellers, marketing essentially similar products, account or almost all of an industry’s sales
• E.g. air travel, beer, cigarettes, telecom industry

Question 9

what is monopoly?

Answer 9

• A market structure where there is only one supplier of a product, for which there are no close substitutes
• Monopolies are becoming rare in New Zealand
• Traditionally utilities such as power, water etc.

Question 10

what is duopoly?

Answer 10

• Jetstar and air new Zealand
• The warehouse and kmart
• Food stuffs and woolworths