Markets Flashcards
(12 cards)
What elements make the market dynamic?
Emerging submarkets
Trends
Opportunities & Threats
New competitors
Changing faces of existing competitors
Global realties
What are the growth strategies?
Market penetration
Product expansion
Market expansion
Diversification
What is market penetration?
Market: Current
Product: Current
What is product expansion?
Market: Current
Product: New
What is market expansion?
Market: New
Product: Current
What is diversification?
Market: New
Product: New
Difference between business strategy and marketing strategy
Effectively allocate and coordinate marketing resources and activities to accomplish the firm’s objectives within a specific product market
Two components of strategic analysis
External
Internal
Examples of external analysis
Customers
Competitors
Channel
Marketplace
Examples of internal analysis
Product/brand portfolio
Capabilities
Financial resources
Types of strategic outputs
SWOT
Trends
Constraints
How to decide on strategic alternatives
Performance metrics
Sustainable competitive advantage
Adaptability to the future
Feasibility
Fit with other firm strategies
