MKTG-305 more important

Question 1

What is Sustainable Competitive Advantage (SCA)?

Answer 1

A firm’s ability to maintain superior performance over time through valuable, rare, inimitable, and non-substitutable resources or capabilities.

Question 2

What are the three main sources of SCA under the BOR Framework?

Answer 2

Brand equity (emotional, identity-based value)

Offering equity (functional product superiority)

Relationship equity (trust, loyalty, switching resistance)

Question 3

What are the three levels of strategy?

Answer 3

Corporate-level: What industries should we be in?

Business-level: How do we compete in this market?

Functional-level: How do we support business-level strategy (e.g., marketing)?

Question 4

Why is “being different” more important than “being better”?

Answer 4

Being better is temporary and often imitated. Differentiation creates value that is harder to copy and forms the basis of positioning and SCA.

Question 5

What is Entrepreneurial Marketing (EM)?

Answer 5

A strategic approach combining innovation, risk-taking, and opportunity-seeking to create stakeholder value in uncertain environments.

Question 6

How does EM differ from traditional marketing?

Answer 6

EM is proactive, resourceful, and customer-focused with less reliance on big budgets. It evolves through experimentation and customer co-creation.

Question 7

What are the core components of EM?

Answer 7

Opportunity-seeking

Resource-leveraging

Risk acceptance

Innovation

Stakeholder value creation

Question 8

What frameworks are especially relevant to EM?

Answer 8

Business Model Canvas

Blue Ocean Strategy

Effectuation (focus on available means rather than set goals)

Question 9

What are the First Principles of Marketing Strategy?

Answer 9

All customers differ → Use segmentation, targeting, positioning (STP)

All customers change → Focus on retention and lifecycle management

All competitors react → Build SCA using BOR

All resources are limited → Prioritise high-return marketing activities

Question 10

What is the goal of applying First Principles?

Answer 10

To align marketing strategy with how real customers and markets work

Question 11

What happens when a company violates one of the First Principles?

Answer 11

The firm risks wasting resources, losing customer loyalty, and failing to defend against competitive moves.

Question 12

How do First Principles relate to real-world strategy?

Answer 12

They help firms diagnose issues like:

Misaligned targeting (MP#1)

Broken brand trust (MP#2)

Reactive pricing (MP#3)

Overexpansion (MP#4)

Question 13

What are porters 4 strategies?

Answer 13

Cost leadership, differentiation, focus, best cost provider