MKTG305 Flashcards

Question

What 3 questions should you ask when assessing a market opportunity?

Answer 1

How attractive is the market? How attractive is the industry? Do we have the right resources to compete?

Answer 2

Macro-level market attractiveness Micro-level industry attractiveness Target segment benefits Sustainable advantage Mission, aspirations, risk Ability to execute CSFs Value chain connections

Answer 3

Demographics Socio-cultural changes Political/legal conditions Technology Economic environment Natural/ecological issues

Answer 4

Clear customer need Unique benefits provided Likely to grow Potential to expand to other segments

Answer 5

Proprietary resources Superior capabilities A profitable, defensible business model

Answer 6

Key actions or decisions that, if done right, lead to strong performance — if done wrong, hurt business severely.

Answer 7

They provide early signals of market changes and improve adaptability. “It’s not what you know, it’s who you know.”

Answer 8

Internal – Resources, culture, structure Customer – Who buys, why, and how Competitive – Brand, product, generic, and budget competitors

Answer 9

Awareness Interest Evaluation Trial Adoption

Answer 10

Risk Simplicity Compatibility Relative advantage Ease of trial Ease of communication

Answer 11

Internal marketing info Marketing databases Competitive intelligence Client contact & salesforce automation

Answer 12

Clear objectives Suitable data sources Appropriate research design Proper analysis methods

Answer 13

Segmentation, Targeting, Positioning.

Answer 14

The process of dividing a market into distinct groups of customers with similar needs and characteristics.

Answer 15

It helps firms focus resources on the most attractive segments, improving profitability and strategic alignment.

Answer 16

Designing a product and marketing strategy to establish a unique brand image in the target customer's mind.

Answer 17

Demographic, Geographic, Behavioural, Psychographic.

Answer 18

A method that combines both geographic and demographic data to segment markets.

Answer 19

Targeting very narrowly defined, specific customer segments with tailored marketing programs.

Answer 20

To help firms assess where to invest resources based on market potential and their competitive strength.

Answer 21

Niche-market, Broad large-market, Growth-market strategies.

Answer 22

It focuses on specialised segments to offer unique benefits and avoid direct competition with larger firms.

Answer 23

Creating meaningful differences between a brand and its competitors that influence purchase decisions.

Answer 24

Cost leadership, Differentiation, Focus.

Answer 25

Physical = based on objective characteristics; Perceptual = based on customer opinions and experiences.

Answer 26

Perceptual maps (grids), value curves, positioning statements, value propositions.

Answer 27

A clear statement of what the product does for the customer and how it compares to competitors, often including pricing.

Answer 28

For [target market], [brand] is the [product category] that [benefit offered].

Answer 29

The value created through customer preference and loyalty to a brand, built through effective positioning and differentiation.

Answer 30

Consumers rarely seek uniqueness—focus must be on benefits, not just features.

Answer 31

Because of poor implementation, not poor formulation.

Answer 32

Alignment between the firm's strategy, structure, resources, and people.

Answer 33

Formalisation – extent of rules and procedures Centralisation – where decision-making occurs Specialisation – division of tasks

Answer 34

Functional: Stable, rule-based, bureaucratic Matrix: Cross-functional, flexible, collaborative but complex

Answer 35

Services are produced and delivered simultaneously, requiring coordination across sales, ops, and marketing, and standardisation to reduce variability.

Answer 36

Executive Summary Situation Analysis Objectives Strategy Action Plan Financials (P&L) Controls and Contingency Plans

Answer 37

To set Specific, Measurable, Attainable, Relevant, and Time-bound objectives.

Answer 38

Measuring non-financial performance like customer satisfaction, internal processes, and learning.

Answer 39

Comparing a firm’s performance to other companies in the same area (e.g. DuPont, IBM).

Answer 40

To monitor actual performance against plans and guide corrective action when needed.

Answer 41

A comprehensive, periodic review of all marketing activities and their effectiveness — broader than sales or profit analysis.

Answer 42

Environment audit Strategy/objectives audit Organisation audit Productivity audit Ethics audit Marketing functions audit

Answer 43

A distinctive marketing style driven by opportunity-seeking, resource-leveraging, risk-taking behaviour, often intuitive and informal.

Answer 44

It helps firms navigate shrinking resources, tech-savvy consumers, and turbulent global markets through innovation and market creation.

Answer 45

EM is intuitive, flexible, and market-driving, while AM is formal, planned, and market-driven.

Answer 46

Proactive orientation Opportunity-driven Customer intensity Innovation-focused Risk management Resource leveraging Value creation

Answer 47

Getting more from less—using scarce or others’ resources in creative ways to deliver value.

Answer 48

AM: Segments based on expressed needs (demographics, psychographics) EM: Starts with the entrepreneur, then identifies latent or emerging needs

Answer 49

Based on value to customer, brand image, or strategic positioning (e.g. exclusivity), not just cost-plus.

Answer 50

Low-cost, attention-grabbing tactics executed in unexpected or rebellious ways (e.g. street art, flash mobs).

Answer 51

Using social networks and word-of-mouth to spread product awareness at low cost.

Answer 52

Gaining exposure by “piggybacking” on a major event sponsored by another brand (without permission).

Answer 53

Entrepreneurs spot more opportunities as they act and move through a venture path — EM supports this process.

Answer 54

By creating new market space (Blue Ocean), redefining customer value, or combining low cost and innovation (e.g. Tesla, 42Below).

Answer 55

Through flexibility, speed, and recognising overlooked opportunities (e.g. Christchurch rebuild case).

Answer 56

A configuration of activities emerging from entrepreneurial action in stable or turbulent environments to create stakeholder value via opportunity-seeking, resource organising, and risk-acceptance.

Answer 57

Networking Word-of-mouth Interactive marketing Guerrilla + Viral marketing Pop-up retail and niche targeting

Answer 58

Mice – Small, stable, low growth Elephants – Large, slow to adapt (e.g., Kodak) Gazelles – Agile, high-growth, innovative

Answer 59

Introduction Growth Shakeout Maturity Decline

Answer 60

New-to-the-world New product lines Additions to existing lines Product improvements Repositioning Cost reductions

Answer 61

First-mover positioning Distribution advantages Customer switching costs Ability to shape market expectations Network effects and scale economies

Answer 62

Learn from pioneer mistakes Use newer tech Save resources Refine marketing approach

Answer 63

Mass-market penetration Niche strategy Skimming strategy

Answer 64

Easier share gain Higher returns for higher share Less price pressure Momentum from innovation

Answer 65

New entrants Poor long-term advantage Shakeouts from overcapacity or poor differentiation

Answer 66

Fortress (defend core) Flanker (launch second brand) Confrontation (head-to-head) Market expansion Contraction/withdrawal

Answer 67

Frontal attack Leapfrog Flank attack Encirclement Guerrilla warfare

Answer 68

Failing to prep for maturity Lack of advantage Overconfidence from early success Prioritising short-term profit over share

Answer 69

Maximise profits Maintain or defend share Encourage brand loyalty

Answer 70

Fortress defence Flanker brands Niche focus Volume growth via innovation or market expansion

Answer 71

Demand trend Exit barriers Rivalry intensity

Answer 72

Harvest Maintenance Profitable survivor Niche focus

Answer 73

To solve problems by deeply understanding user needs and creating innovative, human-centered solutions.

Answer 74

Empathise Define Ideate Prototype Test

Answer 75

It starts with user empathy, not internal ideas or tech, and focuses on defining the right problem before jumping to solutions.

Answer 76

It enables quick, low-risk testing of ideas, encouraging learning through feedback and iteration.

Answer 77

All customers differ → Manage customer heterogeneity All customers change → Manage customer dynamics All competitors react → Manage sustainable competitive advantage (SCA) All resources are limited → Manage resource trade-offs

Answer 78

Understanding diverse customer needs using STP (Segmentation, Targeting, Positioning) to match offerings with segments.

Answer 79

Perceptual maps, customer and competitor analysis, STP process.

Answer 80

Managing customer lifecycle dynamics with the AER model (Acquisition, Expansion, Retention).

Answer 81

Customer Lifetime Value (CLV) Hidden Markov Models Dynamic Segmentation

Answer 82

Creating and defending Sustainable Competitive Advantages (SCAs) like brands, relationships, or innovation.

Answer 83

Must be: Valued by customers Better than competitors Difficult to copy

Answer 84

Brand strategy (e.g. Coca-Cola) Offering strategy (e.g. Apple’s innovation) Relationship strategy (e.g. Nordstrom service)

Answer 85

Making trade-offs by allocating resources and budgets across strategies with the highest expected return.

Answer 86

MP#1 defines who to serve MP#2 monitors how they change MP#3 protects your position MP#4 ensures efficient resource use

Answer 87

To build and sustain differential advantage in the customer’s mind and guide strategic marketing investments.

Answer 88

Because uncertainty and rapid change make traditional forecasting unreliable — marketers must be agile, creative, and forward-looking.

Answer 89

Contradictory global trends that coexist and create strategic tension (e.g., globalisation vs. localism).

Answer 90

That expert predictions often fail — the future is unpredictable and humility is essential.

Answer 91

Being an established player no longer guarantees survival — adaptability matters more than size or legacy.

Answer 92

A mindset of strategic agility, constant learning, and comfort with contradiction and uncertainty.

MKTG305 Flashcards

(116 cards)