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Flashcards in Week Six Deck (22)
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1
Q

Steps in strategic planning are

A

1) defining the company mission
2) setting company objectives and goals
3) designing the business portfolio
4) planning marketing and other functional strategies

2
Q

market-oriented mission statement

A

defines the business in terms of satisfying basic customer needs

3
Q

business objectives include

A

building profitable customer relationships, investing in research and improving profits

4
Q

marketing objectives include

A

increasing market-share, creating local partnerships, increasing promotion

5
Q

the business portfolio

A

the business portfolio is the collection of businesses and products that make up the company

6
Q

strategic business units (SBU)

A

can be a company devision, a product line within a division or a single product or brand

7
Q

to analyse current business portfolio

A

1) identify key businesses that make up the company
2) assess attractiveness of its various sbus
3) decide what support each sbu deserves

8
Q

BCG matrix

A

question mark or problem child, stars, cash cows, and dogs

9
Q

GE matrix

A

looks at market attractiveness and company strength and assesses overall attractiveness in a 3x3 matrix

10
Q

10 sources of competitive advantage

A

1) rep for quality
2) customer service / support
3) name recognition
4) retain good management and staff
5) low-cost production
6) financial resources
7) customer orientation
8) product line bredth
9) technical superiority
10) satisfied customers

11
Q

market penetration

A

present products present markets

12
Q

product development

A

new products present markets

13
Q

market development

A

present products new markets

14
Q

diversification

A

new and new

15
Q

downsizing

A

is the reduction of the business portfolio by eliminating products or business units that are not profitable or that no longer fit the company’s overall strategy

16
Q

value chain

A

includes design, produce, market, deliver, and support

17
Q

marketing mix

A

is the set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market

18
Q

marketing roi

A

is the net return from a marketing investment divided by the costs of the marketing investment

19
Q

competitor anaysis involves

A

1) identifying the company’s competitors
2) assessing competitors objectives, strategies, strengths and weaknesses, and reaction patterns
3) selecting which competitors to attack or avoid

20
Q

best competitve strategies include

A

overall cost leadership, differentiation, focus, middle of the road

21
Q

companies can gain leadership positions by delivering superior value to their customers in three strategies or value disciplines

A

1) operational excellence
2) customer intimacy
3) product leadership

22
Q

market leader strategies

A

expand total demand by developing new users, new uses, and more usage of its product
protect current market, expand total demand, expand market-share