Things I should have learned in Marketing: Jeopardy edition

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Things I should have learned in Marketing
Jeopardy edition
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• serve as a guide for what the organization wants
  to accomplish.
• be market-oriented rather than
  product-oriented.
• be neither too narrow, nor too broad.
• fit with the market environment.
• be motivating.

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• What is a mission Statement?

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• Should be specific
• Measurable
• Have a Time line

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What is an objective?
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• An SBU with a high relative market share in a
  market that has stopped growing

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What is a Cash Cow
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Figure 2-2 Growth-Share Matrix
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• I should Divest or Harvest

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• What is when my SBU is a DOG?

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• This is the riskiest of the generic growth
  strategies

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What is diversification?
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Figure 2-3 Product / Market Expansion Grid
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• Dividing up a heterogeneous market into multiple
  user groups

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What is segmenting?
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• The group of consumers that you are trying to
  sell your products to

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What is your target market?
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• Creating the perception in the mind of the
  consumers that your product is the ideal product
  for them

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What is product positioning?
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• The variables that the marketer controls,
  sometimes known as the 4ps

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What is the marketing mix?
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• This element of the marketing mix deals with
  communication

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What is promotion?
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• Branding and Packaging issues are part of this
  element of the Marketing mix

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What is Product?
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• Distribution and logistics are part of this
  element of the marketing mix

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What is Place?
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Figure 2-6 Managing the Marketing Effort
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• An advantage over competitors gained by offering
  consumers greater value than competitors offer

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What is competitive advantage?

• Would have accepted core competency

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• The process of identifying key competitors
  assessing their objectives, strategies, strengths
  and weaknesses, and reaction patterns and
  selecting which competitors to attack or avoid.

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What is competitive analysis
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• Concentrating on competitors so much that you
  ignore other issues

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What is competitor Myopia?
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• Using other companies to establish industry
  standards

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What is benchmarking?
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• Those companies that compete in the same way in
  the same industry

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What is a strategic group?

• Good or bad competitors

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• The generic strategy of Creating a highly
  differentiated product line and marketing program

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What is differentiation
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Competitive Strategies

• Basic Winning Competitive Strategies Porter
• Overall cost leadership
• Lowest production and distribution costs
• Differentiation
• Creating a highly differentiated product line
  and marketing program
• Focus
• Effort is focused on serving a few market
  segments

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• The value discipline of superior value via price
  and convenience

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What is operational excellence?

• Basic Competitive Strategies Value Disciplines
• Operational excellence
• Superior value via price and convenience
• Customer intimacy
• Superior value by means of building strong
  relationships with buyers and satisfying needs
• Product leadership
• Superior value via product innovation

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Figure 18-3 Hypothetical Market Structure
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• Product proliferation

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What is a market leader strategy designed to
protect market share?

• Expanding the total demand
• Finding new users
• Discovering and promoting new product uses
• Encouraging greater product usage
• Protecting market share
• Many considerations
• Continuous innovation
• Expanding market share
• Profitability rises with market share

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• Option 1 challenge the market leader
• High-risk but high-gain
• Sustainable competitive advantage over the leader
  is key to success
• Option 2 challenge firms of the same size,
  smaller size or challenge regional or local firms
• Full frontal vs. indirect attacks

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What are market challenger strategies?
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• Content to not rock the boat and to rely on me
  too products

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• Follow the market leader
• Focus is on improving profit instead of market
  share
• Many advantages
• Learn from the market leaders experience
• Copy or improve on the leaders offerings
• Strong profitability

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• Wants to be the dullest story in America

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Who is the Dial Corporation?
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• Targets small lucrative markets

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What is a market nicher?

• Serving market niches means targeting subsegments
• Good strategy for small firms with limited
  resources
• Offers high margins
• Specialization is key
• By market, customer, product, or marketing mix
  lines

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Game playing industry

1. Nintendo
2. Wii hyperlink
3. Microsoft
4. Xbox 360
5. Sony
6. Play Station

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Threat of New Entry

• the existence of barriers to entry
• economies of product differences
• brand equity
• switching costs
• capital requirements
• access to distribution
• absolute cost advantages
• learning curve advantages
• expected retaliation
• government policies

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Competitive Rivalry

• number of competitors
• rate of industry growth
• intermittent industry overcapacity
• exit barriers
• diversity of competitors
• informational complexity and asymmetry
• brand equity
• fixed cost allocation per value added
• level of advertising expense

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Supplier Power

• supplier switching costs relative to firm
  switching costs
• degree of differentiation of inputs
• presence of substitute inputs
• supplier concentration to firm concentration
  ratio
• threat of forward integration by suppliers
  relative to the threat of backward integration by
  firms
• cost of inputs relative to selling price of the
  product

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Buyer Power

• buyer concentration to firm concentration ratio
• bargaining leverage
• buyer volume
• buyer switching costs relative to firm switching
  costs
• buyer information availability
• ability to backward integrate
• availability of existing substitute products
• buyer price sensitivity
• price of total purchase

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Threat of Substitution

• buyer propensity to substitute
• relative price performance of substitutes
• buyer switching costs
• perceived level of product differentiation