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  • SWOT Analysis

    (Strengths Weakness, Opportunities and Threats) helps companies decide on the competitive advantage they'll use in the marketplace

    strategic alternative

    game plan that a company chooses in order to get the largest growth and profits with the lowest risk

    Market Penetration

    a strategic alternative to increase profits by increasing market share among existing customers . lowest of risk(coca cola)

    Market Development

    a strategic alternative to get new customers by finding new ways to use existing products (arm & hammer)

    Product Development

    a strategic alternative to create new products for current markets (xbox)

    Diversification

    a strategic alternative to develop new products and markets. the most risky (disney: films to theme parks; Facebook)

    SBUs

    Strategic Business Unit: divisions that help manage business growth by providing flexibilty and control in marketplace

    Portfolio Matrix

    classifies SBUs by present/forecast market share

    Portfolio Matrix areas

    stars, cash cows, problem children, dogs

    star

    market leader with tremendous growth potential & much need to invest to maintain market share (tablets)

    Cash cow

    generates tremendous cash & doesn't need much investment to maintain market share (laptops)

    problem child

    good growth potential but poor profit margin & much need to invest to maintain market share (SUVs)

    dogs

    very low growth & very small market share (cd & vcr)

    4 ways to allocate resources in matrix

    Build, hold, harvest or divest

    Build allocation

    (problem child or star)

    Hold allocation

    cash cows will receive this type of treatment

    harvest

    (problem children, dogs, cash cows) runs operations for short term cash flows and doesn't plan for product future (shredded wheat)

    divest

    (dogs) uninvest in SBU

    business mission statement

    communicates reason company exists & purpose of a product. based on an analysis of benefits sought by customers and a summary of the business environmental conditions

    three step test

    can't be too narrow (marketing myopia), not too broad, must be balanced

    marketing myopia

    Defining a business in terms of goods and services rather than in terms of the benefits customers seek

    Situational Analysis

    (SWOT Analysis) understand current/potential environments

    Unique Selling Proposition

    something you're very good at and your competition is not.

    environmental scanning

    Collection and interpretation of environmental conditions

    competitive advantage

    unique features perceived as superior to competition

    types of competitive advantage

    cost, product differentiation, & niches

    Cost Competitive Advantage

    create maximum value through efficiently costing products to consumers

    Product Differentation

    providing a unique offering for consumers (rolex: valuable brand name)

    ways of cost competition

    experience, off-shoring, product design (intel) reengineering (apple), new delivery method (self-checkout)

    niche competitive advantage

    seeks to target and reach single segment of market (bakery for dog and cats)

    marketing strategy

    a plan developed by an organization that describes how a company's products and or services will be offered to customers

    target market

    A defined group most likely to buy a firm's product

    target market strategy

    entire market with one marketing mix (milk)
    concentrating on one segment (lady foot locker)
    multiple market segments w/ multiple mixes (disney)
    (this is done through promote, communicate, reach)

    Market Opportunity Analysis

    allows companies to investigate potential size of the market, profitability & amount of competition

    marketing mix

    A unique blend of product, place, promotion, and pricing strategies designed to produce mutually satisfying exchanges with a target market. (aka 4 Ps)

    product strategies

    heart of marketing mix that take into consideration (packaging, warranty, brand/company name )

    place strategies

    Making sure products are available when and where customers want them (storing transporting & delivering)

    promotion strategies

    inform/educate consumers about products (advertising, public relations, sales promotion, and personal selling)

    price strategies

    cost consumers must pay for a product (the most flexible of the strategy)

    implementation

    how the plan will be translated into actionable activities (must be achievable and very detailed)

    control

    method of evaluating if a plan was successful

    4 reasons marketing plan fails

    unrealistic marketing,
    inappropriate marketing strategies,
    poor implementation,
    major environmental changes

    product

    anything of value to a consumer & can be offered through voluntary market exchange (consists of physical product, packaging, brand name,etc)

    Service

    intangible product (that are almost instantly consumed when they are produce)

    Place

    (physical distribution) location where product is available for purchase (online or brick & mortar)

    promotion

    allows marketers communication of product (through media: television, radio, ads, etc)

    types of promotion

    (advertising, public relations, sales promotion, and personal selling)

    price

    overall sacrifice consumer is willing to make to acquire a specific product (financial amount of product and time and effort of consumer)

    4 types of strategic alternatives

    Market Penetration, Market Development, Product Development, Diversification

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