Podcast
Questions and Answers
The target market for Pegasus includes professional skaters.
The target market for Pegasus includes professional skaters.
False
The market growth rate for recreational skaters is 15%.
The market growth rate for recreational skaters is 15%.
False
Most skaters are between 20 and 30 years old.
Most skaters are between 20 and 30 years old.
False
Skaters want low-quality products that are cheap.
Skaters want low-quality products that are cheap.
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Pegasus has a strength in its efficient business model focused on wholesale sales.
Pegasus has a strength in its efficient business model focused on wholesale sales.
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The market trend is towards declining sales of skating products.
The market trend is towards declining sales of skating products.
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Skaters are typically low-income individuals with little education.
Skaters are typically low-income individuals with little education.
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Pegasus has a weakness in its creative product designers.
Pegasus has a weakness in its creative product designers.
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The skating business is expecting fewer people to start skating in the future.
The skating business is expecting fewer people to start skating in the future.
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Pegasus targets only extreme skaters.
Pegasus targets only extreme skaters.
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Study Notes
MARKETING AND CUSTOMER VALUE
- The value delivery process involves choosing, providing, and communicating value to customers
- The value chain is a tool used to identify ways to create more customer value
- Core competencies are a source of competitive advantage, contribute to perceived customer benefits, and are difficult for competitors to imitate
- Holistic marketing involves building long-term, mutually satisfying relationships and co-prosperity among key stakeholders
STRATEGIC PLANNING AND MARKETING PLAN
- Strategic planning involves managing the business as an investment portfolio, assessing the market's growth rate and company position, and establishing a strategy
- A marketing plan is a central instrument for directing and coordinating marketing efforts, operating at both strategic and tactical levels
- The marketing plan includes the target market, market needs, market trends, market growth, and SWOT analysis
INNOVATION AND CORPORATE CULTURE
- Innovation in marketing is critical and can come from imaginative ideas within a company
- Corporate culture is the shared experiences, stories, beliefs, and norms that characterize an organization
- Scenario analysis involves identifying and selecting among different views of the future, and thinking through each scenario with the question "What will we do if it happens?"
BUSINESS INNOVATION AND STRATEGIC ALLIANCES
- Innovation can occur in 12 dimensions, including offerings, platforms, and processes
- Strategic alliances provide access to new markets and customers, resource sharing and cost savings, and enable companies to pool resources and capabilities
- Strategic alliances can be categorized into product or service alliances, promotion alliances, logistic alliances, and pricing collaborations
- Partner relationship management (PRM) is a business strategy for improving communication between companies and their channel partners
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Description
Test your understanding of marketing strategies and plans, including how marketing affects customer value, strategic planning, and the components of a marketing plan. This quiz covers the key concepts from Chapter 2 of Marketing Management.
