Podcast
Questions and Answers
Marketing myopia is defining a business in terms of ________ and services rather than customer benefits. Answer: goods
Marketing myopia is defining a business in terms of ________ and services rather than customer benefits. Answer: goods
The Boston Consulting Group model uses a portfolio matrix with stars, cash cows, problem child/question marks, and ________. Answer: dogs
The Boston Consulting Group model uses a portfolio matrix with stars, cash cows, problem child/question marks, and ________. Answer: dogs
The General Electric model uses market attractiveness and business position as a ________. Answer: matrix
The General Electric model uses market attractiveness and business position as a ________. Answer: matrix
Competitive advantage comes from cost, product/service differentiation, and ________. Answer: niche
Competitive advantage comes from cost, product/service differentiation, and ________. Answer: niche
The marketing mix includes product, place, promotion, and ________. Answer: pricing
The marketing mix includes product, place, promotion, and ________. Answer: pricing
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Study Notes
- Strategic planning aligns objectives and resources with market opportunities.
- Large companies manage different businesses called strategic business units (SBUs).
- Ansoff's matrix has four strategies: market penetration, market development, product development, and diversification.
- The Boston Consulting Group model uses a portfolio matrix with stars, cash cows, problem child/question marks, and dogs.
- The General Electric model uses market attractiveness and business position as a matrix.
- Marketing myopia is defining a business in terms of goods and services rather than customer benefits.
- A situation analysis identifies internal strengths and weaknesses and external opportunities and threats.
- Competitive advantage comes from cost, product/service differentiation, and niche.
- Marketing objectives should be realistic, measurable, time-specific, and compared to a benchmark.
- The marketing mix includes product, place, promotion, and pricing.
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