Marketing Strategy and Planning Quiz

Play an AI-generated podcast conversation about this lesson

How is strategy defined?

Strategy is defined as the way in which a corporation endeavours to differentiate itself positively from its competitors, using its relative corporate strengths to better satisfy customer needs.

What are the four dimensions that define a business strategy?

The four dimensions that define a business strategy are the product-market investment strategy, the customer value proposition, assets and competencies, and functional strategies and programs.

What are some management tasks related to strategy as mentioned in the text?

Some management tasks related to strategy mentioned in the text include strategic analysis, developing growth platforms, innovation, and creating SCAs (Sustainable Competitive Advantage).

What are the two options for the product-market investment strategy mentioned in the text?

The two options for the product-market investment strategy mentioned in the text are to invest to grow (or enter a product market) and to invest only to maintain the existing position. Signup and view all the answers

What does SCA stand for and what does it represent?

SCA stands for Sustainable Competitive Advantage, and it represents a long-term advantage over competitors that allows the company to maintain superior performance over time. Signup and view all the answers

What does strategy involve, according to the text?

Creation of a unique and valuable position (B) Signup and view all the answers

What does the product-market investment strategy specify?

Where to compete (A) Signup and view all the answers

What is the primary focus of developing growth platforms, as mentioned in the text?

Expanding the business into new areas (A) Signup and view all the answers

What is the purpose of creating SCAs (Sustainable Competitive Advantage) according to the text?

To establish a long-term competitive edge (B) Signup and view all the answers

How are the four dimensions that define a business strategy related, as per the text?

They specify where and how to compete to win (D) Signup and view all the answers

Strategy Definition

How a company positively sets itself apart from competitors by using its strengths to meet customer needs better.

Four Dimensions of Strategy

Product-market investment, customer value proposition, assets/competencies, and functional strategies/programs.

Management Tasks: Strategy

Strategic analysis, developing growth platforms, innovation, and creating Sustainable Competitive Advantages (SCAs).