Podcast
Questions and Answers
Which of the following strategies is NOT one of the three ways a company can dominate according to Porter’s strategies?
Which of the following strategies is NOT one of the three ways a company can dominate according to Porter’s strategies?
- Niche exploitation (correct)
- Focused strategy
- Differentiation
- Cost leadership
What is the primary goal of the market penetration strategy?
What is the primary goal of the market penetration strategy?
- To capture more of the existing market (correct)
- To enhance product uniqueness
- To increase product efficiency
- To target new consumer demographics
In the Product-Market Expansion Grid, which strategy focuses on introducing new products to existing markets?
In the Product-Market Expansion Grid, which strategy focuses on introducing new products to existing markets?
- Market penetration
- Product development (correct)
- Market development
- Diversification
Which of the following is an example of a focused strategy?
Which of the following is an example of a focused strategy?
Which product listed is NOT part of the Apple Company's main product offerings?
Which product listed is NOT part of the Apple Company's main product offerings?
What is the primary purpose of conducting a SWOT analysis in marketing?
What is the primary purpose of conducting a SWOT analysis in marketing?
In the Product-Market Expansion Grid, which strategy involves introducing new products to existing markets?
In the Product-Market Expansion Grid, which strategy involves introducing new products to existing markets?
Which of the following would most likely categorize Blue Dot's marketing strategy if they focus on offering unique artistic products targeted at a specific consumer segment?
Which of the following would most likely categorize Blue Dot's marketing strategy if they focus on offering unique artistic products targeted at a specific consumer segment?
What key component of the Product-Market Expansion Grid can be seen as the riskiest strategy?
What key component of the Product-Market Expansion Grid can be seen as the riskiest strategy?
Which of the following best describes the 'Market Development' strategy in the Product-Market Expansion Grid?
Which of the following best describes the 'Market Development' strategy in the Product-Market Expansion Grid?
What is an essential factor in the managerial recap for understanding strategic frameworks?
What is an essential factor in the managerial recap for understanding strategic frameworks?
Which marketing strategy might Blue Dot pursue if it focused on increasing sales of current products within its established markets?
Which marketing strategy might Blue Dot pursue if it focused on increasing sales of current products within its established markets?
What is the primary difference between a product-oriented manager and a marketing-oriented manager?
What is the primary difference between a product-oriented manager and a marketing-oriented manager?
Which of the following best describes 'Customer Lifetime Value' (CLV)?
Which of the following best describes 'Customer Lifetime Value' (CLV)?
In the context of target market selection, which approach serves the broad needs of many customers in a narrow market?
In the context of target market selection, which approach serves the broad needs of many customers in a narrow market?
Which element of the marketing mix would primarily focus on the strategies for delivering products to the consumer?
Which element of the marketing mix would primarily focus on the strategies for delivering products to the consumer?
Which pricing strategy involves adjusting prices based on geographic locations?
Which pricing strategy involves adjusting prices based on geographic locations?
What is a key trade-off that firms must consider when creating a marketing strategy?
What is a key trade-off that firms must consider when creating a marketing strategy?
What does the promotion element of the marketing mix primarily encompass?
What does the promotion element of the marketing mix primarily encompass?
What is meant by 'serving broad needs of few customers' in the context of target market selection?
What is meant by 'serving broad needs of few customers' in the context of target market selection?
Which of the following factors is essential in determining the feasibility of a marketing strategy?
Which of the following factors is essential in determining the feasibility of a marketing strategy?
Flashcards
SWOT Analysis
SWOT Analysis
A tool used to analyze a company's internal strengths and weaknesses, as well as external opportunities and threats.
Product-Market Expansion Grid
Product-Market Expansion Grid
The process of expanding a business by introducing new products or entering new markets.
Market Penetration
Market Penetration
Focusing on increasing sales in existing markets with existing products.
Product Development
Product Development
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Market Development
Market Development
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Diversification
Diversification
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Strategic Goal
Strategic Goal
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Cost Leadership
Cost Leadership
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Differentiation
Differentiation
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Focused Strategy
Focused Strategy
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Target Market
Target Market
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Target Market Selection (STP)
Target Market Selection (STP)
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Marketing Mix
Marketing Mix
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Serving broad needs of few customers
Serving broad needs of few customers
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Serving few needs of many customers
Serving few needs of many customers
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Serving broad needs of many customers in a narrow market
Serving broad needs of many customers in a narrow market
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Product-oriented manager
Product-oriented manager
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Marketing-oriented manager
Marketing-oriented manager
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Customer Lifetime Value (CLV)
Customer Lifetime Value (CLV)
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Distribution Channels for Consumer Products
Distribution Channels for Consumer Products
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Study Notes
Marketing Strategy Planning
- Marketing strategy is a campaign to win in a competitive market, considering resources of both the company and its competitors.
- It chooses activities that deliver unique value
- Strategy involves the creation of a unique and valuable position, involving a different set of activities.
- Companies can be categorized by serving few needs of many customers; serving broad needs of few; and serving broad needs of many customers in a narrow market.
- Strategies need to prioritize trade-offs in competing, to determine what not to do
The Walt Disney Company
- Owns ABC, 10 other TV stations, 72 radio stations, 13 international channels, and 19 cable networks (e.g., ESPN).
- Owns several production, movie, distribution companies, publishing groups, music labels.
- Has various internet groups (e.g., NFL, NBA, ESPN, NASCAR).
- Involved in consumer products such as cookies, cereal, toys, clothing, books, games, and home furnishings.
- Has 550 Disney stores.
- Has acquired numerous companies over the past two decades
Marketing Strategy: Components
- Target market selection (STP): Selecting a target audience
- Selection of marketing mix variables: Choosing elements of the marketing mix (e.g., product, place, promotion, price.)
- Target market is a group of consumers towards whom the firm will direct its marketing efforts
Product-Oriented and Marketing-Oriented Managers
- Product-oriented managers view everyone as similar and practice mass marketing
- Marketing-oriented managers see everyone as different and use target marketing
The Product, Place, Promotion, and Price Elements
- Product: The good, service, or idea offered to customers
- Place: The locations where customers can buy the product
- Promotion: The methods for informing, persuading, and reminding customers about the product
- Price: The amount customers pay for the product
Distribution Channels for Consumer Products
- Manufacturer or producer -> Retailer -> Wholesaler -> Consumer
Customer Lifetime Value (CLV)
- CLV is the total sum of purchases a customer will make over their lifetime
- Factors influencing CLV include:
- Average profit margin per customer per year
- Retention rate (what % of customers stay loyal)
- Acquisition cost
SWOT Analysis
- A SWOT analysis identifies strengths, weaknesses, opportunities, and threats in a market.
- Companies need to be aware of marketplace changes and competition
- Example: Company positions as innovative, or conservative? Offensive, defensive? Leader, follower
Porter's Strategies
- Companies can dominate in one of three ways:
- Cost leadership: Producing more efficiently than competition.
- Differentiation: Distinguishing their products from that of others
- Focused: Doing one thing exceptionally well
- Niche markets
Product-Market Expansion Grid
- A tool used to plan future growth or expansion
- 4 possible areas of growth:
- Market penetration: Current products and markets
- Market development: New markets with current products
- Product development: New products with current markets
- Diversification: New products and markets
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Description
Explore the intricacies of marketing strategy planning through the lens of The Walt Disney Company. This quiz covers essential concepts such as market positioning, competitive analysis, and resource allocation. Delve into how Disney navigates a complex media landscape while maintaining unique value propositions.
