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Questions and Answers
Which growth strategy involves selling the same product in a different country?
Which growth strategy involves selling the same product in a different country?
What type of integration occurs when a company becomes its own distributor?
What type of integration occurs when a company becomes its own distributor?
Which strategy is involved when a company combines with others in different but related industries?
Which strategy is involved when a company combines with others in different but related industries?
What does product contraction refer to in the context of divestment decisions?
What does product contraction refer to in the context of divestment decisions?
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Which option best describes market penetration?
Which option best describes market penetration?
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Which type of diversification is characterized by combining with companies in unrelated industries?
Which type of diversification is characterized by combining with companies in unrelated industries?
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Which growth strategy is utilized when a company develops a new product for the same market?
Which growth strategy is utilized when a company develops a new product for the same market?
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What role does the marketing department often play in divestment decisions?
What role does the marketing department often play in divestment decisions?
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What is the primary goal of the 7Cs Compass Model?
What is the primary goal of the 7Cs Compass Model?
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Which of the following best characterizes marketing strategies?
Which of the following best characterizes marketing strategies?
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How do tactics differ from strategies in marketing management?
How do tactics differ from strategies in marketing management?
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In the context of the Growth strategy related to product/market expansion, what is a critical responsibility of marketing management?
In the context of the Growth strategy related to product/market expansion, what is a critical responsibility of marketing management?
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What does 'SMART' criteria stand for in the context of marketing objectives?
What does 'SMART' criteria stand for in the context of marketing objectives?
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Which component does the 7Cs Compass Model add that is not part of the traditional 4Cs model?
Which component does the 7Cs Compass Model add that is not part of the traditional 4Cs model?
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Which of the following aspects does NOT contribute to building a customer-centric culture?
Which of the following aspects does NOT contribute to building a customer-centric culture?
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What is the relationship between tactical decisions and marketing strategies?
What is the relationship between tactical decisions and marketing strategies?
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What is the main focus of a company when selecting target market segments?
What is the main focus of a company when selecting target market segments?
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Which of the following best describes segment personas?
Which of the following best describes segment personas?
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What role does segment attractiveness play in target market selection?
What role does segment attractiveness play in target market selection?
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How do corporate objectives influence marketing strategies?
How do corporate objectives influence marketing strategies?
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In a customer-centric culture, how is customer feedback utilized?
In a customer-centric culture, how is customer feedback utilized?
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Which characteristic differentiates tactics from strategies in marketing?
Which characteristic differentiates tactics from strategies in marketing?
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Which aspect is commonly monitored to gauge customer satisfaction within segments?
Which aspect is commonly monitored to gauge customer satisfaction within segments?
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What does the Product/Market Expansion Matrix help businesses to evaluate?
What does the Product/Market Expansion Matrix help businesses to evaluate?
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Study Notes
Product/Market Expansion Matrix
- The Product/Market Expansion Matrix is a tool to identify growth opportunities.
- Market Penetration: Selling the same product in the same market.
- Product Development: Developing a new product for the same market.
- Market Development: Selling an existing product in a new market, like a different country.
- Diversification: Introducing a completely new product to a new market.
Diversification Strategies
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Vertical Integration: Controlling inputs and outputs.
- Backwards Integration: The company becomes its own supplier.
- Forwards Integration: The company becomes its own distributor.
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Horizontal Integration: Combining with businesses in related or unrelated industries.
- Related Integration: Combining with companies in different but related industries.
- Unrelated Integration: Combining with companies in different and unrelated industries.
Divestment Decisions
- Entrenchment: A product or its versions are no longer marketed in some geographic markets.
- Product Contraction: A product is no longer marketed in all or some of its previously available markets.
7Cs Compass Model
- Developed by Professor Koichi Shimizu, it focuses on both co-marketing and collaborative marketing efforts.
- This model considers the product, the consumer, and external factors that influence the customer experience.
- It serves as an alternative to the traditional 4Cs model.
Marketing Management
- The art and science of attracting and retaining target customers by creating, delivering, and communicating superior value.
- Focuses on identifying, evaluating, and choosing market opportunities.
Marketing Strategies, Tactics, and Objectives
- Strategies: High-level plans that guide long-term goals and objectives.
- Objectives: Specific, measurable, achievable, relevant, and temporary goals.
- Tactics: Specific actions taken to achieve objectives.
Target Market Selection Strategies
- Undifferentiated Marketing: Utilizing the same marketing mix for all customers.
- Differentiated Marketing: Utilizing different marketing mixes for different customer segments.
- Concentrated Marketing: Focusing on a single, specific market segment.
- Micromarketing: Tailoring marketing efforts to individual customers.
Customer Satisfaction and Segment Monitoring
- Companies should understand that customers in different segments may have different problems, solutions, or product/service benefits.
- Segment descriptors help companies understand customer needs and divide them into actionable groups.
- Businesses can choose from various positioning strategies, from mass-market to specific subsegment strategies.
Hierarchy of Objectives
- Corporate objectives define the direction and goals of the organization.
- Corporate strategies are identified and selected based on the corporate objectives.
- Functional levels translate the corporate strategies into specific objectives.
Purpose of Marketing Objectives
- To achieve the corporate objectives.
- Three viewpoints of researchers:
- Marketing objectives support corporate objectives.
- Marketing objectives are goals that guide marketing decisions.
- Marketing objectives are performance standards used to measure marketing success.
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Description
Test your knowledge on the Product/Market Expansion Matrix and various diversification strategies. This quiz covers key concepts like market penetration, product development, and integration tactics, providing a comprehensive understanding of growth opportunities in business.
