1. Things I should have learned in Marketing: Jeopardy edition should

2. serve as a guide for what the organization wants to accomplish.serve as a guide for what the organization wants to accomplish. be “market-oriented” rather than “product-oriented”.be “market-oriented” rather than “product-oriented”. be neither too narrow, nor too broad.be neither too narrow, nor too broad. fit with the market environment.fit with the market environment. be motivating.be motivating.

3.  What is a mission Statement? Statement

4.  Should be specific  Measurable  Have a Time line

5. What is an objective?

6.  An SBU with a high relative market share in a market that has stopped growing

7. What is a Cash Cow

8. 2 - 8 Figure 2-2: Growth-Share Matrix

9.  I should Divest or Harvest

10.  What is when my SBU is a DOG?

11.  This is the riskiest of the generic growth strategies

12. What is diversification?

13. 2 - 13 Figure 2-3: Product / Market Expansion Grid

14.  Dividing up a heterogeneous market into multiple user groups

15. What is segmenting? segmenting

16.  The group of consumers that you are trying to sell your products to

17. What is your target market?

18.  Creating the perception in the mind of the consumers that your product is the ideal product for them

19. What is product positioning?

20.  The variables that the marketer controls, sometimes known as the 4ps

21. What is the marketing mix?

22.  This element of the marketing mix deals with communication

23. What is promotion?

24.  Branding and Packaging issues are part of this element of the Marketing mix

25. What is Product?

26.  Distribution and logistics are part of this element of the marketing mix

27. What is Place?

28. 2 - 28 Figure 2-6: Managing the Marketing Effort

29.  An advantage over competitors gained by offering consumers greater value than competitors offer

30. What is competitive advantage? competitiveadvantagecompetitiveadvantage  Would have accepted core competency

31.  The process of identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reaction patterns; and selecting which competitors to attack or avoid.

32. What is competitive analysis

33.  Concentrating on competitors so much that you ignore other issues

34. What is competitor Myopia?

35.  Using other companies to establish industry standards

36. What is benchmarking?

37.  Those companies that compete in the same way in the same industry

38. What is a strategic group?  Good or bad competitors

39.  The generic strategy of Creating a highly differentiated product line and marketing program

40. What is differentiation

41. 18- 41  Basic Winning Competitive Strategies: Porter Overall cost leadershipOverall cost leadership  Lowest production and distribution costs DifferentiationDifferentiation  Creating a highly differentiated product line and marketing program FocusFocus  Effort is focused on serving a few market segments Competitive Strategies

42.  The value discipline of superior value via price and convenience

43. What is operational excellence?  Basic Competitive Strategies: Value Disciplines Operational excellenceOperational excellence  Superior value via price and convenience Customer intimacyCustomer intimacyintimacy  Superior value by means of building strong relationships with buyers and satisfying needs Product leadershipProduct leadershipleadership  Superior value via product innovation

44. 18- 44 Figure 18-3: Hypothetical Market Structure

45. Product proliferation

46. What is a market leader strategy designed to protect market share?  Expanding the total demand Finding new usersFinding new users Discovering and promoting new product usesDiscovering and promoting new product uses Encouraging greater product usageEncouraging greater product usage  Protecting market share Many considerationsMany considerationsManyconsiderationsManyconsiderations Continuous innovationContinuous innovation  Expanding market share Profitability rises with market shareProfitability rises with market share

47.  Option 1: challenge the market leader High-risk but high-gainHigh-risk but high-gain Sustainable competitive advantage over the leader is key to successSustainable competitive advantage over the leader is key to success  Option 2: challenge firms of the same size, smaller size or challenge regional or local firms  Full frontal vs. indirect attacks

48. What are market challenger strategies?

49.  Content to not rock the boat and to rely on “me too” products

50.  Follow the market leader Focus is on improving profit instead of market shareFocus is on improving profit instead of market share Many advantages:Many advantages:  Learn from the market leader’s experience Learn  Copy or improve on the leader’s offerings  Strong profitability

51.  Wants to be the dullest story in America

52. Who is the Dial Corporation?

53.  Targets small lucrative markets

54. What is a market nicher?  Serving market niches means targeting subsegments nichesmeansnichesmeans  Good strategy for small firms with limited resources  Offers high margins  Specialization is key By market, customer, product, or marketing mix linesBy market, customer, product, or marketing mix lines

55. 18- 55 Game playing industry a. Nintendo Nintendo a.Wii hyperlink hyperlink b. Microsoft Microsoft a.Xbox 360 Xbox 360Xbox 360 c. Sony Sony a.Play Station Play StationPlay Station

56. 18- 56

57. 18- 57 Threat of New Entry  the existence of barriers to entry barriers to entrybarriers to entry  economies of product differences  brand equity  switching costs  capital requirements  access to distribution  absolute cost advantages  learning curve advantages  expected retaliation  government policies

58. 18- 58 Competitive Rivalry  number of competitors  rate of industry growth  intermittent industry overcapacity  exit barriers  diversity of competitors  informational complexity and asymmetry  brand equity  fixed cost allocation per value added  level of advertising expense

59. 18- 59 Supplier Power Power  supplier switching costs relative to firm switching costs  degree of differentiation of inputs  presence of substitute inputs  supplier concentration to firm concentration ratio  threat of forward integration by suppliers relative to the threat of backward integration by firms  cost of inputs relative to selling price of the product

60. 18- 60 Buyer Power  buyer concentration to firm concentration ratio  bargaining leverage  buyer volume  buyer switching costs relative to firm switching costs  buyer information availability  ability to backward integrate  availability of existing substitute products  buyer price sensitivity  price of total purchase

61. 18- 61 Threat of Substitution ofSubstitutionofSubstitution  buyer propensity to substitute  relative price performance of substitutes  buyer switching costs  perceived level of product differentiation