Strategy and environment

18 important questions on Strategy and environment

What is Competitive intelligence (CI)?

The process of gathering and analyzing publicly available information of competitors.

What is the competition in micro-environment?

it means that the product alternatives from which members of a target may choose.

What are the 3 levels where marketers compete in the micro-environment?

- disposable income (the money left after paying for all the necessities)
- Product competition (in which competitors offer different products to satisfy the need and wants of a customer. (e.g. Starbucks vs Tea in england)
- brand competition (In which competitors offer similar goods or services to fight for a share of the customers wallet) 
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What is monopolistic competition?

Many sellers who compete for buyers in a market, each offering a slightly different product, each a small share of the market.

What is the socio-cultural environment?

it are the:
-characteristics
-people who live in that society
- culture (Value's and believes)
- Demographics (size, age, income, education)

What is a collectivist culture?

People tend to subordinate their personal goals to those of a stable community. (turkey, greece)

Where does SMART stands for?

Specific
Measurable
Attainable (acceptable)
Relevant
Time

What is a business portfolio?

The range of different businesses that a firm operates (e.g. unilever)

What is a portfolio analysis?

A tool management uses to asses the potential of a film's business portfolio. it decided which SBU's should get more or les of the firms recourses.

Which 4 growth strategies are there?

- Market penetration: Existing product in existing markets (encourage to let customers buy more)
- Development strategies: Introducing existing products into new markets.
- Product development: New products in existing markets
- Diversification: New products in new markets.

What are the 4 steps of making a marketing plan?

- situation analysis
- Marketing objects
- Marketing strategies
- Implement and control marketing plan

What is an operation plan?

It focuses in the day-to-day execution of the marketing plan

What is the corporate culture?

Value, norms, believes that influence everybody in the organisation

What is an import quota?

Quotas are limitations on the amount of a product allowed to enter or leave the country.

What is an contracted agreement?

a firm gives another firm the right to produce and market its product in a specific country in return for royalties.

What is a straight extension strategy?

Remains the same product fro domestic and foreign markets

What is a product adaption strategy?

It recognizes that in many cases the people have different cultures do have a strong and different product difference.

What is a product invention strategy?

It means a firm develops a new product to foreign markets.

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