Maketing midterm 2

Maketing midterm 2 - Competitors and Collaborators 1. What...

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Competitors and Collaborators 1. What is a competitor? A competitor is anyone who competes for customers, resources, revenues, and/or future opportunities with you. *2. Distinguish between a market and an industry. 3. Describe the 5 competitive forces that Porter said impacts an industry’s competitive intensity. 1. Threat of entry 2. Threat of substitute products 3.Bargaining power of buyers 4. Bargaining power of suppliers 5. Rivalry among existing firms 4. What is a sustainable competitive advantage? Based on organizational assets and/or competencies. Matched with markets that value the advantage. Aligned with weak competitor abilities. Significant enough to make a differences. Sustainable 5 . Distinguish among the three standard business strategies covered in class - cost leadership, differentiation, and focus. Cost leadership - Reduces bargaining power of suppliers. Reduces bargaining power of buyers . Makes substitutes less attractive. Differentiation - Reduces bargaining power of buyers . Makes substitutes less attractive . Reduces rivalry. Focus - Makes substitutes less attractive. Reduces rivalry *6. How do these 3 business strategies impact Porter’s 5 Competitive Forces? *7. Describe the common basis for cost leadership highlighted in class – efficient operations, no frills, product design, economies of scale, experience curve. 8. Define a strategic alliance and explain why collaborators are often sought. Any arrangement in which two or more firms combine resources outside of the market in order to accomplish a particular task or set of tasks. Global distribution alliances Product development alliances Co-marketing alliances Market Research 1. Distinguish between market research and a marketing information system. Market information system - People and processes that provide needed information to marketing decision makers on an ongoing basis. Once designed, automatically provided. Ex. Daily sales volume Market research - Systematic process for uncovering key knowledge needed for a specific marketing management decision. Provided based on a special request. Ex. 2. Distinguish between primary and secondary data. Primary- Pros: Can potentially market insights. Cons: Requires times. Will likely require money. Secondary- Pros: Inexpensive. Quick to obtain. Cons: May not fully meet your needs. *3. Distinguish among the different types of formal basic research. Among those, for which type of research purposes are survey, observation and experimental research best suited? Direct observation, experimentation, analysis of purchase data, survey research, focus groups, individual intervi 4. Distinguish between probability and non-probability samples. Probability - a sample in which every element in the population has a known statistical likelihood of being selected. Nonprobability - any sample in which little or no attempt is made to get a representative cross section of the population 5. Describe two basic ways for identifying customer preferences. You should be able to describe
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Maketing midterm 2 - Competitors and Collaborators 1. What...

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