Badm 320 Exam 1 flashcards _ Quizlet

Try to attract new customers or convince existing

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Unformatted text preview: ore. Requires much greater marketing efforts. Market development strategy Take existing product to a new market. Risky because of diff. in culture, govt, language, etc. Product development strategy Offering a new product or service to current target market. Diversification strategy Introducing a new product to a new market. Core competency Things that a company does extremely well. q uizlet.com/19475064/badm- 320- exam- 1- flash- car ds/ Competition Substitute products B a r g a i n i n g po w e r o f s u ppl i e r s Bargaining power of customers Potential for new customers Focus (niche) Cost leadership Differentiation Middle of the road 3/12 9/6/13 Badm 320 Exam 1 flashcar ds | Quizlet Competitive advantage Matching core competencies to opportunities in the market place. What are the strategic marketing decisions? 1. Where to compete 2. How to compete 3. When to compete First Mover Strategy Theory that being 1st to offer product in market place will result in being the long term market w i nne r. Second Mover stategy Theory that being a later entant to market will result in greater profitability. Stretegic Business Unit (SBU) Unit of organization with separate mission and objective, can have its own target market and competitors. (Kraft General provides desserts, breakfast foods, beverages, pet food.) BCG Matrix Analysis of a company's value based on its market share and the market growth rate of the market it is in. Stars High growth market and have high market share. Will eventually become cash cow once market is no longer high growth. Cash cow In low growth market but maintain high market share. Already received heavy investment so excess resources can be spun off to question marks to make them stars. Question marks Low market share but are in high growth markets. Require significant resources to increase market share. If they receive these resources, they become stars. Dogs Low market share in low growth market Social responsibility Marketing philosphies, procedures,...
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This note was uploaded on 01/25/2014 for the course BADM 320 taught by Professor Staff during the Winter '08 term at University of Illinois, Urbana Champaign.

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