Strategic Marketing 1

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1. Building profitable customer relationships and gaining competitive advantage requires delivering more value and satisfaction to target consumers than . . . do.
2. The first step is . . ., the process of identifying, assessing, and selecting key competitors.
3. The second step is developing . . . that strongly position the company against competitors and give it the greatest possible competitive advantage.
         
4. Companies must avoid "competitor myopia." A company is more likely to be "buried" by its . . . competitors than its current ones.
5. Steps in analyzing competitors are:
6. Having identified the main competitors, marketing management now asks: What are competitors . . . - what does each seek in the marketplace?
         
7. A group of firms in an industry following the same or a similar strategy in a given target market is called:
8. . . . has become a powerful tool for increasing a company s competitiveness.
9. Most companies prefer to compete against weak competitors. This requires fewer resources and less time. But in the process, the firm may gain little. You could argue that the firm also should compete with strong competitors in order to sharpen its abilities. Moreover, even strong competitors have some weaknesses, and succeeding against them often provides greater returns. What do you prefer? And why?
         
10. The approach to determine the benefits that target customers value and how customers rate the relative value of various competitors offers is called
11. Most companies will compete with close competitors - those that resemble them most - rather than distant competitors. Please name one of each category for your company:
12. An industry often contains "good" competitors and "bad" competitors. What does this mean?
         
13. Smaller companies that cannot afford to set up formal competitive intelligence offices can assign specific executives to watch specific . . .
14. A company that spends most of its time tracking competitors moves and market shares and trying to find strategies to counter them, is called:
15. This approach has some pluses and minuses. Name some:
         
16. A customer-centered company focuses more on . . . developments in designing its strategies.
17. In practice, today s companies must be . . . companies, watching both their customers and their competitors. But they must not let competitor watching blind them to customer focusing.
18. How is a company called, being neither competition-oreinted nor customer-oriented?
         
19. This is the focus of strategic planning - the process of developing and maintaining a strategic fit between the organization’s . . . and its changing marketing opportunities.
20. At the corporate level, the company starts the strategic planning process by defining its overall . . .
21. The 4 steps in strategic planning contain:
         
22. Some companies define their missions in product or technology terms ("We make and sell furniture" or "We are a chemical processing firm"). But mission statements should be rather . . . oriented.
23. A market-oriented mission statement defines the business in terms of satisfying basic . . . needs.
24. Missions should be . . .
         
25. Mission statements should be . . .
26. The company’s mission needs to be turned into detailed supporting . . . for each level of management.
27. Marketing . . . must be developed to support marketing objectives.
         
28. Guided by the company’s mission statement and objectives, management now must plan its . . . - the collection of businesses and products that make up the company.
29. A . . . is a unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses.
30. The next step in business portfolio analysis calls for management to assess the attractiveness of its various . . . and decide how much support each deserves.
         
31. The purpose of strategic planning is to find ways in which the company can best use its . . . to take advantage of attractive opportunities in the environment.

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