-Explain the basics of foreign and domestic competition: Factors include "How many competitors?" "How big are competitors?" "How interdependent in the industry?" - ️️
-Global Competition. What is it & what is the new form of competition? - ️️More foreign firms are entering the US Market. F...
P.O.M. 107 Quiz Questions Correctly
Answered
-Explain the basics of foreign and domestic competition: Factors include "How many competitors?"
"How big are competitors?" "How interdependent in the industry?" - ✔ ✔
-Global Competition. What is it & what is the new form of competition? - ✔ ✔ More foreign firms
are entering the US Market. Foreign firms in US now compete on product quality.
-Market Share and Profits - ✔ ✔ Firms must work harder to maintain profits and market share.
*LO2.4: Explain the components of a situation analysis (know SWOT analysis) Which ones are external,
which are internal? - ✔ ✔ S: Identifying the internal strengths. W: and weaknesses O: and external
opportunities (conditions in the ext. env that favor strenghts) and T: Threats. (conditions in the ext env
that DONT relate to existing strenghts or favor areas of weakness)
-(S & W are internal and O & T are external)
♣ LO 2.10 Identify several techniques that help make strategic planning effective: - ✔ ✔
1. Discuss the external environment of marketing and explain how it affects firms. What are the factors
(6)? What must you understand? - ✔ ✔ The factors of External Env = social, demographic, economic,
technological, political and legal, and competitive.
You must understand: how customers buy, where they buy, what they buy, and when they buy. What
drives consumer decisions. You must identify the most valuable customers and understand their
needs.You must understand the competition.
1. Explain the importance to marketing managers of current demographic trends. An uncontrollable
variable in the external environment is demography: the study of people's vital statistics, such as age,
race and ethnicity, and location. Demographic characteristics are strongly related to consumer buyer
behavior.Demographic cohorts have their own needs, values, and consumption patterns. - ✔ ✔
1. Explain the importance to marketing managers of growing ethnic markets. - ✔ ✔
1. Identify consumer and marketer reactions to the state of the economy. - ✔ ✔
, 1. Identify the impact of technology on a firm - ✔ ✔ Technological success is based on innovation,
and innovation requires imagination and risk taking. Good leaders must instill innovation (and in turn,
technology) into the company.
4 reasons to study marketing - ✔ ✔ 1.) Plays an important role in society 2.) Vital to business
survival, profits and growth. 3.) Offers career opportunities 4.) Affects your life every day.
5 criteria for good marketing objectives - ✔ ✔ 1.) Communicate marketing management philosophy
A dog (Portfolio Matrix): Growth potential, market share, characteristics, strategy options - ✔ ✔ has
low growth potential and a small market share. Most dogs leave the market. The strategy options are to
divest or harvest.
A problem child (Portfolio Matrix): Characteristics, market share, strategies, growth patterns/profit
margins, industry. - ✔ ✔ Growth: rapid
Profit margins: Poor
Market Share: low
Growth Patterns: High growth industry
It needs a great deal of cash to prevent conversion to dog status. Strategies are to invest to gain better
market share, acquire competitors, or drop the SBU.
Cash Cow (Portfolio Matrix): Characteristics, marketing strategy, market share, - ✔ ✔ generates
more cash than it needs to maintain market share.
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