Market niche strategy - Study guides, Class notes & Summaries

Goal of Customer- Driven marketing strategy - to create VALUE for targeted customers Market Segmentation - Dividing a market into smaller groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes. (taking heterogeneous customers and dividing them into more homogeneous groups) selecting customers to serve - - "Who is our customer?" -Selecting customers to serve using segmentation and targeting -We cannot make any other decisions as...

GEB 4890 Exam Questions With Verified Answers Company strategy - answerthe set of actions that its managers take to outperform the company's competitors and achieve superior profitability. what makes a competitive advantage sustainable: - answerare elements of the strategy that give buyers lasting reasons to prefer a company's products or services over those of competitors- -reasons that the competitors are unable to nullify or overcome despite their best efforts. most basic 5 approache...

GEB 4890 Exam One Study Guide Questions And Answers (Verified And Updated) Strategy - answerthe coordinated set of actions that its managers take in order to outperform the company's competitors and achieve superior profitability -Objective of a well-crafted strategy is not merely temporary competitive success and profits in the short run, but rather the sort of lasting success that can support growth and secure the company's future over the long term -Strategy, at its essence, is about...

GEB 4890 Exam 2 Questions With Verified Answers Define competitive strategy - answerSpecific efforts to position yourself in the marketplace, please customers, ward off competitive threats, and achieve a competitive advantage. What is the purpose of competitive strategy? - answerTo build customer loyalty and outcompete rivals. Identify the 5 generic competitive strategies - answer-Low-cost provider -Broad differentiation -Focused low-cost provider -Focused differentiation strategy -Bes...

Business Strategy - Answer The collection of decision, approaches, and activities that allow an organization to complete and win. Cost Leadership Strategy - Answer Focusing business priories on providing a lower-cost product or service. Differentiation Strategy - Answer Providing innovative, exceptional, and high quality products and/or services to customers. Niche-Focused Strategy - Answer Targeting business priorities toward addressing a specific section of the market Hybri...

The collection of decision, approaches, and activities that allow an organization to complete and win. o :## Business Strategy Focusing business priories on providing a lower-cost product or service. o :## Cost Leadership Strategy Providing innovative, exceptional, and high quality products and/or services to customers. o :## Differentiation Strategy Targeting business priorities toward addressing a specific section of the market o :## Niche-Focused Strategy Employing a combination of ...

What is Strategic Planning A management tool used to guide an organization's decisions and actionsin response to a constantly changing business environment. Strategic planning is a disciplined effort that helps managers focus on what they should do, why they should do it, and how they can successfully continue to do it. Steps in the formal planning process 1. Situational Analysis 2. Alternative Goals and Plans 3. Goal and Plan Evaluation 4. Goal and Plan Selection 5. Implementation...

All of the following were traditional sources of competitive advantage EXCEPT: a. labor costs. b. access to financial resources. c. protected markets. d. a highly educated labor market. - d Customer loyalty programs such as airline frequent flyer miles are an attempt to: a. decrease competitors' access to distribution channels. b. develop a cost advantage independent of scale. c. increase customers' switching costs. d. overcome the perishability of the hotel "product." - c. in...

Market Segmentation - Answer The process of dividing a market into meaningful, relatively similar, and identifiable segments or groups. Concentrated targeting Strategy - Answer A strategy used to select one segment of a market for targeting marketing efforts. Market - Answer People or organizations with needs or wants and the ability and willingness to buy. NIche - Answer One segment of a market Positioning - Answer Developing a specific marketing mix to influence pote...

WGU C236 Compensation and Benefits Exam Questions and Answers Business Strategy - Answer- The collection of decision, approaches, and activities that allow an organization to complete and win. Cost Leadership Strategy - Answer- Focusing business priories on providing a lower- cost product or service. Differentiation Strategy - Answer- Providing innovative, exceptional, and high quality products and/or services to customers. Niche-Focused Strategy - Answer- Targeting business priorities t...