GB 350 COMPREHENSIVE ALL ANSWERS AND
QUESTIONS SET A+
✔✔Benefits - cost = - ✔✔satisfaction level
✔✔Relationship marketing - ✔✔strategy focused on keeping and improving
relationships with customers
✔✔1. customer oriented personnel
2. effective training programs
3. empowered employees
4. teamwork - ✔✔Successful strategies need:
✔✔- ensures a customer focus
- encourages innovation and creativity
- stimulated an awareness of changes in customer preferences - ✔✔Knowing the firm's
business:
✔✔- important to society, business, and opportunities
- marketing affects everyone, everyday - ✔✔Why do we study marketing?
✔✔Strategic Planning - ✔✔managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
✔✔1. what is the organization's main activity at a time?
2. How will we reach goal? - ✔✔2 strategic marketing management questions
✔✔- distinct mission and specific target
- control over its resources
- its own competitiors
- a single business or collection of related businesses
, - plans independent of other SBUs - ✔✔Characteristics of Strategic Business Units
(SBUs)
✔✔- market penetration
- market development
- product development
- diversification - ✔✔Ansoff's Opportunity Matrix
✔✔Market penetration - ✔✔increase market share among EXISTING products
✔✔Market development - ✔✔attract NEW customers to existing product
✔✔Product development - ✔✔Creating NEW products for EXISTING markets
✔✔Diversification - ✔✔NEW products into a NEW market
✔✔SWOT - ✔✔situational analysis: strengths, weaknesses, opportunities, threats
✔✔Boston consulting group matrix - ✔✔- stars, problem child, cash cows, dog
✔✔star - ✔✔high market growth, high market share
✔✔problem child - ✔✔high market growth; low market share
✔✔Cash cows - ✔✔low market growth, high market share
✔✔Dog - ✔✔low market growth, low market share
✔✔Mission statement - ✔✔what we live everyday
✔✔vision statement - ✔✔who we want to be
✔✔1. Cost
2. Product/service differentiation
3. Niche - ✔✔Types of competitive advantage
✔✔Sustainable Competitive Advantage - ✔✔cannot be copied by competition.
✔✔- product
-promotion
- distribution
- price - ✔✔Marketing mix
QUESTIONS SET A+
✔✔Benefits - cost = - ✔✔satisfaction level
✔✔Relationship marketing - ✔✔strategy focused on keeping and improving
relationships with customers
✔✔1. customer oriented personnel
2. effective training programs
3. empowered employees
4. teamwork - ✔✔Successful strategies need:
✔✔- ensures a customer focus
- encourages innovation and creativity
- stimulated an awareness of changes in customer preferences - ✔✔Knowing the firm's
business:
✔✔- important to society, business, and opportunities
- marketing affects everyone, everyday - ✔✔Why do we study marketing?
✔✔Strategic Planning - ✔✔managerial process of creating and maintaining a fit
between the organization's objectives and resources and the evolving market
opportunities
✔✔1. what is the organization's main activity at a time?
2. How will we reach goal? - ✔✔2 strategic marketing management questions
✔✔- distinct mission and specific target
- control over its resources
- its own competitiors
- a single business or collection of related businesses
, - plans independent of other SBUs - ✔✔Characteristics of Strategic Business Units
(SBUs)
✔✔- market penetration
- market development
- product development
- diversification - ✔✔Ansoff's Opportunity Matrix
✔✔Market penetration - ✔✔increase market share among EXISTING products
✔✔Market development - ✔✔attract NEW customers to existing product
✔✔Product development - ✔✔Creating NEW products for EXISTING markets
✔✔Diversification - ✔✔NEW products into a NEW market
✔✔SWOT - ✔✔situational analysis: strengths, weaknesses, opportunities, threats
✔✔Boston consulting group matrix - ✔✔- stars, problem child, cash cows, dog
✔✔star - ✔✔high market growth, high market share
✔✔problem child - ✔✔high market growth; low market share
✔✔Cash cows - ✔✔low market growth, high market share
✔✔Dog - ✔✔low market growth, low market share
✔✔Mission statement - ✔✔what we live everyday
✔✔vision statement - ✔✔who we want to be
✔✔1. Cost
2. Product/service differentiation
3. Niche - ✔✔Types of competitive advantage
✔✔Sustainable Competitive Advantage - ✔✔cannot be copied by competition.
✔✔- product
-promotion
- distribution
- price - ✔✔Marketing mix
