MBA 706 Exam 1 Koksal
Marketing
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large
Marketing strategy
long term that consists of activities of selecting target markets and designing marketing mixes to satisfy the wants and
needs of the selected markets
Many _____ and ______ factors need to be considered when developing a marketing strategy
external, internal
factors impacting on marketing strategy
-industry life cycle
-nature of competition in the market place
-impact of market drivers
-assets/skills that a firm possesses
-closing/opening of strategic windows
Market drivers are
external to the company
,PEST influences
Political, economic, sociocultural, technological
-all impact upon the nature of customer wants/needs
PEST analysis is helpful to understand what is happening in the
macro environment
Political influences
Laws, political stability, election times, corruption level etc. in a country
Economical influences
economic stability, growth rate, inflation and interest rates etc. in a country
Socio-cultural influences
Cultural factors, age groups, traditions, religion etc. in a country
Technological influences
Infrastructure, current and future technologies etc. in a country
PESTLE
PEST + Legal + Environmental
, company resources and capabilities are
Internal Environment
What resources do we have?
What can we do with resources?
Resource based theory of competitive advantage (Grant, 1991)
External environment is constantly changing
• Internal factors, such as resources and capabilities offer a more stable basis to define strategy
• Resources and capabilities lead to competitive advantage, on which strategy should be determined
_____________ of an industry should be factored in strategy development
competitiveness
Porter's five forces can be used to assess
market competitiveness
1. Rivalry among existing competitors
How many competitors are there in the market? How strong are the competitors? What are their capabilities and skills?
-competition increases where industry growth is slow, costs are high and there is a lack of product differentiation
-High exit barriers from a market or industry contribute to increased competition
2. Bargaining power of buyers
Marketing
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have
value for customers, clients, partners, and society at large
Marketing strategy
long term that consists of activities of selecting target markets and designing marketing mixes to satisfy the wants and
needs of the selected markets
Many _____ and ______ factors need to be considered when developing a marketing strategy
external, internal
factors impacting on marketing strategy
-industry life cycle
-nature of competition in the market place
-impact of market drivers
-assets/skills that a firm possesses
-closing/opening of strategic windows
Market drivers are
external to the company
,PEST influences
Political, economic, sociocultural, technological
-all impact upon the nature of customer wants/needs
PEST analysis is helpful to understand what is happening in the
macro environment
Political influences
Laws, political stability, election times, corruption level etc. in a country
Economical influences
economic stability, growth rate, inflation and interest rates etc. in a country
Socio-cultural influences
Cultural factors, age groups, traditions, religion etc. in a country
Technological influences
Infrastructure, current and future technologies etc. in a country
PESTLE
PEST + Legal + Environmental
, company resources and capabilities are
Internal Environment
What resources do we have?
What can we do with resources?
Resource based theory of competitive advantage (Grant, 1991)
External environment is constantly changing
• Internal factors, such as resources and capabilities offer a more stable basis to define strategy
• Resources and capabilities lead to competitive advantage, on which strategy should be determined
_____________ of an industry should be factored in strategy development
competitiveness
Porter's five forces can be used to assess
market competitiveness
1. Rivalry among existing competitors
How many competitors are there in the market? How strong are the competitors? What are their capabilities and skills?
-competition increases where industry growth is slow, costs are high and there is a lack of product differentiation
-High exit barriers from a market or industry contribute to increased competition
2. Bargaining power of buyers
