A competitive advantage
exists when an organization matches its core competency to opportunities it has discovered in the marketplace.
When a company matches its core competency to opportunities it has discovered in the marketplace?
firm
matches a core competency to opportunities it has discovered in the marketplace. marketing strategy. You just studied 20 terms!
When a company matches a core competency to opportunities discovered in the marketplace within a strategic window it has likely achieved a?
A competitive advantage
is created when a company matches its core competency to the opportunities it has discovered in the market.
How does a firm use a market opportunity to reach a particular target market?
A market opportunity exists
when the right combination of circumstances and timing permits an organization to take action to reach a particular target market
. that market. A company is said to have a competitive advantage when it matches a core competency to opportunities it has discovered in the marketplace.
What is the term for a company’s strategy for implementing the components of marketing?
Strategic Marketing
. the process of planning, implementing, and evaluating the performance of marketing activities and strategies, both effectively and efficiently.
Why would a company use the undifferentiated strategy?
For certain types of widely consumed items (e.g., gasoline, soft drinks, white bread), the undifferentiated market approach makes the most sense. The benefits to undifferentiated targeting include
a wide audience, lower (relatively) research and marketing costs, and a higher potential for sales volume
.
What is the first step in creating a marketing strategy?
The first step in developing a marketing strategy is
to define the need
. If a need has been defined by other purveyors, your task is to develop a strategy to convince the client that your product is better than your competitor’s. Witness the fast food wars as an example of competition for consumers with a defined need.
What is the strategy for highly attractive SBUs?
What is the strategy for highly attractive SBUs?
maintain and grow them
.
What are the five steps in the strategic planning process?
- Determine your strategic position.
- Prioritize your objectives.
- Develop a strategic plan.
- Execute and manage your plan.
- Review and revise the plan.
What is core competency in strategic management?
Core competencies are
the resources and capabilities that comprise the strategic advantages of a business
. A modern management theory argues that a business must define, cultivate, and exploit its core competencies in order to succeed against the competition.
What are the four targeting strategies?
- Mass marketing (undifferentiated marketing)
- Segmented marketing (differentiated marketing)
- Concentrated marketing (niche marketing)
- Micromarketing.
What are the 3 target market strategies?
The three activities of a successful targeting strategy that allows you to accomplish this are
segmentation, targeting and positioning
, typically referred to as STP.
What are the strengths and weaknesses of competitors?
If
a competitor only sells one product
, this may be seen as a weakness as the competitor will have limited market reach . In contrast, if a competitor has a large product range, this could be seen as a strength, as the competitor is likely to be able to target a wider range of customers.
What are the 5 marketing strategies?
The 5 P’s of Marketing –
Product, Price, Promotion, Place, and People
– are key marketing elements used to position a business strategically.
What are the 7 marketing strategies?
The 7 P’s of marketing include
product, price, promotion, place, people, process, and physical evidence
. Moreover, these seven elements comprise the marketing mix. This mix strategically places a business in the market and can be used with varying levels of force.
What are the 7 elements of a marketing plan?
- Market research. Research is the backbone of the marketing plan. …
- Target market. A well-designed target market description identifies your most likely buyers. …
- Positioning. …
- Competitive analysis. …
- Market strategy. …
- Budget. …
- Metrics.
