front 1 What is sustainable competitive advantage? | back 1 Unique strengths competitors can’t easily copy (e.g., brand, patents, customer service). |
front 2 Growth strategy: “Creating a new product for a new market.” New product, new market | back 2 Diversification |
front 3 Growth strategy: “Expanding an existing product into new markets.” Existing product, new market | back 3 Market development |
front 4 Growth strategy: “Launching a new product in an existing market.” New product, existing market | back 4 Product development |
front 5 Match growth strategy: “Selling more existing products to current customers.” Same product, same market | back 5 Market penetration |
front 6 What does STP stand for? | back 6 Segmentation, Targeting, Positioning |
front 7 What does SWOT stand for? | back 7 Strengths, weaknesses, opportunities and threats |
front 8 What are the 6 steps of a marketing plan? | back 8 Mission → Objectives → SWOT → STP → 4Ps → Evaluate |
front 9 Formula for Customer Lifetime Value (CLV)? | back 9 (Avg purchase value × purchase frequency) × customer lifespan |
front 10 How does product in the 4 p's create value | back 10 Addressing the specific needs and desires of the target audience |
front 11 How does price in the 4 p's create value | back 11 Reflects the value of the product, influences the buying decisions when customers compare to competitors, balances profitability and accessibility |
front 12 How does place in the 4 p's create value | back 12 Creates value by ensuring the product is available when and where the customer wants it. enhancing accessibility, convenience, and brand positioning. |
front 13 How does promotion in the 4 p's create value | back 13 Communicating the products benefits, building brand awareness, generates demand. |
front 14 What are the 5 core aspects of marketing? | back 14 Satisfies needs/wants, exchange relationships, value creation via 4Ps, performed by orgs/individuals, involves multiple stakeholders |
front 15 What is the definition of marketing? | back 15 Creating, capturing, communicating, delivering, and exchanging value for customers, partners, and society. |
front 16 List the 5 steps of the marketing process | back 16 Understand customers → Design strategy → Construct 4Ps → Engage customers → Capture value. |
front 17 Mission statement | back 17 why we exist, what we do, for whom, how |
front 18 Goals/Objectives in marketing steps | back 18 Make them specific and measurable |
front 19 Situation Analysis | back 19 – SWOT (Strengths, Weaknesses, Opportunities, Threats |
front 20 Identify Opportunities | back 20 STP (Segmentation, Targeting, Positioning) |
front 21 Implement Marketing Mix | back 21 4 p's in action |
front 22 Evaluate Performance | back 22 metrics (sales, market share, CLV, retention) |
front 23 Customer lifetime value | back 23 CLV=(Avg.PurchaseValue×PurchaseFrequency)×CustomerLifespanCLV = (Avg. Purchase Value × Purchase Frequency) × Customer |
front 24 Immediate environments | back 24 Company, competitors, physical environment, and corporate partners (suppliers/distributors) |
front 25 Macroenvironments | back 25 Culture, Demographic, Social trends, Technology, and economy |
front 26 Core competencies | back 26 a unique capability or advantage that a business possesses, allowing it to outperform competitors and deliver greater value to customers. |
front 27 Consumer decision process | back 27
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front 28 Factors influencing consumer decisions | back 28 Psychological(perception, motives, lifestyle), Social (family, culture), Situational (Purchase situation), and the Marketing mix (4 p's) |
front 29 Big mac index(PPP) | back 29 The purchasing power is makes you tell which country's currency is undervalued or overvalued. |
front 30 Lowest risk global entry strategy | back 30 Exporting |
front 31 Highest risk global entry strategy | back 31 Direct investment |
front 32 Franchising | back 32 A firm allows a local firm to where is being expanded to operate a business using its brand, business model and products. |
front 33 Strategic alliance | back 33 Partnership between to firms to collaborate |
front 34 Joint venture | back 34 Two or more firms pool their resources to create a new business entity together. |
front 35 Compensatory rules | back 35 Consumers trade off good attribute against bad ones |
front 36 Non-compensatory rules | back 36 If one key attribute fails, |
front 37 Cognitive dissonance | back 37 Post-purchase regret or doubt about a decision |