Question 1

One of the popular methods for assessing the variety of businesses/products that an organization has involves the creation of a two-dimensional graphical picture of the comparative strategic positions. This technique is referred to as the Boston Consulting Group (BCG) matrix.

Accepted Answer

The BCG matrix is a strategic tool used by companies to analyze their business units or products by categorizing them into four categories (Stars, Question Marks, Cash Cows, and Dogs) based on their market growth rate and market share, thus helping in decision-making regarding resource allocation.

Question 2

the strategy of a market leader, which identifies little competition, will be different from that of a small firm trying to establish a small market share. The former may try to dominate the whole market, whereas the latter may attack the leader or find a small underserviced segment, called a -------------, and make that market its own.

Accepted Answer

A niche market refers to a small, underserviced segment of a larger market where a company can focus its efforts to meet the specific needs or preferences of a targeted group. This strategy is often used by smaller firms trying to establish a market presence without directly competing with larger market leaders.

Question 3

_____________ should be undertaken on a regular, annual, basis and be regarded as a positive activity that can feed into marketing strategy and should not be instigated in response to a crisis.

Accepted Answer

A marketing audit is a comprehensive, systematic, independent, and periodic examination of a company's or business unit's marketing environment, objectives, strategies, and activities with a view to determining problem areas and opportunities and recommending a plan of action to improve the company's marketing performance. It should be done regularly, not just in response to a crisis, and can positively influence marketing strategy.

Question 4

………….. comprise indicators of the relative performance of the company and include measures such as profitability, market share and revenue. They also include measures of awareness, customer satisfaction and retention/loyalty

Accepted Answer

External metrics are measures of a company's performance that are based on data from outside the company, such as market share, revenue, and customer satisfaction.

Question 5

The_____________ consists of those organizations that either directly or indirectly influence an organization's operational performance.

Accepted Answer

The answer of The_____________ consists of those organizations that either...

Question 6

Companies frequently develop new propositions based on their competitor's offerings, through _________ strategies. In fact, this kind of strategy lies at the heart of the inability of firms to turn their technological advances into sustainable competitive advantages.

Accepted Answer

Me-too strategies involve developing products or services that mimic those of competitors. This approach can lead to a lack of differentiation and sustainable competitive advantage because it focuses on copying rather than innovating.

Quiz 2: The Marketing Environment

One of the popular methods for assessing the variety of businesses/products that an organization has involves the creation of a two-dimensional graphical picture of the comparative strategic positions. This technique is referred to as the Boston Consulting Group (BCG) matrix.

_____________ should be undertaken on a regular, annual, basis and be regarded as a positive activity that can feed into marketing strategy and should not be instigated in response to a crisis.

………….. comprise indicators of the relative performance of the company and include measures such as profitability, market share and revenue. They also include measures of awareness, customer satisfaction and retention/loyalty

The_____________ consists of those organizations that either directly or indirectly influence an organization's operational performance.

Companies frequently develop new propositions based on their competitor's offerings, through _________ strategies. In fact, this kind of strategy lies at the heart of the inability of firms to turn their technological advances into sustainable competitive advantages.