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Lecture 3

ADM2320 Lecture 3: Untitled3

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University of Ottawa
Gurprit Kindra

c. market development = a growth strategy that employs the existing marketing offering to reach new market segments, domestic or international not served by the firm d.product development strategy = a growth strategy that offers a new product or service to a firms current target market e.g, What is sustainable competitive advantage? A) A broad description of the firms objectives and scope of its activities. B) Tool used to evaluate marketing performance. C) Something the firm can consistently do better than its competitors. D) Written document that discusses competitor strengths and weaknesses, and the firms advantages over them. e.g, Customer excellence focuses on? A) having products with high perceived value and effective branding and positioning. B) retaining loyal customers and providing excellent customer service. C) having a good physical location and Internet presence. D) efficient operations and excellent supply chain and human resource management. e.g, Which of the following refers to a group of consumers who respond similarly to a firm’s marketing efforts? A) Market segment B) Target market C) Targeting D) Positioning e.g, Which of the following is NOT considered a marketing growth strategy? A) Market penetration B) Diversification C) Product development D) Sequential planning e.g, A diversification strategy introduces a new product or service to a market segment that _______________. A) is currently not served B) includes many ethnicities C) already exists D) does not traditionally respond to mixed media Chapter 3: A marketing environment analysis framework————————-> Microenvironmental factors a. Company: Company capabilities —> Core competency = Satisfy customer needs (People, knowledge, facilities, patents, technology etc.) —> applied to Target markets, products etc. b. Competition —> Identify and analyze direct and indirect competitors —> Know strengths & weaknesses —> Competitive Intelligence (CI) used to collect and synthesize info c. Corporate partners —> Firms are part of alliances – few work in isolation —> Align with suppliers, corporate partners etc. —> from manufacturer to retailer Macroenvironmental factors———————————-> a. Culture Culture = the shared meanings, beliefs, morals, values, & customs of a group of people —> Country Culture vs. Regional Subcultures —> Powerful influences in consumer buying decisions – what they buy, where t
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