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Midterm Study Guide (98% on the test)

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MGT 4113
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MIDTERM EXAMSTUDY GUIDEMGT 41131Know the strategies for introducing a new business into the marketplaceaDifferentiationbCostcFocusdOr some combo2Know the stages of the Life Cycle the characteristics of each stage and how the stages effect your business competition price etcaIntro niche market customer early adopter innovative high pricing strategy to recover RD differentiationfocus strategybGrowth beginnings of competition still niche market customer early majority consults with early adopter price begins to drop bc of increase in competition somewhat innovative differentiationfocus strategycMaturity mass market customer late majority wait and see waiting for price to drop imitative phase Cost strategy looking for market sharedDecline mass market still can use a FocusCost strategy taking old product and reinventing it customer laggard forced to buy product lowest price not loyal Cost strategy NOT A PLACE TO START BUS 3Be able to discuss the four key issues necessary to consider when planning strategyPrestrategy Industry Analysis A What is the productservice What does it look likeHow is it delivered NAICS code search B Nature of the Customer Base Size of Market What does it look like GrowthDecline Profit marginsBenefits values we are offering to the customer Desires that customer has and are willing to pay for Value any benefit other than price Tangible or Intangible status safetyCost only wants to buy something w a low price Typically arent loyal customers Key competitor would be WalMart YUCKStrategy Selection
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