Competitive advantages are attributed to a variety of factors including cost structure, branding, the quality of product offerings, the distribution network, intellectual property, and customer service.
What are the 5 factors that influence business success?
- Set a business goal
- Understand Your Customer Needs
- Research your competition
- Attract and retain the right talent
- Be transparent with your team
- Become a decisive leader
- Learn to be patient
- Keep business documents
What are the 7 core principles of marketing
These seven are: product, price, promotion, place, packaging, positioning and people. As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you’re on track and achieving the maximum results possible for you in today’s marketplace.
What are the key factors of competitive success?
- Specific strategy elements
- Product attributes
- Resources
- Competencies
- Competitive capabilities
What are the two basic determinants of market prices
Summary. Market prices are dependent upon the interaction of demand and supply. An equilibrium price is a balance of demand and supply factors.
How do you analyze product life cycle?
- Know your product: The first step is understanding your product clearly
- Understand your market: It’s also important to understand your target market well
- Monitor sales: Keep an eye on your product’s sales figures
What are the 5 stages of opportunity analysis?
- Identify potential opportunities
- Define your purpose and objectives
- Gather data from primary sources
- Gather data from secondary sources
- Analyze and interpret the results
What are the four capital markets
These venues may include the stock market, the bond market, and the currency and foreign exchange (forex) markets.
Most markets are concentrated in major financial centers such as New York, London, Singapore, and Hong Kong.
What are the goals of marketing
While the primary goal of marketing is to generate revenue, marketing achieves this desired state through a unique approach as compared to other business units such as sales or customer service.
Awareness: Target audience knows your brand and solution.
What are the 4 steps in marketing control
The marketing process consists of four elements: strategic marketing analysis, marketing-mix planning, marketing implementation, and marketing control.
What is the first step in a strategic analysis process?
- Step 1: Know your goals
- Step 2: Collect and analyze the information
- Step 3: Construct a strategy
- Step 4: Implement your strategy
- Step 5: Evaluate and control
What are the 5 marketing management functions?
- Selling
- Buying and Assembling
- Transportation
- Storage
- Standardization and Grading
- Financing
- Risk Taking
- Market Information
What are the 4 principles of branding?
- Brand Identity
- Brand Meaning
- Brand Response
- Brand Relationship
What is the 5 point test for opportunity screening
5-Point Test for Opportunity Screening Customer – Is the market real? Timing – is it big enough?
Finance – Can it be profitable? Product – Can we differentiate?
What is a PLC analysis
PLC analysis is the process of purposefully examing a product and making strategic design, pricing, andmarketing decisions to optimize the product for each stage of its life cycle.
What are the 7 examples of barriers to entry?
- Economies of scale
- Product differentiation
- Capital requirements
- Switching costs
- Access to distribution channels
- Cost disadvantages independent of scale
- Government policy
- Read next: Industry competition and threat of substitutes: Porter’s five forces
What is GE model in strategic management
The G. E. Business Model as known as the McKinsey Matrix is defined as, “The GE-McKinsey nine-box matrix is a strategy tool that offers a systematic approach for the multi-business corporation to prioritize its investments among its business units”.
What are the 7 steps of product life cycle?
- Stage 1: Idea Generation
- Stage 2: Idea Screening
- Stage 3: Concept Development & Testing
- Stage 4: Market Strategy/Business Analysis
- Stage 5: Product Development
- Stage 6: Deployment
- Stage 7: Market Entry/Commercialization
What is Porter’s 5 Forces analysis example
Examples: High barrier to entry and high exit barrier (for example, telecommunications, energy) High barrier to entry and low exit barrier (for example, consulting, education) Low barrier to entry and high exit barrier (for example, hotels, ironworks)
What are the 4 types of segmentation
Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.
What are the 4 barriers to entry
There are 4 main types of barriers to entry – legal (patents/licenses), technical (high start-up costs/monopoly/technical knowledge), strategic (predatory pricing/first mover), and brand loyalty.
What are the 5 bases of segmentation
Five ways to segment markets include demographic, psychographic, behavioral, geographic, and firmographic segmentation.
What are the 5 stages of life cycle
Key Takeaways. A life cycle in business follows a product from creation to maturity and decline.
There are five steps in a life cycle—product development, market introduction, growth, maturity, and decline/stability.
References
https://smallbusiness.chron.com/four-methods-competitive-advantages-32344.html
https://learn.marsdd.com/article/barriers-to-entry-factors-preventing-startups-from-entering-a-market/
https://www.mindtools.com/pages/article/market-sizing.htm
https://strategiccfo.com/articles/profitability/porters-five-forces-of-competition/
https://www.savvysme.com.au/article/1546-5-factors-that-shape-market-trends
