Flashcards on Internal Assessment in Strategic Management
Internal Assessment in Strategic Management: A Complete Guide
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Marketing
21 cards
Card 1
Question: What is test marketing and why is it important in product/service planning?
Answer: Test marketing is testing alternative marketing plans and forecasting sales for new products; it helps reveal weak products and ineffective marketing
Card 2
Question: Name three things distribution includes.
Answer: Warehousing, distribution channels, and retail site locations (also distribution coverage, sales territories, inventory levels/location, transportatio
Card 3
Question: Why do most producers use intermediaries instead of selling directly to consumers?
Answer: Intermediaries (wholesalers, retailers, brokers, agents, vendors, distributors) handle distribution functions, and manufacturers often gain greater re
Card 4
Question: What are the five major stakeholders that affect pricing decisions?
Answer: Consumers, governments, suppliers, distributors, and competitors.
Card 5
Question: Give two examples of government constraints on pricing.
Answer: Constraints include prohibitions or regulations on price fixing, price discrimination, minimum prices, unit pricing, price advertising, and price cont
Card 6
Question: List two practices competitors must avoid to comply with antitrust concerns.
Answer: They must avoid coordinating discounts/credit terms/conditions of sale and discussing prices, markups, or costs at trade association meetings (also av
Card 7
Question: Why should strategists consider price from both short-run and long-run perspectives?
Answer: Because competitors can copy price changes easily, so short-term gains may be eroded and long-term effects differ.
Card 8
Question: What is marketing research?
Answer: The systematic gathering, recording, and analyzing of data about problems related to marketing goods and services.
Card 9
Question: How does strong marketing research capability benefit an organization?
Answer: It uncovers critical strengths and weaknesses, supports all major business functions, and is a definite strength for pursuing generic strategies.
Card 10
Question: What are the three steps in conducting a cost/benefit analysis?
Answer: 1) Compute total costs of a decision, 2) Estimate total benefits, 3) Compare total costs with total benefits.