SWOT
What is a mission statement?
A brief explanation of a company’s or organization's many purposes, focus, and reason
What are the four categories in the Growth Share Matrix?
Stars, Cashcows, question marks, and dogs
This strategy involves selling more of your existing products to your existing customers.
What is Market Penetration?
Why do organizations use a mission statement?
To clearly address the company’s core purpose and goal
What is a strategic business unit
A strategic business unit is a contained division larger than a company that operates its own distinct business
Which category has the greatest potential to become a Star if its market share increases?
Question marks
A company sells its existing products in a new country or targets a new group of customers. This is what strategy?
What is Market Development?
Define Market Differentiation
Making a product or company stand out from its competitors, making the company unique
What does each letter in S.W.O.T. stand for?
SWOT stands for.. S- strength,W- weaknesses,O- opportunities, T-threats
Market share measures how much of the total market’s _____ a company’s product controls.
Sales
A company creates a new product to sell to its current customers. What Ansoff Matrix strategy is this?
What is Product Development?
Define Diversification
A growth strategy where a company enters a completely new market with new products
Strengths turn into_____and weaknesses turn into _____
Opportunities, Threats
A company launches a new phone in a growing market, but few customers actually buy it. What category is this?
Question Marks
A company that sells shoes begins selling smartphones to a completely new market. This strategy involves both new products and new markets. What is it?
What is Diversification?
Define Market Segmentation
Dividing a broad target market into smaller groups of consumers with similar needs.
Describe Strategic planning process
Define the mission statements and the vision, conduct an analysis, formulate strategy, and implement strategy.
A company launches a new phone in a growing market, but few customers actually buy it. What category is this?
Dog
A fast-food restaurant opens in a new country but continues selling the same burgers and fries. Which Ansoff Matrix strategy is being used, and why?
What is Market Development, because the restaurant is selling existing products in a new market?
Define Product Positioning
How a product is presented and perceived in the consumer's mind