4 P's
What are the 4 P's
Product -Price-Place-Promotion
What does SWOT stand for?
strengths, weaknesses, opportunities, and threats.
Give an example of a "dog"
VCR, floppy drive, flip phone
Selling a new product to a new market is called
diversification
The place a product occupies in relation to competing products. Ritz-Carleton- Holiday Inn- Motel 6
Position
Which P deals with variety, style, color, quality?
Product
Give an example of a strength
capital, employees, quality, etc.
Having a large market share in a LOW GROWTH industry would be considered a_______
Cash Cow
Keeping your existing product but selling more to your existing market is called
Market Penetration
What are 3 different things we think of when we speak about demographics?
Age, gender, income, location, education
Which P deals with logistics, supply chain and locations
Place
Is an opportunity internal or external
external
What product would be an example of a STAR
i-phone, x-box, etc.
selling your existing product to new markets, such as a website, different countries or different demographic groups is called
Market Development
The leading company in a product category: Example Coke
Market Leader
Which P deals with coupons, discounts and payment terms?
Price
Give an example of a threat?
pandemic, striking transportation, ban on product, inflation, gas prices
Give an example of a question mark?
square cash, AI, venmo, new products just released, robots, driverless cars.
Selling a new product to a new market that shares no similarity to your current product offering is what type of diversification?
unrelated
The runner-up company that aggressively attacks the competitor is called
The Market Challenger
Which P deals with advertising, slogans, social media presence?
Promotion
What would a lack of working capital be considered
weakness
What are the 2 labels on the Boston Consulting Group Matrix
Low/High Growth, and Low/High Market Share
Offering your existing market a product in a different style or color, or teaming up with a different partner- example Barbie Electronics
Product Development
Taking a market and dividing it in different ways by either age, gender, income, or other variable is called:
Market Segmentation