Competitive Advantage in Marketing Flashcards

Competitive Advantage in Marketing Flashcards
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SWOT Analysis
This is a type of business analysis that takes into account internal Strengths, internal Weaknesses, external Opportunities, and External strengths before making a decision.
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Niche Competitive Advantage
This is a way that smaller companies target a specific segment of the market.
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Cost-Competitive Advantage
This happens when a company is able to take a workforce and combine it with a low-cost production process to create maximum value to consumers.
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Product Differentiation
This is what separates a company's product or service when it offers something unique as compared to other companies.
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Competitive Advantage
This is something a company believes gives it an edge because of the exclusive features of the company and/or its products that rival similar businesses.
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Pricing
This is the amount a consumer must give up to obtain a product or service.
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Promotion
This part of the marketing mix is where marketers use the media to tout the value of their products or services.
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Place
This piece of the marketing mix is a location that can be physical or virtual, but it is exists so that products or services can be purchased.
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Service
These are products that you can't actually touch or see, and expire almost immediately.
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Product
This component of the marketing mix is something of value that is provided with a voluntary marketing exchange.
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Marketing Mix
This is a how a company combines the four Ps within a marketing plan to target a specific market.
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Product, Place, Promotion, and Price
These make up the Four Ps.
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Flashcard Content Overview

Learn more about the components that make up the marketing mix in this flashcard set. We will cover product, place, promotion, and price. These are known as the Four Ps. This review also highlights the various ways companies can gain a competitive advantage, including product differentiation, cost-competitive advantage, and niche strategy. You will also learn more about SWOT, target marketing strategies, and the business mission statement. Examples of strategic alternatives in marketing are addressed, including market penetration, diversification, market development, and product development.

Front
Back
Product, Place, Promotion, and Price
These make up the Four Ps.
Marketing Mix
This is a how a company combines the four Ps within a marketing plan to target a specific market.
Product
This component of the marketing mix is something of value that is provided with a voluntary marketing exchange.
Service
These are products that you can't actually touch or see, and expire almost immediately.
Place
This piece of the marketing mix is a location that can be physical or virtual, but it is exists so that products or services can be purchased.
Promotion
This part of the marketing mix is where marketers use the media to tout the value of their products or services.
Pricing
This is the amount a consumer must give up to obtain a product or service.
Competitive Advantage
This is something a company believes gives it an edge because of the exclusive features of the company and/or its products that rival similar businesses.
Product Differentiation
This is what separates a company's product or service when it offers something unique as compared to other companies.
Cost-Competitive Advantage
This happens when a company is able to take a workforce and combine it with a low-cost production process to create maximum value to consumers.
Niche Competitive Advantage
This is a way that smaller companies target a specific segment of the market.
SWOT Analysis
This is a type of business analysis that takes into account internal Strengths, internal Weaknesses, external Opportunities, and External strengths before making a decision.
Internal Strengths and Weaknesses
Finances, engineering, marketing, employees, production cover these parts of a SWOT analysis.
External Strengths and Weaknesses
The economy, events, demographics, and social, political, and technological changes cover these parts of a SWOT analysis.
Environmental Scanning
This is used to determine a company's external strengths and weaknesses.
Target Market
This is usually a small group of consumers that is likely to buy a company's products or services.
Marketing Strategy
This is a thought process and plan that is developed so that a company can look at what markets to target for a product or service.
Marketing Opportunity Analysis
This is a process that companies use to analyze the size of the market, what profits can be made, and who might be the competition.
Market Penetration
This type of marketing strategy focuses on ways to expand customers and market share.
Diversification
This type of marketing strategy develops when a company designs a new product for new markets.
Market Development
This type of marketing strategy focuses on getting more new customers to buy existing products.
Product Development
This type of marketing strategy is one where a company develops new products for current customers.
Business Mission Statement
This is developed to inform consumers and investors why a company is selling a certain product.
The three strategies for selecting target markets
The three strategies to achieve this are: taking on the entire market with one marketing mix, focuses on one segment of the market, or going after many market segments with multiple marketing mixes.

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