Analysis Flashcards
What is market build up?
method of estimating the revenue potential of an industrial market by identifying the number of potential buyers in the market and the purchase requirements of each
What is the jury method?
– this is where the opinions of a specific number of customers are used to generate a composite opinion of demand level and likelihood and will usually include an element of whether a particular offering will be accepted by the target customer.
What is trend analysis?
– this approach takes a more analytical view by collecting historical information and trying to determine a pattern or trend in it that can be confidently projected forward. In project management situations this analysis would look at variances in past cost and schedule performance and apply those trends to future forecasts.
What is concept testing?
– this is where demand for a particular new offering is tested by presenting target customers with an approximation of the final product or service and allowing them to view or use that offering within certain limitations. User responses are collated and fed back into the product development process with the intention that the final product reflects the demands of the target users. This method has its shortcomings as users may respond differently (often less harshly) to a concept than to a finished product or service.
What is test marketing?
a method that aims to explore consumer response to a product or marketing campaign by making it available on a limited basis to test markets before a wider release
What is the wayback machine?
the Wayback Machine is a digital archive of the World Wide Web and other information on the Internet created by the Internet Archive. This service enables users to see archived versions of web page
There are many tools on the Internet to identify and monitor data… what are a few?
Wayback machine
Google analytics
Google alerts
What are PESTEL risk factors for a marketing plan?
Legal and political
Finance and money
Technical risks
Changes in the consumer eg. lifestyle/social change
What are some risks for a marketing plan?
Business impact and benefits (Level of stakeholder support)
Corporate reputation
Inter-org factors (Conflict/cultural issues)
Testing, compliance and standards issues
Acts of god or accidents
Competitive threat
What are some barriers to making/implementing plans?
Weak support from the top
Lack of a plan to make the plan
Lack of LM support
Poor plan (Use of jargon, over-analysis, lack of reliable market info)
Lack of integration with other plans
Lack of communication between functions
Lack of resource
What are driving forces for change?
- Customer complaints
- Frustration caused by inefficient methods or systems
- A focus on competitor’s change
- New technology becoming available
- A new leader in the organisation
What are restricting forces that discourage change?
- A shortage of resources
- Opposition from key influencers within the organisation
- Managerial pre-occupation with day-to-day issues
- Rigid internal structures
- Strong cultural ‘it’s worked well in the past’, ‘change for change’s sake’ views
How can driving forces be strengthened?
- Emphasising the needs and benefits of change (for example, threat from competitors
or environmental changes) - Training people to cope with change
- Allocating resources to change
- Gaining the support of internal influencers
How can restraining forces be weakened?
- Persuading resistors of the need for change
- Involving resistors in solving the problem
- Negotiation, such as offering concessions to reduce resistance
