capturing marketing insights Flashcards
Name the typical buying process (BTC)
problem recognition -> information search -> evaluation of alternatives -> purchase decision -> post-purchase behaviour
How can you identify competitors?
by using industry and market-based analysis
Name the different perspectives on consumer behavior
behaviorist perspective, the information-processing perspective, the emotional perspective, the cultural perspective
Name the different categories the forces in the company environment can be divided up in
Deterministic forces, moderating forces, asymmetric forces, indeterministic forces
What is the buying centre?
The decision-making unit of a buying organisation
What is the consumer behavior influenced by?
3 factors - Cultural ( culture, subculture, social class), social (reference groups, family, social roles), personal (age, stage in life, occupation, economic, lifestyle, personality)
What is a market follower?
A runner-up firm willing to maintain its market share and not rock the boat. Can play the role of counterfeiter, cloner, imitator, or adaptor
What is the microenvironment?
Customers, suppliers, distributors, agencies and competitors
What is a deterministic force?
An environmental force that has a direct and determining influence on a company
What is a moderating force?
An environmental force that influences the company in several but not entirely different ways (often a set of known consequences)
What is a market challenger?
A company that tries to attack the market leader and other competitors in an aggressive bid for more arket share.
name the five major environmental forces
politica/legal, economic, ecological/physical, social/cultural/demographic and technological (PEEST)
What is a megatrend?
large social, economic, political, and technological changes that are slow to form, and once in place, they influence us in some time (between seven and ten years or longer)
How does the market leader remain its position
expand total market demand, protect its current market share and increase market share
What is a cohort?
groups of individuals who are born during tha same time and travel through life together
What is a reference group?
all the groups that have a direct or indirect influence on the persons´ attitudes or behavior
What do you need to study in a competitor analysis?
The competitors´ strategies, objectives, strength and weaknesses
What is a trend?
A direction or sequence of events that has some momentum and durability
What is the macro environment?
major forces impacting all companies, such as consumer trends, technological developments, and social, legal and political forces
What is an asymmetric force?
An environmental force that leads to a set of unknown consequences of a company
What is a fad?
a need or trend that is unpredictable, short-lived and without social, economic, and political significance
What is a market leader?
The company with the largest market share in the relevant product market
What is a market niche?
A company that serves small market segments not being served by larger firms
What is organizational buying?
the decision-making process, by which formal organizations establish the need for purchased products and services and identify, evaluate and choose among alternative brand and suppliers
What does the buying centre consist of?
initiators, users, influencers, deciders, approvers, buyers and gatekeepers
What is an indeterministic force?
An environmental force that only has a small and negligible or no consequence for the company
What is the PEEST model and why do firms make it?
Political, (laws) Economic, Ecological (Environment), Social/Cultura/demographic
Technology. They make it to be aware of opportunities and threats.
What is inductive and deductive research
Inductive: We are interested in finding out what is happening in peoples mind. We can put a theory on it.
Deductive: We want to test a theory
What are the competitive strategies for market leaders?
Expanding the total market (new customers, more usage), Protecting market share (position defence, counterattack, attacking before enemy starts its offence) Expanding marketshare (gaining increased share, does not automatically produce higher profits)
Market strategies for market challenger
Attacking market leader
Attacking firms of its own size
Attacking small local and regional firms
Market follower strategies
willing to maintain its market share. can achieve high profits, because it doesn’t bear the innovation expense. They are targets of attacks from challengers.
Market niche strategies
They need to create, expand and protect niches. They are profitable because they know the target customer and their needs better than other firms selling.
