Chapter 3 Flashcards
group of companies that are related based on their primary business activities.
industry
allows you to assess the overall industry that you’ve chosen for your business.
Industry analysis
can be given in volume of product sold or value of products.
Market size
is the proportion (usually percent) of the total market held by one particular company.
Market share
is an analysis of past and current market behavior and dominant patterns of the market and consumers.
market trend analysis
subset of the PESTEL Analysis
Trend analysis
section is one of the most important parts of a marketing plan. It outlines your company goals, strengths and weaknesses; describes your target customers; identifies your important partners and distributors; and provides an analysis of the competitive environment.
situational analysis
is identifying target market segments that are predisposed to preferring your products over those of your competitors.
customer analysis
is a sub-set of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function.
market segment
is a process companies use to break up their potential
customers into different groups or segments.
Market Segmentation
is one of the most common approaches, dividing target markets into
segments based on statistical characteristics of a population.
Demographic segmentation
as the name implies, geographic segmentation organizes markets
into different groups of people based on geographic location
Geographic segmentation
seeks to go deeper into qualitative attributes
Psychographic segmentation
focuses on how different segments act
Behavioral segmentation
is the B2B equivalent for organizations
Firmographic segmentation
is a strategic approach to mapping out audiences based on their specific phase in the customer lifecycle,
Journey stage segmentation
sometimes referred to as “interaction segmentation”, this lens zooms in on the specific types of interactions, transactions, and micro-behaviors a consumer has with a brand across their entire experienced journey.
Transactional segmentation
refer to the functional needs, desires and
goals of a target audience. A company may identify an area of the market with unmet needs.
Market Needs being addressed
They are habits and routines that consumers establish through the products and services they buy. Buying patterns are defined by the frequency, timing, quantity, etc. of said purchases.
Buying patterns
are the behavior patterns consumers exhibit while interacting with a product.
Usage Habits
(also known as company information or a company summary) is an essential part of a marketing plan. It’s an overview of the most important points about the product/company—your history, location, mission statement and legal structure
company overview
is a written introduction to a company that highlights its mission, goals, and strengths, as well as its products or services. This essential document can be used for various purposes, such as attracting funding from potential investors, building a brand image, and recruiting talent.
Company Profile
Evaluating your brand’s current position is a crucial step in any branding strategy. It helps you understand how your brand is perceived, how it compares to your competitors, and what opportunities and challenges you face.
Current Position of the Company/Brand in the Market
is an audience-focused rather than product-focused approach to marketing communications, which helps deliver more relevant messages to commercially appealing audiences.
Segmentation, Targeting and Positioning
is the process of dividing a company’s target market into groups of potential customers with similar needs and behaviours.
Segmentation
also known as multisegment marketing, is a marketing strategy that involves identifying specific personas or markets for specific content.
Targeting
is where your product or service fits into its market, what features make it unique and why it’s better than competitors’ offerings.
Positioning
They are also known as a
marketing mix.
product, price, place, and promotion
is a business’s plan for reaching prospective
consumers and turning them into customers of their products or services.
marketing strategy
technique developed at Stanford in the 1970s, frequently used in strategic planning.
SWOT analysis
is a process where the management team identifies the internal and external factors that will affect the company’s future performance.
SWOT analysis
variant of the classic business tool.
first matches internal factors to external factors to help identify relevant strategic options that an organization could pursue.
TOWS Analysis
SWOT Analysis created by
Heinz Weihrich
are any third parties that work directly with your company to support or assist in the development or execution of a strategy
Collaborators
are other businesses who can offer the same or similar goods and services to your customers
Competitors
actively compete with you for the same customers, such as a similar business in your local area.
Direct competitors
are those in the same category as you but sell different products or services and target a different market.
Indirect competitors
The final part of the situation analysis of your marketing plan
is an important part of your marketing plan. It can provide key insights into growth opportunities for your company
Competitive Analysis
