Competitor Analysis Flashcards
Competitor Analysis
a business must do research to determine who its competitors are, how these competitors operate, and how customers perceive the products of its competitors
Strategic Marketing
a function that entails planning, executing, and reviewing and attempts to create business value by creating and sustaining a competitive advantage
Market Segmentation
a marketing strategy which involves dividing a broad target market into subsets of consumers, businesses, or countries who have, or are perceived to have, common needs, interests, and priorities, and then designing and implementing strategies to target them
what are the 3 ways to create a competitive advantage
product development
market development
market penetration
Product development
attempts to develop and introduce a new product to an existing market
Market development
attempts to get new customers to buy existing products
Market penetration
-attempts to increase an existing product’s share of existing markets
Product Differentiation
deals with creating a product that is different and possesses unique qualities that make it the most desirable among customer alternatives
Product Positioning
deals with getting the customer to perceive that the product is different and provides more value compared to competing products
Product Life Cycle
Introduction Stage (opportunity stage)
Growth Stage (star stage)
Maturity Stage (cash cow stage)
Decline Stage (dog stage)
*Businesses that introduce a product are market leaders (all about risk and return)
