Competitors & Customers Flashcards
1
Q
Marketing Mix
A
Product Place Promotion Price People Processes Physical Evidence
2
Q
Market segmentation
A
- Consumer
- Industry
- Others - Government, reseller, export
CONSUMER SEGMENTATION
- Homogeneous sub groups
- Select a target market > use distinct marketing mix > Focus Strategy
- Can be
UNDIFFERENTIATED: same product to whole market
CONCENTRATED: one segment only
DIFFERENTIATED: several versions for many segments
REASONS FOR SEGMENTATION
- Better satisfaction on customer need
- Revenue/Profit growth
- Customer retention
- Targeted communication
- Product positioning
SEGMENTS SHOULD BE
- Measurable
- Profitability assessed
- Stable
- Susceptible to a distinct marketing mix
3
Q
Industry Life Cycle
A
Strategy needs to be appropriate to where industry or products are in life cycles
STAGES Inception Growth Maturity Decline
ASPECTS Product characteristics Competitors Buyers Profits Technology Production processes
4
Q
Understanding the Customer
A
TOOLS FOR ANALYSIS
• Marketing Audit
• Key Customer Analysis
• Customer Profitability Analysis
Customer Lifecycle
- Promotional expense front loaded. Sales grow with time
- Customer income rise with time. Early purchases are basic, likely to grow with time
