Market Analysis& Strategies

Question 1

Market research

Answer 1

1. Primary research:
   - Ongoing market evaluation (Customer panel, Dealer panel)
   - One-time market analysis (Observations, e.g. empathic; Surveys, e.g. focus groups; Tests, e.g. prototypes, blind studies)
2. Secondary research (Statistics, Literature, e.g. market reports, business cycle analysis)

Question 2

Marketing Segmentation

Answer 2

Geographic - Region, size of city, climate, language

Demographic - age, nationality, gender, religion, education, Income, etc

Psychographic - personality, social ambitious, conservative,
- Life style

Behavioristic - Buying motives, info sources, brand loyalty

Leisure activities, foods, hobbies

Question 3

Crafting of Marketing Strategy

Answer 3

1. Market research
2. Segmentation
3. Targeting - evaluation of segments potential (size, growth, customer willingness to pay);

Selection of one or several segments;

Targeted/ specific marketing efforts (product offering how to address customers)

4. Positioning - Differentiation from competition (Lower price, emotional brand, excellent quality, ease-of-use)

Question 4

Generic competitive strategies (M. Porter)

Answer 4

• Differentiation strategy - Large additional customer benefit, unique selling proposition, price premium
• Cost/Price Leadership strategy - Best cost position in inductry, lowest prices in industry

Question 5

Effectiveness of Brand

Answer 5

➢ Emotional experience
➢ Status symbol
➢ Expression of own personality
➢ Reduction of quality uncertainty
through signalling & imitation