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Marketing > Market and competition analysis > Flashcards

Market and competition analysis Flashcards

1
Q

In order to market a product (P/S) we do what ?

A

prepare a marketing strategy

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2
Q

Mkg strategy (POIC) incorporates 2 key components, which one ?

A
  • target market
  • value proposition
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3
Q

In order to prepare a marketing strategy they ?

A
  • study the environment
  • be aware of the situation
  • consider demand
  • assess market potential and business opportunities
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4
Q

3 elements of external environment to consider ?

A

the market
the competition
the market dynamics

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5
Q

Market definition for economics ?

A

Is a physical or virtual place where two or more parties can meet to engage in an economic transaction
- market transaction may include goods, services, information, currency or any combination that passes from one party to another

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6
Q

Market definition for marketing

A

In marketing, the market refers to the group of consumers or organisations that is interested in the product (P/S), has the resources to purchase the product
- Market is demand, what the costumers want what I can make him think that he need

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7
Q

In other words : market is defined by ?

A

demand

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8
Q

What are The major concepts in demand measurements ?

A
  • Market demand
  • Company demand
  • Market forecast
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9
Q

What is market demand ?

A

Volume that could de brough by a defined customer group in a defined geographic area, time period, marketing environment under a defined marketing program.
Total volume of activity we can get

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10
Q

What is company demand ?

A
  • Company’s estimated share of market demand at a given time period.
  • Its my budget, expectations, forecast of the sales I can do according to my capacity of manufacturing, resources that are available to me
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11
Q

What is market forecast ?

A
  • a market forecast refers to the process of estimating future market conditions, consumer demand, and industry trends to guide marketing strategies and decision-making.
  • It helps businesses anticipate changes and opportunities in the market.
  • Credibility that we do and give about our marketing and vision and understanding of the market

-If under forecast, you seem like you didn’t anticipate the market whiwh is not good in the eyes of others

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12
Q

What is a market ?

A

Market is a group of customers or potential customers, in the population.

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13
Q

What are the 4 market categories ?

A

Potential market (PM)
Available market (AM)
Target market (TM)
Already penetrated market (APM)

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14
Q

what is Potential market (PM) ?

A

Population that have an interest (industries).

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15
Q

What is Available market (AM) ?

A

Prospective customers that have the money to buy, and are qualified (industries).

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16
Q

What is Target market (TM) ?

A

Customer that the company has determined to serve.

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17
Q

what is Already penetrated market (APM) ?

A

Customers who already bought our P/S (company).

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18
Q

What are the marketing strategy performance evaluation (quantification) ?

A
  • Rate of achievement of objectives (I1):
  • Company market shares (I2):
  • Market penetration rate (I3):
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19
Q

What is Rate of achievement of objectives (I1):
?

A

Penetrated market versus Target market (APM/TM).

20
Q

what is Company market shares (I2):?

A

Penetrated market versus Available market (APM/AM).
It is my already penetrated market divided by available market

21
Q

what is Market penetration rate (I3) ?

A

Available market versus Potential market (AM/PM).

22
Q

What is the law of diffusion and innovation ?

A

Is the theory describes how new ideas, behaviors, technologies or goods spread through a population, gradually rather than all at once.

innovators, early adopters, early majority, late majority, laggards

23
Q

What is the Law of demand ?

A

One of the most fundamental concepts in economy.
The law of demand states that the quantity varies inversely with price.
Price elasticity.

24
Q

What are the 2 factors that influence demand ?

A
  • Endogenous factors, controllable. The one the within my organization I can influence
  • Exogenous factors, uncontrollable. I don’t have an influence on that. No customers, no business
25
Q

What is Forecasting market demand ?

A

Forecasting is the art of anticipating what buyers are likely to do under a given set of conditions. Those conditions comes out from our mix marketing that we can get

  • Market potential
  • Company sales potential
    = Our capacity to deliver, what we did forecast and what the market expects from us. If we don’t deliver people will not be happy about that
26
Q

what is Market potential ?

A

Consists of the maximum sales available to all firms in the industry during a given period, under a given level of industry marketing effort and extant environmental conditions

27
Q

Macroeconomics forecast ?

A

influence by inflation, unemployment, interest rates, customer spending, business investment, government expenditures, net exports and other variables (Gross Domestic Product).

28
Q

what is Company sales potential ?

A

Sales limit approached by the company as company marketing effort increases to that of competitors
- Importance of marketing research.

29
Q

Forecasts are built on one of the 3 information bases ?

A

What people say,
what people do
what people have done.

30
Q

Company sales potential, building forecast:
On what people do, means ?

A

Putting the product into a market to measure buyer respond.
Concerns about what people do and not what they have done

31
Q

Company sales potential, building forecast:
On what people have done, means ?

A

Analyse records of past buying behavior or use time-series analysis or statistical demande analysis.

32
Q

Consumer’s buying process and organizational ‘s purchasing process (class 5):

A

Cognitive (1-2) – emotional (3) – conative (4-5).

Survey of buyer’s intentions. Ask marketers to do that, provide information about what is happening to our costumers
Composite of sales force opinions.
Expert opinions.
Past-sales analysis.
Market-test method.

33
Q

what are the 4 competitive situations ?

A
  • Pure and perfect competition
  • Oligopoly
  • Monopolistic competition
  • Monopoly
34
Q

what is Pure and perfect competition ?

A

A market with a large number of competitor selling the same or similar products (P/S).
Products are the same but the price changes

35
Q

what is Oligopoly ?

A

Markets dominated by a small number of suppliers.
Ex : the fuel companies,
How can we know that is it a oligopoly ? Government will pay a particular attention to it.

36
Q

what is Monopolistic competition ?

A

Market structure where many compagnies are present in an industry. They produce similar but differential products (P/S).
They don’t disturb the market about it

37
Q

what is Monopoly ?

A

Market structure where a single seller or producer assumes a dominant position in an industry or a sector (patent).

38
Q

What are the 3 competitive advantage measurements ?

A
  • Business competition
  • Competitive environment
  • Competitive advantage
39
Q

what is Business competition ?

A

I- s the rivalry (the aggressivity people have in their marketing and business plan) between organisations or compagnies that offer the same P/S or have the same target audience as customers. (rivalry comes from competitors or we can decided to become our own)

  • These businesses compete with one another to increase their sales, gain more market share and retain more customers
40
Q

what is Competitive environment ?

A
  • Space where rivalries take place according to 2 elements.
  • Product and Service (P/S).
  • Geographic horizon (territory).
  • More important is the market share more rivalry there will be
41
Q

what is Competitive advantage ?

A

2 main competitive advantage :
- Market power: product superiority (differentiation or patent).

  • Productivity power: ability to manufacture or deliver at lower cost (P/S).
    Ideal to have both power.
    = best protection from rivalry that you can get about
42
Q

The Five Forces model is for what ?

A
  • To analyse the industry structure of a company as well as its corporate strategy.
  • To measure competition intensity.
43
Q

voir clide 15 class 6 for FIVE FORCES MODEL

A
  • suppliers
  • new entrants
  • customers
  • substitutes
  • COMPETITION IN THE INDUSTRY
    RIVALRY BETWEEN COMPANIES
44
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45
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46
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Marketing (7 decks)

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