Marketing - Opportunity Analysis Flashcards
Define Customer Value
A customers perception of what they want to have happen in a specific use situation to accomplish a goal.
Customer Value Hierarchy
Product/Service Attributes
Use Consequences
– use situations –
Desired Endstates
What are the benefits of defining the market structure
lend order to a chaotic assortment of products and customers
What are the categories of a market structure
Generic Class
Product Type
Product sub type
Product sub sub
Brands
What is needed channel arrangement
number of intermediates in the channel
types and number of firms
geographic coverage
what cooperation is needed in channel analysis
advertising assistance
pricing assistance
promotional assistance
inventory management
information sharing
product servicing
what incentives are required in customer channel analysis
pricing discounts, advertising allownaces
order assistance
delivery terms
What are the normal operating procedures
terms of trade
functions performed by channel members
typical order cycles and quantities
standard discounts
What are the first principals of marketing?
All customers differ
All customers Change
All customers react
All resources are limited
Marketing Strategy Defination
decisions and actions focused on building a sustainable differential advantage relative to competitors in the minds of customers to create customer value
what are the five key elements of marketing strategy?
Customer perspective
leads to differential advantages over competitors
sustainability
ability to enhance firm performance
guides decisions and actions
What key marketing decisions to you make to battle “all customers differ”
Managing customer heterogeneity
What key marketing decisions to you make to battle “all customers change’
Managing customer dynamic
What key marketing decisions to you make to battle “all competitors react”
managing sustainable competitive advantage
What key marketing decisions to you make to battle “all resources are limited”
Managing resource trade-offs
What are the 5 sources of customer heterogeneity?
individual differences
life experiences
functional needs
self-identity / image
marketing activities
What are the levels of Marketing
Mass marketing - as many people as possible
target marketing - slight differentiation
1:1 marketing - complete differentiation
Segmenting, Targeting, Positioning (STP) Approach
S - Divide markets into groups
T - select the best customers
P - improve relative advantage for your intended customers
How can you segment a B2C market
Demographic, geographic, physographic, behavioral
How can you segment a B2B market?
Firmographic, geographic, industry, behavioral
What are the requirements for effective segmentation
measurable, accessible, substantial, differentiable, actionable
What is homogeneity
customers within a group that have very similar needs
what is heterogeneity
customers across groups with different needs
what are the factors in segment attractiveness and target markets
Customer attributes, competition level, companies ability to serve the market
