Marketing Strategy Flashcards
The 5 C’s Marketing Analysis
- Customers
- Company
- Competitors
- Collaborators
- Context
Creating Value
Market Segmentation, Target Market, Product & Service Positioning
Product & Service, Place/Channels, Promotion
Capturing Value
Pricing
Sustaining Value
Customer Acquisition, Customer Retention
Primary Marketing Strategy Activities
Market Segmentation, Target Market, Product & Service Positioning
appropriate Marketing Mix
Creating value & capturing, and sustaining value
Business Strategy
Mission –> Objectives –> Strategy –> Implementation
Solving Marketing Problems
- What’s going on
- What should goals/ objectives be?
- What is our strategy? - Create value
- How we are going to do it?- Implementation plan
- What will happen?- Costs/Benefits
First step in marketing program
buyer behavior- understanding customers
the study of the consumers and exchange processes involved in acquiring, consuming and disposing of goods, services, experiences and ideas
Consumer Behavior
7 O’s in Consumer Research
Occupants, Objects, Objectives, Organizations, Operations, Occasion, Outlets
7 Questions of Consumer Research
Who constitutes the market? What does market buy? Why does market buy? Who participates in buying? How does market buy? When does market buy? Where does market buy?
Consumer Buying Process
- Problem Recognition
- Information Search
- Evaluation of Alternatives
- Purchase Decision
- Post-purchase behavior
Participants in Buying Process
Initiators, Approvers, Buyers, Influencers, Users, Deciders, Gatekeepers
Analyzing Competitors
Strategies, Objectives, Reaction Patterns, S&Ws
5 Forces Model
Potential Entrants, Power of Suppliers, Bargaining Power of Buyers, Threat of Substitutes, Industry Competitors (segment rivalry)
Context Analysis
Political, Economic & Market, Social & Cultural, Technological
Characteristics of a Good Marketing Analysis
Focuses on pertinent aspects of the situation only
Demonstrates a compelling understanding (or diagnosis) of situation
Motivates objectives and provides the rationale for subsequent recommendations
Strategies for growth
market/product matrix- Market Development, Market Penetration, Product Development, Diversification
Market Structure
40% Market Leader, 30% Market Challenger, 20% Market Follower, 10% Market Nicher
Market Leader Strategies
Expand Market
Defend Market Share
Increase Market Share
Market Challenger Strategies
Attack Leader
Maintain Status Quo
Market Follower Strategies
Imitate
Market Nicher Strategies
Specialize
Defense Strategies
- Position Defense
- Flank Defense
- Preemptive
- Counter-offensive
- Mobile
- Contraction
Attack Strategies
- Frontal Attack
- Flank Attack
- Encirclement
- By-pass
- Guerilla
