Marketing Strategy, Opportunity Analysis, and Segmentation Flashcards
What is marketing?
The creation and satisfaction of demand for a product or service
What is strategy?
A set of ideas that outline how a product line or brand will achieve its objectives.
Target Market
groupof customers a company wishes to reach
The marketing mix
controllable variables the company uses to satissfy the target group
5 Cs customers
potential buyers with wants and needs that the company aims to fulfill with it’s offerings
-consumer - business buyer
-customer - non-business buyer
-customers are the focal point
5 Cs company
organization or business unit providing certain goods or services
-look internally to define positioning, messaging, differentiators, capabilities, etc.
-awareness of competition ( not mutually exclusive)
5 Cs Competitors
organizations that offer products or services that satisfy the same wants and needs to the same customers as the companies offering
-competitive matrix
-porters 5 forces
-attempting to create products and services that customers percieve as different from those provided by others
5 Cs Collaborators
External business entities that work with the company to create value for customers
ex:
-raw material suppliers
-distributors
-marketing agencies
-3rd party retailers
SUGAR
-supply nabisco, dr pepper, etc
TV
-depends on retailers like target, costco, etc
5Cs Context
environment in which the company operates and it’s associated elements
-regulations or laws
-economic conditions
-cultural norms
-technological factors
PESTEL Analysis:
Political, Economic, Social, Technological, Environmental and Legal Factors
Competitive Advantage
A marketing mix the target customer sees as better than the competition’s mix
Breakthrough Opportunities
Difficult to copy Profitable for a long time
Marketing-oriented Manager
sees everyone as different and practices “target marketing”
Production-oriented manager
sees everyone as basically similarand practices “mass marketing”
Market Penetration
-aimed at increasing a company’s share of existing products in its current market
Drive increased sales of currentproduct in existin gmarkets *Enhance customer relationship (LTV)
Product Development
-involves expanding into new markets with existing products.
-New/Unique benefits
-Create newmarket(s)
Customer Lifetime Values (LTV)
relationships that develop satisfied customers + time= return business
4 p’s price
-price objectives
-price flexibility
-price over the life cycle
-discounts and allowances
-geographic pricing terms
-competition
What are the 4 p’s of marketing
Product, Place, Price, Promotion
4 p’s Product
-physical characteristics
-warranties
-application benefits
4 p’s place
-get the right product, to the right consumer, in the right place, at the right time, in the right quantity, and in the right condition
4 p’s promotion ( 3 types)
Informing and selling the customer
-personal selling
-direct to consumer
-product service
mass selling
-advertising - paid
-publicity - unpaid
sales promotion
-stimulate interest
-encourage trial or purchase
External Marketing Environment
-cultural and social environment
-political and legal environment
-technological environment
-economic environment
PESTEL Analysis
Direct Marketing environment
-resources and objectives of the firm
-customers
-competitive environment
-PORTER Internal Analysis
what is swot and what is it used for?
In marketing, SWOT stands for strengths, weaknesses, opportunities, and threats. A SWOT analysis is a strategic planning tool that helps businesses evaluate their current business model and identify areas for improvement.
monopoly
1 company serves entire customer base
-rare in us
Examples of Company resources
-financial strength
-production flexibility
-R&D
-channel relationships
-loyal customer base
-new product capability
monopolistic competition
companies use marketing and advertising to differentiate their products and increase profits