NEW MARKET DEVELOPMENT (MIDTERM) Flashcards
Major Market Segmentation
Demographic
Geographic
Behavioral
Psychographic
Steps for Market Segmentation
- Identify Target Market
- Conduct Market Research
- Segment the Market
Intensity of Rivalry
Barriers to Entry
Substitutes
Bargaining Power of Buyers
Bargaining Power of Supplier’s
Competency Framework
Analytical
Relationships
Management
Relationships
This refers to the influence that suppliers can exert into business operation.
Bargaining power of supplier
In market segmentation we need to identify the specific customers groups we need also to build relationship in order to grow.
Relationship
Their needs a critical effective planning it includes planning, resource allocation, and strategy formulation. strategic planning is important.
Management
Very essential to company to ship they have to implement their mission and vision to really attempt a successful market entry.
Leadership
You need to understand your customer how they buy? or when they buy? what they expect from your company?
Customers Needs
Targeting Strategy
- Target Market
- Product
Targeting strategy also known as mass marketing this is the strategy that is the company chooses to ignore marketing segmentation so it means the company expect that the customer have similar needs and preferences and it besides a single marketing mix.
Undifferentiated
The company chooses to target multiple distinct market segments with tailored marketing strategies. This needs is identified.
Differentiated Marketing or Multi-Segment Marketing
It is focus on a very single and specific market
Concentrated targeting strategy or Niche Marketing
It is very focused and personalized strategy within the market segmentation.
Micro marketing or One on One Marketing
MARKET POSITIONING KEY ELEMENTS
*Identify the target audience or market
*Unique selling proposition
*Uniqueness of the product
*Competitive advantage
