NEW MARKET DEVELOPMENT (MIDTERM)

Question 1

Major Market Segmentation

Answer 1

Demographic
Geographic
Behavioral
Psychographic

Question 2

Steps for Market Segmentation

Answer 2

1. Identify Target Market
2. Conduct Market Research
3. Segment the Market

Question 3

Intensity of Rivalry

Answer 3

Barriers to Entry
Substitutes
Bargaining Power of Buyers
Bargaining Power of Supplier’s

Question 4

Competency Framework

Answer 4

Analytical
Relationships
Management
Relationships

Question 5

This refers to the influence that suppliers can exert into business operation.

Answer 5

Bargaining power of supplier

Question 6

In market segmentation we need to identify the specific customers groups we need also to build relationship in order to grow.

Answer 6

Relationship

Question 7

Their needs a critical effective planning it includes planning, resource allocation, and strategy formulation. strategic planning is important.

Answer 7

Management

Question 8

Very essential to company to ship they have to implement their mission and vision to really attempt a successful market entry.

Answer 8

Leadership

Question 9

You need to understand your customer how they buy? or when they buy? what they expect from your company?

Answer 9

Customers Needs

Question 10

Targeting Strategy

Answer 10

1. Target Market
2. Product

Question 11

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.

Answer 11

Undifferentiated

Question 12

The company chooses to target multiple distinct market segments with tailored marketing strategies. This needs is identified.

Answer 12

Differentiated Marketing or Multi-Segment Marketing

Question 13

It is focus on a very single and specific market

Answer 13

Concentrated targeting strategy or Niche Marketing

Question 14

It is very focused and personalized strategy within the market segmentation.

Answer 14

Micro marketing or One on One Marketing

Question 15

MARKET POSITIONING KEY ELEMENTS

Answer 15

*Identify the target audience or market
*Unique selling proposition
*Uniqueness of the product
*Competitive advantage

Question 16

Positioning Strategies-Consumer Durable

Answer 16

Surrogate
Corporate Identity
Benefit
Competitive
Lifestyle

Question 17

Positioning Strategies-Service Sectorr

Answer 17

Category
User
Application
Quality/Price
Attribute