New Market Development (PRELIM) Flashcards
What are the major segmentation strategies followed by the marketing executives?
CONCENTRATION STRATEGY
MULTI SEGMENT STRATEGY
What are the factors need to be considered while promoting existing product to a new market?
*CURRENT STAGE IN THE PRODUCT LIFE CYCLE
*BRAND DIFFERENTIATION
What are the factors need to be considered while promoting existing product to a new market?
*CURRENT STAGE IN THE PRODUCT LIFE CYCLE
*BRAND DIFFERENTIATION
What are the various risk factors faced while entering in new market segment?
*HUGE INVESTMENT
*PRODUCT PRICING AND PROMOTIONS
*ABILITY TO WITHSTAND INITIAL FAILURES
*GAINING MARKET SHARE
Whose decision is critical for success of new venture?
*MARKET DEVELOPER
An individual who purchases a good or service to satisfy his or her personal desires
*POTENTIAL CUSTOMER
This customers have desires that have not been satisfied
*CUSTOMERS WITH UNFULFILLED DESIRES
Unless a customer has money or the ability to get the money they cannot be considered a market.
*FINANCIAL ABILITY
Customers that willing to spend their money in order to satisfy their desires.
*WILLINGNESS
Customers that willing to spend their money in order to satisfy their desires.
*WILLINGNESS
Defined as the identification and selection of markets for a business or product
*TARGET MARKET
Importance of target marketing
*WHAT PROMOTIONS WILL BEST REACH A MARKET?
*WHAT PRICES WILL ATTRACT THE MARKET?
*HOW CAN THE PRODUCTS BE MADE AVAILABLE TO THE MARKET?
*WHAT PRODUCTS ARE DESIRED BY THE MARKET
Identifying target markets
*MARKETING SURVEYS
*QUESTIONNAIRES
*DIRECT INTERVIEWS
Businesses can plan their target marketing activities in 2 broadways.
*MASS MARKETING
*MARKETING SEGMENTS
Occurs when sellers design products that will appeal to most buyers and direct their marketing activities to the whole market.
The goal is to appeal to as many types of consumers as possible through one marketing plan.
*MASS MARKETING
Two advantages of mass marketing
*LOWER PRODUCTION COST
*LOWER PROMOTION COST
Factors which cause a decrease use of mass marketing.
*INCREASE COMPETITION
*MORE KNOWLEDGEABLE CONSUMERS
*IMPROVED MARKETING RESEARCH METHODS
*MARKET SEGMENTATION
A strategy and efforts aimed and promoting and deliberating intangible services and newly identified in emerging market.
*SERVICES MARKETING
Intangible services characterized by:
*INTANGIBILITY
*INSEPERABILITY
*VARIABILITY
*PERISHABILITY
*CUSTOMER PARTICIPATION
*NO OWNERSHIP
Changing structure of sectors as economic development evolves (3 major sectors)
*PRIMARY-agriculture
*SECONDARY-manufacturing
*TERTIARY-services
Changing structure of sectors as economic development evolves (3 categories)
*TOTAL OUTPUT
*TOTAL EMPLOYMENT
*TOTAL TRADE
Transformation of the service economy
*GOVERNMENT POLICIES
*SOCIAL CHANGES
*BUSINESS TRENDS
*ADVANCES IN IT
*INTERNATIONALIZATION
These forces are reshaping.
*DEMAND
*SUPPLY
*THE COMPETITOR LANDSCAPE
*CUSTOMERS CHOICES
*POWER
*DECISION MAKING
significantly transformed into service economy by facilitating cross border trade
*GLOBALIZATION
