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
Categories of services
*SERVICE INDUSTRIES AND COMPANIES
*SERVICE AS PRODUCTS
*CUSTOMER SERVICE
*DERIVED SERVICE
8 P’s of service marketing
*PRODUCT
*PRICE
*PLACE
*PROMOTION
*PHYSICAL EVIDENCE
*PEOPLE
*PRODUCTIVITY AND QUALITY
*PROCESS
It is a process of gathering, analyzing, and dispensing information for tactical or strategic purposes.
*ENVIRONMENTAL SCANNING
Purpose of environmental scanning.
*EFFECTIVE UTILISATION OF RESOURCES
*CONSTANT MONITORING OF RESOURCES
*STRATEGY FORMULATION
*IDENTIFICATION OF THREATS AND OPPORTUNITIES
*USEFUL FOR THE MANAGERS
*PREDICTION OF FUTURE
Factors to be considered for environmental scanning
*EVENTS
*TRENDS
*ISSUES
*EXPECTATIONS OF PEOPLE
Approaches to environmental scanning.
*SYSTEMATIC APPROACH
*ADHOC APPROACH
*PROCESSED FORM APPROACH
Factors affecting environmental appraisal.
*FACTORS RELATING TO NATURE OF ENVIRONMENT
*FACTORS RELATING TO ORGANIZATION
*FACTORS RELATING TO THE STRATEGIES
Factors relating to nature of environment
- COMPLEXITY
*FLEXIBILITY
*HOSTILITY
*DIVERSITY
2 most important technique
*ETOP ANALYSIS
*SWOT ANALYSIS
ETOP stands for:
*ENVIRONMENTAL
*THREATS
*OPPORTUNITIES
SWOT stands for:
*STRENGTH
*WEAKNESSES
*OPPORTUNITIES
*THREATS
PEST stands for
*POLITICAL
*ECONOMIC
*SOCIOCULTURAL
*TECHNOLOGICAL
Dividing the environment into different sectors
*ETOP
Determining the course of action to ensure that growth or survival of the firms.
*SWOT
Political arena has a huge influence upon the regulation of business and spending power of consumers and other businesses
*POLITICAL FACTOR
Marketers need to consider the state of each reading economy in the short and long terms.
*ECONOMIC FACTORS
Influences on business vary from country to country.
*SOCIOCULTURAL FACTORS
Is a vital competitive advantage and is major driver of globalization.
*TECHNOLOGICAL
Features res of forecasting
*it is concerned with FUTURE EVENTS
*it is necessary for PLANNING PROCESS
*the impact of FUTURE EVENTS has to be considered in the PLANNING PROCESS
*it is a guessing of FUTURE EVENTS
Methods of forecasting
*QUALITATIVE
*QUANTITATIVE
Process of forecasting.
*THOROUGH PREPARATION
*ESTIMATION OF FUTURE
*COLLECTION OF RESULTS
*COMPARISON OF RESULTS
*REFINING THE FORECAST
Importance of forecasting.
*PIVOTAL ROLE IN ORGANIZATION
*DEVELOPMENT OF A BUSINESS
*COORDINATION
*EFFECTIVE CONTROL
*KEY TO SUCCESS
*IMPLEMENTATION OF PROJECT
*PRIMACY TO PLANNING
