Value From Market Opportunities 2.2 Flashcards
Who are marketing stake holders?
customers shareholders distributors managers suppliers employees
what is identifying value?
finding customer need that the company can fulfill better than rival
What are the value creation process?
Identifying value
designing value
communicating value
delivering value
what is design value?
involves developing actual product defining brand setting price deciding sales promotion
What is communicating value?
involves informing relevant marketing entities about the offering. ex: stakeholders
what is delivering value?
involves bringing the offering to target customers through distribution channels.
How to create value for customers?
Understanding the customer (potential customer, needs, wants, etc)
use segmentation, targeting, and positioning strategies.
What are the market segmentation
geographic
behavioral
psychographic
demographic
What is geographic segmentation?
Based on geography such as climate, city, language and population
What is behavioural segmentation?
based on actual purchase or consumption
What is psychographic segmentation?
based on variables such as lifestyles, motives, and personality attributes
what is demographic segmentation?
based on population characteistic such as age, education and income.
What is target markets?
target marketing is based
identifying,
understanding
developing segments of the total market.
what is value co-creation?
refers to the collaboration between the company and their customers
What is Competitive advantage?
is an advantage over competitors gained by offering consumer a greater value.
what are the generic strategies?
Cost leadership
differentiation
cost focus
differentiation focus
what is cost leadership?
The most competitive company in cost in the market.(low prices)
increasing efficiency
What is differentiation?
a distinctive company recognised for uniqueness for quality and personality
what is cost focus?
be very competitive in cost in a particular product
what is differentiation focus?
have a differentiated product
What are the alternatives and options for growth? (ANSOFF MATRX)
market penetration
product development
market development
diversification
what is market penetration?
increasing the value of business with existing customer in existing markets
(lowest risk)
what is market development?
taking existing product to new market
what is product development?
introducing new products to existing customer
what is diversification?
moving into new products and new markets at the same time.
most risk of growth
