Week 3 service marketing Flashcards
is typically done first including an examination of overall
market characteristics
is a combination of qualitative and quantitative research
collected on your customers
Customer Analysis
tries to establish the attractiveness of the overall market
and potential segments within.
MARKET ANALYSIS
is the process of identifying competitors in your industry and researching their different marketing strategies.
examines the competitors’ current positioning, strengths and
weaknesses to spot opportunities for the firm.
Competitor analysis
involves answering a few questions.
CUSTOMER NEEDS ANALYSIS
the objective is to identify the organization’s
strengths in terms of its current brand positioning and image, and the resources the organization has
It also examines the organization’s limitations or constraints, and how its values shape the way it does business.
COMPANY ANALYSIS
helps business leaders identify ways in which they can improve
company function.
Internal analysis
process is a three-step approach to marketing that helps
businesses understand their target market,
STP - segmentation, targeting and positioning
dividing the population of possible customers into groups.
Segmentation
composed of a group of buyers who share common characteristics, needs, purchasing behavior, and/or consumption patterns.
market segment
is the process of segmenting your customers into groups based on
their shared experience of a particular problem or need.
allows businesses to better understand the unique needs and
preferences of different groups of customers, and tailor their
products and marketing strategies accordingly.
Needs-based segmentation
Focus on Organization’s characteristics such as industry size and location.
Firmographic segmentation
are important to the consumer, but may not be
important for the buying decisions
Important attributes
often are further down on the list of service
characteristics important to customers.
Determinant attributes
is the practice of narrowing down a target market into specific
segments of consumers with common attributes and directing more
personalized marketing efforts toward them.
Targeting
means providing a relatively narrow product mix for a particular
target segment.
focus
is the extent to which a firm serves few or many markets,
Market focus
describes the extent to which a firm offers few or many services.
Service focus
provides a limited range of services (perhaps just a single core product) to a narrow and specific market segment.
1.Fully-focused.
strategy, a company offers a wide range of services to a narrowly defined target segment.
2.Market-focused.
firms offer a narrow range of services to a fairly broad market. Values and delivers high quality, professional, responsive and innovative service to all customer
3.Service-focused
because they try to serve broad markets and provide a wide range
of services. The danger with this strategy is
that unfocused firms often are “jacks of all
trades and masters of none”.
4.Unfocused.
the unique place that the firm and/or its service offerings
occupy in the minds of its consumers.
Positioning
the first step towards creating a
unique positioning for a service
differentiation
is concerned with creating, communicating, and maintaining
distinctive differences
also known as a market or brand positioning strategy—is a type
of marketing strategy that focuses on distinguishing a brand from its competitors.
Positioning strategy
A reliable differentiation strategy is to link your product with a
competitive price point.
Product price
Highlight the features and benefits of your product as uniquely equipped to meet the specific needs of your customer base.
Unique value proposition
This strategy involves directly comparing your product
with your competitors’ to show how yours is better or unique.
Competitive positioning
Customers are accustomed to paying more for higher product
quality, whether real or perceived.
Product quality
the specific group(s) of people that the brand wants to sell to
and serve
Target audience
the category in which the brand is competing
Frame of reference
the most compelling benefit offered by the brand that stands
out from its competition
Point of difference
proof that the brand can deliver the benefits that are
promised.
Reason to believe
