Chapter 3 Flashcards
group of companies that are related based on their primary business activities.
industry
allows you to assess the overall industry that you’ve chosen for your business.
Industry analysis
can be given in volume of product sold or value of products.
Market size
is the proportion (usually percent) of the total market held by one particular company.
Market share
is an analysis of past and current market behavior and dominant patterns of the market and consumers.
market trend analysis
subset of the PESTEL Analysis
Trend analysis
section is one of the most important parts of a marketing plan. It outlines your company goals, strengths and weaknesses; describes your target customers; identifies your important partners and distributors; and provides an analysis of the competitive environment.
situational analysis
is identifying target market segments that are predisposed to preferring your products over those of your competitors.
customer analysis
is a sub-set of a market made up of people or organizations with one or more characteristics that cause them to demand similar product and/or services based on qualities of those products such as price or function.
market segment
is a process companies use to break up their potential
customers into different groups or segments.
Market Segmentation
is one of the most common approaches, dividing target markets into
segments based on statistical characteristics of a population.
Demographic segmentation
as the name implies, geographic segmentation organizes markets
into different groups of people based on geographic location
Geographic segmentation
seeks to go deeper into qualitative attributes
Psychographic segmentation
focuses on how different segments act
Behavioral segmentation
is the B2B equivalent for organizations
Firmographic segmentation
is a strategic approach to mapping out audiences based on their specific phase in the customer lifecycle,
Journey stage segmentation
sometimes referred to as “interaction segmentation”, this lens zooms in on the specific types of interactions, transactions, and micro-behaviors a consumer has with a brand across their entire experienced journey.
Transactional segmentation
refer to the functional needs, desires and
goals of a target audience. A company may identify an area of the market with unmet needs.
Market Needs being addressed
They are habits and routines that consumers establish through the products and services they buy. Buying patterns are defined by the frequency, timing, quantity, etc. of said purchases.
Buying patterns
are the behavior patterns consumers exhibit while interacting with a product.
Usage Habits
(also known as company information or a company summary) is an essential part of a marketing plan. It’s an overview of the most important points about the product/company—your history, location, mission statement and legal structure
company overview
is a written introduction to a company that highlights its mission, goals, and strengths, as well as its products or services. This essential document can be used for various purposes, such as attracting funding from potential investors, building a brand image, and recruiting talent.
Company Profile
Evaluating your brand’s current position is a crucial step in any branding strategy. It helps you understand how your brand is perceived, how it compares to your competitors, and what opportunities and challenges you face.
Current Position of the Company/Brand in the Market
is an audience-focused rather than product-focused approach to marketing communications, which helps deliver more relevant messages to commercially appealing audiences.
Segmentation, Targeting and Positioning
