Reading - Framework for Marketing Strategy Formation Flashcards
Relationships Among the Six Parts of the Marketing Process
Marketing strategy formation. Marketing planning.Programming, allocating, and budgeting. Implementation. Monitoring and auditing. Analysis and research.
five Cs analysis for developing a marketing strategy
customer, company, collaborators, competition, and context
aspiration decision - 3 steps
segmenting (demographic , geographic, lifestyle) , targeting, and positioning
four Ps of the marketing mix
product, promotion, place, price
six major roles generally played across a broad set of buying situations
●Initiator(s). Initiators recognize the value of solving a particular issue so they stimulate the search for a product.
●Gatekeeper(s). Gatekeepers act as problem or product experts and control information and access to other members of the DMU.
●Decider(s). Deciders make the purchasing choice.
●Influencer(s). Although they do not make the final decision, influencers have input in it.
●Purchaser(s). Purchasers consummate the transaction.
●User(s). Users consume the product.
buyer stickiness
Resistance of customers to switching easily between one supplier of a good or service to another.
Chrun
One hundred percent (100%) minus the customer retention percentage rate.
coolhunting
Observing and predicting the emergence of and changes in cultural trends, visible inclothing fashions, popular music, urban lifestyles, uses of technology, etc.
distribution channels
The network of individuals and organizations involved in the process of moving a product or service from the producer to the end user.
positioning
(1) Defining a value proposition for the target segments. (2) Differentiating a product or service (or its brand) from others in the perception of customers.
product line
Group of products manufactured by a firm that are closely related in use and in production and marketing requirements.
pull strategy
A pull strategy involves motivating customers to seek out your brand in an active process, via tactics such as advertising, customer relationship management (CRM), and sales promotions.
push strategy
A push strategy involves ensuring the customer is aware of your brand at the point of purchase, via tactics such as direct selling to customers in showrooms, packaging designs, or point-of-sale displays.
segmentation
A marketing planning process that involves dividing a broad target market into subsets or groups of customers who have common needs or characteristics.
targeting
Selecting the potential customer segments to whom a company wishes to sell products or services, after an analysis of each segment’s attractiveness.
