SWOT analysis/Competitive strategy Flashcards
(27 cards)
SWOT
strengths, weaknesses, opportunities, threats
ANSOFF Matrix
4 possible strategic options; markets vs products; screenshot
Segmentation-targeting-position
- market segmentation (divide whole market into smaller segments); 2. define target segment (select one or more segments to enter); 3. differentiation (differentiate market offering in order to create stronger value proposition); 4. positioning (place market offering in minds of target consumers, staring with differentiation strategies)
Segmentation
subdivision of whole market into distinctive buying groups which have different needs, features and behaviors, and which require tailor-made products and programs
Segmentation variables
geographic, demographic, psychographic, behavioral
Segmentation requirements
measurability- must be possible to measure dimensions, spending power and profile of each segment; accessibility- able to efficiently reach each market segment; significance- must be sufficiently wide and profitable; feasibility- must possess necessary resources to develop effective marketing programs
Target type
undifferentiated (mass) marketing; differentiated (segmented) marketing; concentrated (niche) marketing; micro (local or individual) marketing
Positioning
the way a product is defined by consumers on important attributes; the place the product occupies in consumers’ minds relative to competing products
Value propotion
how it will create differentiated value for targeted segments and what position it wants to occupy in those segments compared with those of competitors
Positioning maps
show consumer perceptions of their brands versus those of competing products on important buying dimensions
Four P’s of marketing
product, price, promotion, place
Product types
convenience: bought frequently, with minimal comparison and buying effort; shopping: less frequently purchased, consumers compare carefully on suitability, quality, price and style; specialty: unique characteristics or brand identification for which significant group of buyers is willing to make special purchase effort
Intangibility (services)
cannot be seen, tasted, perceived, heard or smelled before experience
Inseparability (service)
cannot be detached from their providers
Variability
quality depends on supplier, time, place and way of delivery
Perishability
services cannot be stored for future sale or consumption
Product decisional levers
product attributes -> branding -> packaging -> labeling -> product support services
NPD (new product development)
ideas generation -> idea screening -> concept development and testing -> marketing strategy development -> business analysis -> product development -> test marketing -> commercialization
Idea generation
systematic search for new product ideas based on internal sources, external sources, and crowdsourcing
Idea screening
reducing number of ideas previously generated in order to spot good ones and drop poor ones
Concept development and testing
product ‘concept’ is detailed version of new product idea stated in meaningful consumer terms; testing is proposing new concept to selected group of potential customers to gage appeal
Market strategy development
describing target market, planned value proposition, sales-market share-profit goals for first few years
Business analysis
detailed review of sales, costs, profit projections to find out whether these factors satisfy company’s objectives
Product development
transforming product ‘concept’ into physical product to ensure idea can be turned into workable market offering
