Analyzing Consumer Needs
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Find out what target consumers want from the channel
identify market segments
determine the best channels to use
minimize the cost of meeting customer service requirements
Types of buying decision behavior
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, Complex buying behavior
Dissonance-reducing buying behavior
Habitual buying behavior
Variety-seeking buying behavior
growth strategies
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market penetration, market development, product development,
diversification
market penetration strategy:
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Existing prodycts + Existing Markets = Low risk
increasing or growing the market share of current products with pricing
strategies
driving competitiors out of a mature market with aggressive pricing and
promotional campaigns
Influencers
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, those who may have a persuasive role in relation to the deciders
ex: kids - santa lists
Vision Statement
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defines what your organization aspires to be
Positioning Statement
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summarizes company or brand positioning using this form "to (target
segment and need) our (brand) is (concept) that (point of difference)"
Characteristics that affects consumers behavior
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psychological, personal, social, cultural
new product development
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, original products, products improvements, product modifications, and new
brands developed from the firms own research and development
BCG Growth-Share Matrix
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Relative Market Share - does the product being sold have a low or high
market share?
Market growth? - are the numbers of potential customers in the market
growing or not?
High-High: Stars
High-Low share - Question marks
Low-Low - Dogs
Low-High share: Cash Cows
idea generation
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systematic search for new product ideas
internal sources: company's own formal research and development,
management and staff, and intrpreneurial programs
external sources: sources outside company such as customer, competitor,
distributors, suppliers, and outside design firms
Choosing a Differentiation and Positioning Strategy
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Give this one a try later!
Find out what target consumers want from the channel
identify market segments
determine the best channels to use
minimize the cost of meeting customer service requirements
Types of buying decision behavior
Give this one a try later!
, Complex buying behavior
Dissonance-reducing buying behavior
Habitual buying behavior
Variety-seeking buying behavior
growth strategies
Give this one a try later!
market penetration, market development, product development,
diversification
market penetration strategy:
Give this one a try later!
Existing prodycts + Existing Markets = Low risk
increasing or growing the market share of current products with pricing
strategies
driving competitiors out of a mature market with aggressive pricing and
promotional campaigns
Influencers
Give this one a try later!
, those who may have a persuasive role in relation to the deciders
ex: kids - santa lists
Vision Statement
Give this one a try later!
defines what your organization aspires to be
Positioning Statement
Give this one a try later!
summarizes company or brand positioning using this form "to (target
segment and need) our (brand) is (concept) that (point of difference)"
Characteristics that affects consumers behavior
Give this one a try later!
psychological, personal, social, cultural
new product development
Give this one a try later!
, original products, products improvements, product modifications, and new
brands developed from the firms own research and development
BCG Growth-Share Matrix
Give this one a try later!
Relative Market Share - does the product being sold have a low or high
market share?
Market growth? - are the numbers of potential customers in the market
growing or not?
High-High: Stars
High-Low share - Question marks
Low-Low - Dogs
Low-High share: Cash Cows
idea generation
Give this one a try later!
systematic search for new product ideas
internal sources: company's own formal research and development,
management and staff, and intrpreneurial programs
external sources: sources outside company such as customer, competitor,
distributors, suppliers, and outside design firms
Choosing a Differentiation and Positioning Strategy
Give this one a try later!
