TMP 120 Lecture Notes - Lecture 3: Market Analysis
Document Summary
8. 6 customer driven marketing strategy: understand the customer experience: hierarchy of effects, do, purchase, conviction. Feel: preference, liking, think, knowledge, awareness, mistake: awareness & knowledge = purchase, takes time & money, customer driven marketing strategy. Selecting customers to serve: segmentation, a big universe, e. g. Identification of different segments in the market: targeting, a smaller universe. Select a target market: positioning, a specific universe, process, more refined, choosing a value proposition, why this product and why now, e. g. Fashion forward --> customers bought trending shoes: celebrities effect, branding. : covid effect: curbside pick up, customer delight, e. g, amazon"s return policy, apple"s packaging, marketing. Segmentation: market research, market analysis, positioning, branding, 4ps: product, pricing, placement, promotion, awareness: website, seo, advertising, pr, social media, merchandising, collateral (supplementary literature, channels. Sales: processes, techniques (e. g. : loyalty development: analyzing the external environment, external factors, e. g, covid, political, environmental, economical.
