24205 Lecture Notes - Lecture 3: Sensitivity Analysis, Marketing Mix, Focus Group
Document Summary
Market driven firms = ability to sense events/trends ahead of comp. Marketing sensing = process of generating knowledge about the market that individuals in the firm use to inform decision makers. Market research is essential (informs and guides decision making) Knowledge management = processes and supporting systems to gather knowledge & best practices that are valuable and converts them so that they are easily understood within the firm (e. g. intranet) * winning firms = spread of knowledge throughout the organisation about customers/marketplace: defining the market (size/potential) Market segmentation = partitioning market to identify opportunities. Progressive bases = customer capabilities, contribution to profits. Prioritising groups of firms that are greater interest to supplier firm. Market potential = max units of product capable of being purchased. Build up method: using secondary info or primary research. Chain- ratio: uses prospective customers and percentages. Index: uses a single factor to show affect on market (e. g. new houses)
