MKT 300 Study Guide - Midterm Guide: Conjoint Analysis, Igor Ansoff, Brand Licensing
25 Feb 2017
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Steps to a successful marketing strategy: analysis understanding the market through the 5c (customer, context, Porter"s 5 forces and swot. company, collaborators, complementers and competitors. Porters 5 forces: industry rivalry: how much competition is there in the industry, mitigate by differentiation high quality, low cost, better service, example: fast food/burger industry mcdonald"s, burger king, A market segment is a group of customers that share similar set of needs and wants. Market segmentation is the process of identifying and categorizing overall markets into groups of customer using goodpub. Targeting a market is the market segment, which the company decides to pursue. Goodpub is the bases for segmentation (start from the bottom) Segments are evaluated on multiple levels: substantial/sizeable too small of a segment is insignificant and not profitable. Growth potential is equally important: actionable/meaningful, profitable - 16721$ Positioning steps: determine customer perception and evaluation in relation to competitors, identify competitors positions, determine consumer preferences, select the position, monitor the positioning strategy.
