BU352 Study Guide - Final Guide: Price Skimming, Integrated Marketing Communications, Oligopoly
Document Summary
Step 1: establish overall strategy or objective (consistent with mission, objectives, and. Step 2: segmentation bases (geographic, demographic, psychographic (self value, self concept, lifestyles), behavioural (occasion, benefit, loyalty)) Step 3: evaluate segment attractiveness (identifiable, reachable, responsive, substantial and profitable) Step 4: select target market (pursue opportunity/target segment, mass marketing, differentiated, concentrated/niche, micromarketing/mass customization) Step 5: identify and develop positioning strategy (communicate value proposition; positioning methods (value, attributes, benefits/symbols, competition, market leadership)) Product: anything of value to consumer and can be offered through exchange. Create new products: changing customer needs, market saturation, managing risk through diversity, fashion cycles, improving business relationships, innovation and value (pioneers/breakthrough, first movers) Adoption of innovation: process of innovation spreading through market group over time. Innovators, early adopters, early majority, late majority, laggards. Factors affecting diffusion speed: relative advantage, compatibility, observability, Step 1: idea generation (r&d, licensing, brainstorm, competitors" products, customer input)
