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Kartei Details
| Karten | 31 |
|---|---|
| Sprache | Deutsch |
| Kategorie | BWL |
| Stufe | Universität |
| Erstellt / Aktualisiert | 10.12.2024 / 11.12.2024 |
| Weblink |
https://card2brain.ch/box/20241210_lecture_11_unique_marketing_issues_confronting_new_ventures
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| Einbinden |
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What are the two important questions a firm must address to succed?
- Who are the customers
- How to attract customers
What is the three step process?
Following the three step process, you need to segment the market, determine
the target market and establish a unique position within the target market.
What is market segmentation?
The market is divided into groups of customers which are similar
enough that the same product/ service will appeal to them.
What are the HSSS questions in regard to market segmentation?
How is segmenting a market done and what are different ways to segment the market?
- Involves studying a firm’s industry and determining the different target markets in that industry.
Markets can be segmented in a number of different ways, including:
− Geography (city, state, country).
− Demographic variables (age, gender, family size).
− Psychographic variables (personality, lifestyle, values).
− Behavioral variables (benefits sought, brand loyalty).
− Product type (varies by product).
What is a market niche?
a place within a market segment that represents a narrower group of customers with similiar interests.
How should a market niche be served?
- understand the market
meet its customers’ needs
become an expert
provide customers with high levels of value and service
Why do firms position themselfs?
A firm establishes a position in order to differentiate itself from its competitors.
What are the two ways of defining "position" in the context of a market?
- part of a market/ segment the firm is claiming as its own
how the firm is situated relative to its competitors
What are ways in which firms position themselfes in customers minds'?
- A firm establishes a unique position in its customers’ minds by drawing attention to two or three of the product’s attributes
Firms often develop a tagline to reinforce the position they have staked out in their market.
What is the key to success in a positioning or marketing strategy?
Selling benefits rather than features.
While features are nice, they typically do not entice someone to buy a product.
What is the definition of a brand?
a set of positive or negative attributes that people associate with a company
What is Brand Management?
- monitoring the integrity of the brands, protecting the image and value of an organization's brand in consumers' minds.
What is Brand Equity?
- the term denotes the set of attributes and liabilities that are linked to a brand and enables it to raise a firm's valuation
Name different ways of thinking about the meaning of a brand?
- a brand is an EXPECTATION of performance
- a brand is an unwritten WARANTEE
- a brand is a PROMISE
- a brand is a GUARANTEE
- a brand is a REPUTATION
- a brand is a collection of MEMORIES
- a brand is a PLEDGE
- a brand is a mark of TRUST and REDUCED RISK
How can a firm develop a brand on a philosophical and a practical level?
- philosophical
- creating value and having and having meaning in its customers' lives
- practical
- building through techniques, such as advertising, public relations, sponsorships, support of social causes, and good performance
What is co-branding?
Co-branding refers to a relationship between two or more firms where the firm’s brands promote each other.
-> Red Bull and GOPRO
What is the difference between a brand and a position
- The brand is all about the attributes and promises that people associate with a company.
- The position is all about the details.
What is the marketing mix?
A marketing mix is the set of controllable, tactical marketing tools that is used to produce the desired response in the target market.
What are the 4 P's of Marketing
Product
Price
Promotion
Place
What is Product?
Determining the product/ service to be sold is central to the firm’s entire marketing effort.
(Die Bestimmung des zu verkaufenden Produkts/Dienstleistung ist von zentraler Bedeutung für die gesamte Marketingstrategie des Unternehmens.)
The consumer buys the actual product (see picture).
What is Price?
The price is the amount of money consumers pay to buy a product and is the only element of the marketing mix that produces revenue
What are the two ways of determining the price?
What are the conditions a product has to fulfill to be able to charge premium price?
What is promotion and what are the ways to do promotion?
A firm needs to communicate the merits of its product to its target market in order to persuade people to buy the product.
Ways:
- Advertising
- Public Relations
What is advertising?
Advertising is used by entrepreneurs to promote their firms
What is Public Relations?
PR refers to a number of techniques
-> siehe bild
What is place?
A firm's product needs to move from its place of origin to the consumer by taking a distribution channel.
What are the pro/cons of B2C?
+ control
- capital tied up in fixed assets
What are the pros/cons of B2B sales?
+ less capital tied up in fixed assets
- loss of control
What are the 6 steps of putting an ad together?
- Identify the purpose of the ad
- Determine the target audience
- Select a medium
- Create the ad
- Selecta time and place for the ad to appear
- fulfill expectations
