Studied by 9 people
8Ps
The elements of the marketing strategy that are designed to meet the needs of its customers
Product
Businesses need to make sure that their product meets the needs of their customer. It can be a good or a service.
Price
The amount that a consumer pays for the product, it can be hard to establish the right price.
Promotion
Strategies used to attract consumers so that they'll buy a product
Place
The physical location of a business and the means of distribution
People
The staff
Process
The way in which the product is produced generates added value
Physical evidence
The appearance of the product or the environment in which the service is provided
Partners
Strategic alliances with other companies
Porter's five forces
Used to analyze the competitive environment
Secondary market research
Data recollected by others
Primary market research
Data is recollected by the company itself
Sampling
Small portion of the target population to be studied
Random sampling
Gives each member of the target population equal chances of being chosen
Stratified sampling
The sample population is divided into groups based on the previous knowledge about the target population
Quota sampling
Researchers divide the population into groups that share similar characteristics
Cluster sampling
Separating the target population into clusters from different geographic areas
Snowball sampling
Used when firms are looking for specialists in a particular field
Market segmentation
A process of breaking down a market into subgroups with similar characteristics
Types of market segmentation
Geographically, demographically, psychologically, behaviorally
Planning marketing strategy
Segmenting the market
Developing customer profiles
Market targeting process
Selecting market segments
Market positioning
Develop a marketing mix for each segment targeted
Ansoff Matrix
Analytical tool that helps to choose and develop various product and market growth strategies.
Note
Flashcard