Marketing Slide 6

Step 3 in competitiors analysis is

Selecting which competitors to attack or avoid

customer value analysis is

An analysis conducted to determine what benefits target customer value and how they rate the relative value of various competitors offers

in what ways can having competitos be helpful to a business?

Competitots may..

• share the costs of market and product development

• help legitimize new technologies

• increase total demand

• serve less-attractive segments

Competitive strategies are based on competitive positions….which are

• market nichers

• market follower

• market challenger

• market leader

A market leader

• expands total market

• expands market share

• protects market share

what does a market challenger do

• full frontal attack

• indirect attack

who and what is a second mover advantage?

Market challenger

and the challenger can observe what has made the market leader successful and improve on it

what does a market follower do, and what advantage is it? and what do they do?

are helpful competitors

is a second third mover advantage

• learn from the leaders expierence

• much less investment

what are market nichers

they niche in multiple things

factors that influence consumer behavior

• cultural

• social

• personal

• psychological

culture is

the set of basic values, perceptions, wants, and behaviors learned by a member of society

reference group is a

group that serves as a point of comparison/reference

word of mouth is

the personal words and recommendations of trusted friends, acquaintances and other consumers

what is the most important consumer buying organization in society

family

personality is

the unique psychological characteristics that distinguish a person

do brands have personalities?

yes

consumers may favor brands consistent with…

their actual or desired personality

motive is

a need that is sufficiently pressing to direct the person to seek satisfaction of the need

perception is

the process by which people select, organize, and interpret info to form a meaningful picture of the world

selective attention is

the tendency for people to screen out most of the info to which they are exposed

selective distortion is

the tendency of people to interpret information in a way that will support what they already believe

selective retention

the tendency to remember good points made about a brand they favor and forget good points made about competing brands

attitudes

a descriptive thought that a person holds about something

you can change attitudes by

changing or creating new beliefs

the buyers decision process order

1. need recognition

2. information search

3. evaluation of alternatives

4. purchase decision

5. post purchase behavior

need recognition contains

• internal stimuli

• external stimuli

Information search contains

• personal source

• commercial source

• public source

• experiential source

evaluation of alternatives contains

• careful calculation

• logical thinking

• impulse buying

• intuition

purchase decisions contains

• attitudes of others

• unexpected situational factors

a postpurchase behavior is and definition

cognitive dissonance - drawbacks of a product always loom larger than its benefit

highly involved when a product is

expensive, risky, purchased infrequently or highly self-expressive