marketing e2

5Cs of marketing

Company, Customers, Collaborators, Competitors, Context

SWOT analysis

A situational analysis that assesses Strengths, Weaknesses, Opportunities, and Threats.

Primary research

Original research conducted to gather new data directly from sources.

Secondary research

Research that involves the summary, collation, and synthesis of existing data.

Insight

A deep understanding of consumer needs that can drive marketing strategy.

Market Segmentation

The process of grouping customers based on similar needs and marketing responses.

Market Targeting

Assessing the attractiveness of each segment and choosing a primary segment.

Positioning

Defining what you want to stand for in the mind of consumers.

ISASDA

Criteria for good market segmentation: Identifiable, Substantial, Accessible, Stable, Differentiable, Actionable.

Types of segmentation

Geographic, Demographic, Psychographic, Behavioral.

Positioning statement

Communicates unique value to a specific segment, providing reasons to buy.

Brand equity

The added value of a product based on the brand name.

Product Life Cycle stages

Introduction, Growth, Maturity, Decline.

Failure as learning

The concept of 'failing forward' to improve future products.

7 Ps of marketing

Product, Price, Place, Promotion, People, Physical environment, Process.

Value

The perceived benefits of a product divided by its price.

Price elasticity of demand

Measures how much the quantity demanded of a good changes in response to price changes.

Demand-oriented pricing

Approach that sets prices based on consumer demand, including strategies like skimming and penetration.

Dynamic pricing

Real-time price adjustment based on current demand and supply conditions.

Brand licensing

A contractual agreement allowing the use of a brand name/trademark for another's product.

Market modification

Strategies aimed at finding new customers or increasing purchasing from current customers.