Untitled Flashcards Set

Who is My Competition?

Companies selling the same product, substitutes for your product, competing for customer budgets, and startups with disruptive technology.

Category Captain

A leading brand in a retail category that helps retailers decide which products to stock.

Challenges in Understanding Customer Needs

Customer needs change constantly, customers may not know what they want, and consumer behavior varies by product, context, and people involved.

B2B Marketing

Business-to-Business marketing, where companies buy for business use.

B2C Marketing

Business-to-Consumer marketing, where individuals buy for personal use.

Market Penetration

Selling more of existing products to current markets.

Product Development

Creating new products for existing customers.

Market Development

Expanding into new markets with existing products.

Diversification

Entering completely new markets with new products.

BCG Matrix

A business growth tool categorizing products into Stars, Cash Cows, Question Marks, and Dogs based on market growth and share.

Segmentation Methods

Ways to categorize a market: Geographic, Demographic, Psychographic, Behavioral.

Niche Market

Focuses on small, specialized groups.

Growth Market

Targets fast-growing segments.

Physical Positioning

Based on real product features.

Perceptual Positioning

Based on customer perception.

Post-Purchase Management

Affects customer satisfaction, loyalty, and brand reputation.

Porter's Five Forces

A framework for analyzing industry attractiveness based on competitive forces.

Consumer Insights

Information gathered to understand consumers' preferences and behaviors.

Microsegmentation

Targeting specific needs of diverse and picky customers.

Value Curve

A graph showing how different brands compare on key attributes.

Repositioning

Changing how a brand is seen in the market.

Product-Centric Business Model

Focuses on what the company makes.

Customer-Centric Business Model

Focuses on what customers want.

Focus Groups - Pros

Provides deep insights, encourages discussion, helps test ideas.

Focus Groups - Cons

Expensive, small sample size, groupthink.