Chap. 8 Building a Powerful Guerrilla Marketing Plan – Flashcards

the process of creating and delivering desired goods and services to customers; involves all the activities associated with winning and retaining loyal customers

unconventional, low-cost, creative marketing strategies designed to give small companies an edge over their larger, richer, more powerful rivals

the specific group of customers at whom company aims its goods or services

the study of important population characteristics, such as age, income, education, race, and others

the vehicle for gathering the information that serves as the foundation for the marketing plan; it involves systematically collecting, analyzing, and interpreting data pertaining to the company's market, customers, and competitors

1. Pinpoint the specific target markets to serve 2. Determine customer needs and wants through market research 3. Analyze the firms competitive advantages and build a marketing strategy around them

Step 1. Define the objective, Step 2. Collect the data, Step 3. Analyze and interpret the data, Step 4. Draw conclusions and act

a system based on gathering data on individual customers and developing a marketing program designed to appeal specifically to their needs, tastes, and preferences

a process in which computer software that uses statistical analysis, database technology, and artificial intelligence finds hidden patterns, trends, and connections in data so that business owners can make better marketing decisions and predictions about customers behavior

any commercial news covered by the media that boosts sales but for which a small company does not pay

a market concept designed to draw customers into a store by creating a kaleidoscope of sights, sounds, smells, and activities, all designed to entertain - and, of course, sell

a key customer benefit of a product or service that sets it apart from the competition; it answers the critical question every customer asks; "what's in it for me?"

communicating the company's unique selling proposition (USP) to its target customers in a consistent and integrated manner

three poof points; threshold attributes, performance attributes, and excitement attributes

listen to customers, define superior service, set standards and measure performance, examine service cycle, complaints are mechanism for improving, problem apologize and fix it fast, hire the right employees - train them and empower them to provide superior service, use technology to provide improved service, get managers buy-in, give customers an unexpected surprise, view customer service as an investment not expense

the process of systematically creating the optimum experience for customers every time they interact with the company

the philosophy of producing a high-quality product or service and achieving quality in every aspect of the business and its relationship with the customer; the focuses on continuous improvement in the quality delivered to customers

a marketing strategy that relies on three principles; 1. Speeding products to market, 2. Shortening customer response time in manufacturing and delivery, 3. Reducing the administrative time required to fill an order