Chapter 8: Building a Powerful Guerrilla Marketing Plan – Flashcards

the process of creating and delivering desired goods and services to customers; involves all of 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.

target markets, customer needs and wants through market research, and analyze the firm's competitive advantage.

the specific group of customers at whom a company aims at 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 a company's market, customers, and competitors.

define the objective, collect the data, analyze and interpret the data, and 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.

surveys and questionnaires; focus groups; social media conversations and monitoring; test market; daily transactions; other ideas.

business directories; direct mail lists; demographic data; census data; forecasts; market research; articles; local data; Internet

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 customer's behavior.

find a niche and fill it; use the power of publicity; don't just sell, entertain; strive to be unique; build a community with customers; connect with customers on an emotional level; create an identity for your business through branding; embrace social marketing; dedication to service and customer satisfaction; retain existing customers; devotion to quality; attention to convenience; concentration on innovation; emphasis on speed.

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

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

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 it relationship with the customer; the focus is 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 and (3) reducing the administrative time required to fill an order.