Marketing – Opportunity Analysis (5 C’s) – Flashcards
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context opportunity analysis (5)
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1. political/legal 2. economic 3. social 4. techincal 5. trends presenting opportunities
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Customer value =
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total customer benefits - total customer costs
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benefits a customer will consider (4)
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1. product benefits 2. services benefits 3. personnel benefits 4. image benefits
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costs a customer wll consider (4)
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1. monetary 2. time 3. energy 4. psychological
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customer satisfaction =
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acutal performance - original expectations
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how does the customer satisfaction equation affect the marketing team
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need to produce high expectations so the consumer will purchase the product but not so high that they are dissapointed with the actual result
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starting point for how customers might respond to different marketing stimuli
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response model
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marketing stimuli are made up of
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the 4 p's- everything and anything you can change about offering 1. product 2. place 3. prmotion 4. price
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decision making sets (5 steps)
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1. total set 2. awareness set 3. consideration set 4. choice 5. decision
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the 4ps are _______ __________ while economics, technology, politics and culuture are _________ ________
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marketing stimuli other stimuli
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marketing managers alter the marketing stimuli to influence wants using predicted responses of a target market based on buyer ________, _________, and _________ __________
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chracteristics processes decision alternatives
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marketing corona in commericals with the beach making it appear as the best beach beer is an example of
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stimulating buyer behavior
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cialdini's factors of influence include (6)
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1. consistency - what you already did 2. consensus - be same as others 3. authority - follow the expert 4. similarity- like similar others 5. reciprocity- give back 6. scarcity- want rare things
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cognitive proceses buyers work through (3)
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1. cognitive (learn) 2. affective (Feel) 3. behavior (do)
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a _______ analyssi is helpful when evaluating competitors
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SWAT
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other companies offering a product similar to yours at similar prices EX: Toyota vs. Hond but not Mercedes
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Brand competition
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other companies offereing the same product or class of product EX: Toyota vs. all other auto makers
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industry competition
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other companies offereing products that satisfy the same service EX: Toyota vs. all other forms of transportation
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Form competition
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other compaies offerieng products that compete for the same customer dollars EX: toyota vs. all manufacuturers of consumer durables
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Generic Competition
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nearsighted focus on competition
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marketing myopia
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farsighted focus on competition
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marketing hyperopia
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to evaluate a competitor look at their (4)
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1. strategies (marketing mix) 2. objectives 3. strengths & weaknesses 4. reaction patterns
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building brand equity startes with
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awareness
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refers to the external marketing environment that is often beyond the marketers control
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context
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context in in the direct marketing environment (2)
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1. company resources & objectives 2. competition
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context in the external marketing environment (4)
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1. political 2. economics 3. social 4. technological
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