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55問 • 1年前

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It is a report that outlines your marketing strategy for the coming year and quarter or month.

Marketing plan

It is a comprehensive paper that details the situation analysis, objectives, strategies and tactics, and how to monitor and control the enterprise.

Business plan

Starts with identifying the customer’s needs where you are tasked to create a meaningful value proposition.

Marketing process

Value proposition

USP

Unique selling proposition

Simply states why a customer should buy a certain product or service.

Value proposition

Customers are very specific when it comes to their needs and their desired benefits, so the __________ should cater to those particular needs.

Value proposition

Thus, the ________ is the major driver in customer purchase or service availment.

Value proposition

How to create Value Proposition? 1. Prepare a situation analysis that details the problem(s) of the customers. 2. Make your value proposition straight to the point, simple, and specific; in short, there should be __________. Your value proposition has to target your major objective. 3. Highlight the value of your product or service so that customers will easily get what benefits you can provide. 4. Adapt to the _______ of your market. 5. Add credibility-enhancing elements such as actuial testimonials from customers, partrners, and other stakeholders, putting specific assurance elements and social acceptability metrics found in social media or press materials. 6. Differentiate your value proposition with your ________. Examples of value proposition differentiators are the originality of the product or service, its functionalities, or if the product or service can be tailored-fitted to the customer’s preference, among others.

No complications, Language, Competitors

Refers to how you will sell the product or service to your customers.

Unique selling proposition

It addresses the customer’s wants and desires. After you create your value proposition, you have to figure out how to advertise or promote certain unique features of the product or service that you’re trying to sell.

Unique selling proposition

How to make a unique selling proposition? 1. Identify and ________ of the product or service attribute. 2. Be very _______. 3. Keep it ______ and ______ (KISS)

Rank uniqueness, Specific, Short, Simple

KISS

Keep it short and simple

7Ps or marketing

Product, Place, Price, Promotion, People, Packaging, Process

It is a comprehensive process of understanding the customer’s intricacies and the industry they revolve in.

Marketing research

________ is one of the most critical tasks of an entrepreneur.

Marketing research

Therefore, no budding entrepreneur should establish a business without undergoing the ________ process or else the business will surely fail.

Marketing research

It is simply the size the arena where the entrepreneur’s business will play.

Market size

It is the approximation of the number of buyers and sellers in a particular market.

Market size

3 steps in getting the market size

Estimate the potential market, Eliminate customers, Estimate market share

It is the approximate number of customers that will buy the product or avail the service.

Potential market

Usually, potential market is what you call the _________ or the ________ because this is the total market

Market space, Market universe

These are specific features and characteristics that the customer needs from a product or service.

Customer requirements

These are said to be the lifeblood of the business.

Customer

These are the people who buy or avail product/service. Their thoughts, feelings, and experiences, shape the decisions of the business.

Customer

Includes customer profiling, drives the entrepreneur on what correct strategies and tactics to employ.

Market intelligence

This can be obtained through a meticulous market segmentation process.

Market intelligence

Primary and secondary target market

Market intelligence, Market segmentation process, Secondary target market

It is the process of grouping similar or homogenous customers according to demographic, psychographic, geographic (location), and behavior.

Market segmentation process

They are the customers who don’t have enough purchasing power or have fewer demands.

Secondary target market

They may not be the primary target market, but they can be converted once effective marketing strategies are implemented.

Secondary target market

Market segmentation

Demographic/socioeconomic segmentation, Psychographic segmentation, Geographic segmentation, Behavioral segmentation

Process of grouping customers according to relevant socioeconomic variables for the business venture. These variables include income range and social class, occupation, gender and age, religion, and ethnicity.

Demographic/socioeconomic segmentation

Income range and social class, Occupation, Gender and age group, Religion and ethnicity

___________ of the customers are very important factors for the entrepreneur to consider because these represent the purchasing power of the market.

Income range and the social class

________ should also be considered not just to determine the customer’s income but also their daily routine where goods and services can be properly positioned.

Occupation

________ are data that must be mined because the life cycle of customers and their gender influence their buying behavior.

Gender and age group

_______ also should be taken to account because these affect the way they buy products or avail services.

Religion and ethnicity

Process of grouping customers according to their perceptions, way of life, motivations, and inclinations.

Psychographic segmentation

Grouping customers according to their location. It can be as small as a street, a village, or a barangay. It can also based on municipality, city, province, or region.

Geographic segmentation

Process of grouping the customers according to their actions.

Behavioral segmentation

These behaviors are instigated by occassions, desired benefits, loyalty, and usage of prodects or availment of services.

Behavioral segmentation

The best way to fully understand the customers is to ask them about their specific thoughts and desires.

Talking to your customers

It is one of the most reliable and credible ways of getting relevant information from the target customers.

Interview

It is a face-to-face contact between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give him significant pieces of information about the problem that he will solve.

Interview

2 main types of interview

Unstructured interview, Structured interview

It is commonly used by market researchers to capture qualitative results from target customers. It is a process of mining customer and noncustomer experience and insights about a specific product or service.

Focus group discussion (fgd)

Through this, the researcher will be able to generate relevant concerns and issues of customers such as their views and inclinations toward a product or service, perceptions or impressions on new product or service models, innovations of the older product or service, inventive concepts on promotions, price elasticity, and initial feedback of cutomers on marketing tactics and advertisements.

Focus group discussion (fgd)

It is one of the preferred and practical methods of generating ideas because the researcher documents the behavioral patterns of people or of objects or events without necessarily requiring them to participate in the research process.

Observation

One method is to simply watch and examine the customer’s behavior in their raw state without biases and pretentions, thereby providing more accurate results and faster process.

Observation

Observation can be done by ____ and ____

Human observer, Machine observer

The ________ records information as it occurs or as it happens using his or her five senses

Human observer

The ________ employs an equipment (e.g., video camera or computer) to record information needed.

Machine observer

It is the process of getting answers from a sample of respondents derived from a particular population

Traditional and online surveys

These questionnaires can be distributed and answered ________, by _______, or through the _______.

Verbally, Writing, Internet

Constellations

tokkijijii · 88問 · 2年前

Constellations