Quiz 2

Alyssa Laciste · 14問 · 2年前

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It refers to factors that allow a company to produce goods or services better or more cheaply than it's rivals.

Competitive advantage

It is a competitive advantage that can be maintained over a period of time.

Sustainable competitive advantage

A firm's ability to produce a good or service more efficiently than it's competitors, which leads to greater profit margins.

Comparative advantage

When a firm's products or services differ form it's competitors offerings and are seen as superior.

Differential advantage

In Harvard Business School he wrote "competitive advantage", the definitive business school textbook on the topic which helps companies to create a sustainable competitive advantage.

Prof. Michael Porter (1985)

Source of Competitive advantage

Cost leadership, Differentiation, Cost focus, Differentiation focus

It means companies provide reasonable value at a lower price.

Cost leadership

It means companies deliver better benefits than anyone else.

Differentiation

It means the company's leaders understand and service their target market better than anyone else.

Cost focus

An esteemed investor identifies "moats" that business can figuratively dig around themselves to entrench competitive advantage.

Warren Buffett

It refers to a defensive barrier.

Buffett's moat

The process of selecting the groups of customers to focus on in a firm's marketing mix.

Market identification

It involves finding out why customers would buy from you, dividing the market into segments according to demographies and other characteristics, and then finding the most profitable segments to include in your target market.

Market identification

It involves selecting one or more market segments or groups of customers to target in your marketing mix.

Target market identification

It is a quantitative and qualitative assessment of a market

Market analysis

Five Ps of Marketing Mix

Product, Price, Place, Promotion, People

Benefits of Target Market Identification

More effective marketing mix, Helps you choose the right marketing channels, Uses limited time, money, and resources more efficiently, Maximizes sales and profits

Steps for the Identification of the Target Market

Assess product or service characteristics, Identify why customers would buy from you, Identify the most relevant dimensions of segmentation, Segment the market according to specific criteria, Choose the most profitable segments to include in the target market

A large part of market research and an important component of business plan.

Market analysis

When assessing the size of the market, your approach will depend on the type of business you are selling to investors.

Demographics and segmentation

it is the size of a market.

Volume and value

it is the potential buyer or clients

Potential customer

The first thing to do is to see if the figure is publicly available as either published by a consultancy firm or by a state body

Market value

There are 2 methods that can be used to build estimates the bottom- up approach or the top-down approach

Methods for building an estimate

It is the type of customers you target within the market.

Target market

This section is very important as it is where you show your potential investor that you have an intimate knowledge of your market.

Market need

The aim of this section is to give a fair view of who you are competing against.

Competition

This section is all about answering two questions from your investors

Barriers to entry

It fefers to licences and concessions in particular or requirements by the authority to start a business, which is usually one of the hammers to entry

Regulation

It is experts from a target market are interviewed in order to collect new data.

Primary research

It uses existing data records from previous surveys.

Secondary research

Different Methods of Market Analysis

Primary research, Secondary research

Five types of Competitors

Direct competitors, Potential competitors, Indirect competitors, Future competitors, Replacement competitors

This are competitors who are directly vying for your customers.

Direct competitors

This are those competitors who do the same thing that you and target the same kinds of customers but aren't selling in your market area and aren't likely to do so.

Potential competitors

This are businesses that are in the same category, but they sell different products and services than you.

Indirect competitors

This are like potential competitors, but they're much more ready and likely to enter your market.

Future competitors

This are those who provide an alternative to the services that you offer that solves the same pain points.

Replacement competitors

It is what gives you a competitive advantage in your market

Product differentiation

a strategic process that marketers the to determine the place or asche in offering should occupy in a given market, relative to other customer allertiatives

Positioning

When you position a product or service, you answer these questions:

Place, Rank, Attitude, Outcomes

it is the process companies use to make a product or service stand out from its competitors in ways that provide unique value to the customer.

Differentiation

It identifies a set of characteristics and benefits that make a product different and better for a target audience.

Differentiation

It is at work any time you're choosing between two products in the same category.

Differentiation

Characteristics of a Product:

Deep, Intelligent, Complete, Empowering, Elegant

It has lots of features because you've anticipated what people need as they come up the power curve.

Deep

it reflects your insights on how to ease people's pain or increase their pleasure

Intelligent

It embodies everything a customer needs, such as support, documentation, and enhancements.

Complete

it makes people better. Great stuff doesn't fight you it becomes one with you.

Empowering

It is not just functional; it's also well designed so that people can use it easily and quickly.

Elegant

Four types of product

Valuable but not undifferentiated, Differentiated but not valuable, Undifferentiated and not valuable, Differentiated and valuable

The products that fulfill a need, but they work the same way as existing products

Valuable but not undifferentiated

products that serve a market that doesn't exist, or they provide functionality that no one wants

Differentiated but not valuable

the worst products of all.

Undifferentiated and not valuable

This is the holy grail of evangelism

Differentiated and valuable

Refers to how different industries are classified and differentiated based on their degree and nature of competition for goods and services

Market structure

Types/categories of Market structure

Perfect competition, Monopolistic competition, Oligopoly, Monopoly

Factors that determine Market Structure

Number of buyers and sellers, Ability to negotiate, Degree of concentration, Degree of differentiation of products, Ease or difficulty of entering and exiting the market

It is a group of people in a homogenous market who share common marketable characteristics such as interests, geography, age, demographic, or lifestyle

Market segment

It is a process of separating, identifying, and evaluating the layers of a market to identify a target market.

Market segmentation

It seeks to identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group.

Market segmentation

It helps companies minimize risk by figuring out which products are the most likely to earn a share of a target market and the best ways to market and deliver those products to the market

Market segmentation

Three (3) Criteria to Identify Different Market Segments

Homogeneity, Distinction, Reaction

Market Segmentation Strategies

Geographic segments, Demographic segments, Psychographic segments, Behavioral segments

Common needs within a segment

Homogeneity

Being unique from other groups

Distinction

a similar response to the market

Reaction

Customers are target locally, statewide, regionally, or nationally

Geographic segments

Customers are targeted by their age, gender, race, income, and education level

Demographic segments

identification based on attitudes, beliefs, emotions, lifestyle, and hobbies

Psychographic segments

identification based on various patterns shch as purchasing occasion and loyalty status

Behavioral segments

It made up of the total number of potential buyers of a product or service within a given market, and the total revenue that these sales may generate

Market size

simple, it's often unreliable and overly optimistic

Top-down method

time-consuming, because you do all of your own market research and dont rely solely on genralized forecasts and trends

Bottom-up method

It derived from a military strategy that as you are approaching an enemy territory, you should plan and focus all your resources on winning a small border area that become a stronghold area from which to advance into the enemy territory

Beachhead

a small market with specific characteristics that make it an ideal target to sell a new product or service

Beachhead market

Segmentation For the beachhead market

Geography, Industry vertical, Customer profiles, Process

Conditions that define a beachead market

Customers purchase similar products, Customers have similar sales cycles, Word of mouth communication between customers

market structure characterized by a large number of small firms, a homogeneous product, and very east entry into or exit from the market, price taker

Perfect competition

A market structure in which a few large firms dominate a market, either homogeneous or differentiated product and difficult market entry

Oligopoly

A market structure characterized by many small sellers, a differentiated product, and easy market entry.

Monopolistic competition

a market structure characterized by a single seller, a unique product, and impossible entry into the market

Monopoly

It is what makes your product or services stand out to your target audience.

Product differentiation

It forms the basis of the development of a marketing strategy and concrete marketing measures

Market analysis

It's how you distinguish what you sell form what your competitors do, and it increases brand loyalty, sales and growth

Product differentiation

It looks at the "relevant" market size for your product or service, and then calculates how much your organization might earn from it

Top-down method

The choice of the market is based on the compatibility between the resources available, the product, and the market itself.

Beachhead market

This section is where you need to place your competitive edge without mentioning it explicitly

Market need

it is more powerful when it's personal, because it's easier for potential customers to imagine how a product fills a need

Positioning

This is the corner of the chart where meaning, margin and money are made

Differentiated and valuable

Three step process of finding a market segment and market size

Industry, Market segment, Market size

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