Basic Marketing Approach Outline
1 – Consumer Analysis
2 – Market Analysis
3 – Competitive Analysis
4 – Distribution Channel Analysis
5 – Develop The Marketing Mix
6 – Determine The Economics
7 – Revise
Terms and concepts:
Need Categories: All the possible uses for a product or service
The Buying Process – The stages of making a purchase
Product Involvement – The importance of the product to the consumer
Segmentation variables – Ways to divide the population to find a profitable target
Relevant market – The portion of the market that is interested in your product
Product Life Cycle – The birth-to-death (and possible rebirth) life cycle of a product
SWOT Analysis – Competitive analysis of strengths, weaknesses, opportunities and threats
Perceptual mapping – A multi-variable picture of a product and its competitors
Channel Margin Mathematics – Each level in the distribution takes a margin of the selling price it charges to the next level of distribution
The marketing mix of 4P’s – Product, place, promotion and price
Distribution Strategies – Exclusive, selective and mass market
Channel Power – Who in the distribution chain dictates the terms of the relationship
Advertising Measures – Reach, Frequency, GRP, TRP, share of voice. Buy wisely
Pricing Strategies – Cost plus, penetration, value pricing, skimming
Break Evens – The volume of sales needed to recover the fixed cost of marketing plan
Wherever you are in your business promotional cycle, getting the basics right will affect your results in an exponential way and produce massive results if you get things right early on and then build your business on solid foundations of great research and market analysis, rather than being focused on your own product rather than the needs of your potential customers.
The Essential Elements Of A Basic Marketing Approach For Online Success
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