When a company is financially doing bad in a failing market
(ex. In the declining market of CD players and are not selling any)
What are Cash Cows (BCG Matrix)?
When a company is in a failing market but is doing really well
(ex. being the top seller of CD players)
What is a Question Mark (BCG Matrix)?
When a company is not doing well but is in a fast growing market
(ex. Not selling enough smart phones in at your company)
What is a Star (BCG Matrix)?
When a company is doing very well finacially in a fast growing market
(ex. Being the top seller of Smart Phones)
What is Consumer behavior?
An understanding of consumers and their needs and purchasing behavior
The order of Maslows Hiearchy of needs
Physiological Needs – Survival needs of all humans
Safety Needs– Protection from harm, ill health, etc..
Belongingness – Need for companionship
Esteem needs – Needs for things that reflect self esteem, personal worth, & social recognition
Self-actualization –To actualize all that a person can become….need for personal growth
Direction of Marketing Plan
Always from Top to Bottom
(Cannot skip a step)
Why do we Segment?
To allow the marketing program to focus on the subset of prospects that are "most likely" to purchase the offering / “least likely” to be served by competitionIf done properly, can ensure highest return for marketing expendetures
How to Position?
Choose dimensions important to the target segment
Choose dimensions where firm has a competitive advantage