PPM Exam 2
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Customers will buy my services if:
- they are available and highly affordable
- they offer the most quality, performance and innovation
- I have the right sellling and promotional effort
- I satisfy the needs and wants of target groups of customers more effectively and efficiently than the competitors
- Goals and objectives
- Market definitions and dynamics
- marketing mix
- financial projections
- implementation and monitoring
6 critical marketing plan questions
- what are my goals?
- what needs/wants am I trying to satisfy?
- who has these needs?
- whom do I want to serve (who is my target)?
- How should I position my product to reach target customers?
- What does my position imply for marketing tactics?
- desired long range states of profit, growth and market status
- consumer response
- long term
- short term measures of accomplishment
- help firm achieve goals
Objective financial measurements
objective market position metrics
- target segments
Rate of growth measurement
- customer satisfaction
- reliance on new services or markets
what do customers want to do
what do custormers want to experience?
do customers want to save money?
do customers want to simplify the process of fulfilling needs?
how do customers want to think about themselves?
Things to consider when identifying potential customers
- purchase behavior and product use
- desired benefits
you cannot design your marketing plan unless you know:
- how to target customers
- importance of emotion in the decision
- amount of time they have to make decision
- number of people involved in the decision
- how relevent is the product to you?
- would you be embarrased to be seen by someone else using one brand or another?
- Feel think do
- Feel do think
- think feel do
- do feel think
High expense low envolvement
think feel do
High expense high involvement
feel think do
Low expense high involvement
feel do think
low expense low involvement
do feel think
Who influences purchase decision process?
- often initiate buying proposal
- help define product specs
- define specifications
- provide info for evaluating alternatives
choose product requirements and or suppliers
authorize actions of deciders or buyers
select vendors and negotiate
can prevent sellers or information from reaching the buying center
Must be first identified in the marketing plan
process of establishing within your target market the desired perception of you product or service relative to competitors
Goal of positioning
own a word in the consumer's mind
corollary principle with reguards to positioning
two companies cannot own the same word in a consumer's mind
Positioning statement is 2 sentences that answer these 7 questions
- product name
- what is the product
- who is the competition
- what's different
- why does this matter
Marketing mix 5 p's
price of the customer's best alternative
the value of the things that differentiate your services from the customer's best alternative
reference + differentiation value
Ugly truthes of marketing
- the distribution channel you want may not want your product
- distribution partners care about profitability
- retailers tend to focus on sales per square foot
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