Strategic Foundations
The American Marketing Association defines this as the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges.
Marketing
These two components of SWOT analysis are considered internal to the organization.
What are Strengths and Weaknesses?
This is the first stage of the Buyer Decision Process, which can be triggered internally or externally
What is Need Recognition?
This is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors.
What is Market Segmentation?
In the "Three Levels of Product" model, this level represents the core benefits or value created for the customer.
What is the Core Product (or Core Value)?
This is the first step in the General Problem Solving Model.
What is Identify and Select the Problem?
Large concentrated market potential and high demand are examples of this external SWOT category.
What are Opportunities?
This term describes the tension or "post-purchase behavior" that hinges on a buyer's expectations versus the actual performance of a product.
What is Cognitive Dissonance?
Benefits sought," "usage rate," and "loyalty status" are variables used in this specific base of segmentation.
What is Behavioral Segmentation?
These are the four distinctive characteristics of services that differ from physical goods.
What are Intangibility, Inseparability, Variability, and Perishability?
This type of marketing meets the current needs of customers while preserving the ability of future generations to meet theirs.
What is Sustainable Marketing?
This acronym represents macro-environmental factors such as Economic, Social, and Technological changes.
What is PESTEL?
This behavior involves consumers visiting a brick-and-mortar store to examine a product before buying it online at a lower price.
What is Showrooming?
This targeting strategy aims one or more product offers at a single, specific submarket.
What is Concentrated (or Niche) Marketing?
This branding method involves using the brand names of two different companies on the same product, such as Dell and Intel.
What is Co-branding?
Unlike the societal marketing concept, which focuses on the future welfare of society, this specific concept focuses on the short-term wants and needs of consumers.
What is the Marketing Concept?
In a SWOT assessment, these follow the initial "observations" and explain why those facts are important to the organization.
What are Implications?
This percentage of the economy is currently services-based.
What is 70%?
This "statement" follows the format: "To (target segment/need), our (brand) is (concept) that (point of difference)."
What is a Positioning Statement?
This distribution intensity strategy is used for convenience goods like Coca-Cola to ensure the product is available "everywhere."
What is Intensive Distribution?
This specific technology is cited as a major marketing trend following the pandemic.
What is AI Technology?
This internal SWOT factor includes brand reputation, financial resources, and IT capacity.
What are Resources (or Skills)?
People often choose brands that match this personal factor, which includes categories like "Ruggedness," "Excitement," and "Sophistication."
What is Brand Personality?
This visual tool shows consumer perceptions of a brand versus its competitors on key attributes like price and quality.
What is a Positioning Map?
This communication approach integrates all channels to deliver a clear, consistent, and compelling message about the organization and its products.
What is Integrated Marketing Communications (IMC)?