External Environment
This tool is used for analyzing forces of the microenvironment
Porter's Five Forces
Consumers see new products advertised, they may purchase them to see how they differ from the products they regularly purchase. This is called:
Variety seeking
This can impact a company's marketing efforts by offering similar products...
Competitors
The variable that identifies customers with similar lifestyle and personality
Psychographic
The use of environmentally friendly ingredients is what force?
Ecological or environmental
The process of determining customer needs and wants in order to create the company’s products or services.
Focused marketing
They can raise prices, which can affect the profitability and competitiveness of companies in the industry.
bargaining power of suppliers
A tool to identify your position in the marketplace
Perceptual map
True or False: Consumer spending habits impacts the political environment.
False
Building long-term relationships with customers.
customer-driven marketing
selling more products in existing markets
market penetration
The variable that finds the customers frequency of buying a specific product.
Behavioral
True or False: Promotion value is part of customer value.
False
This is the process of dividing a larger market into smaller groups of consumers who have similar needs or characteristics.
Segmentation
selling new products in existing markets
product development
5 Criteria for effective segmentation
Measurable, Accessible, Substantial, differentiable and Actionable
This is a person who begins the process of considering a purchase in the buying decision process...
Initiator
True or False
Diversification is a growth strategy.
True
This individual with the power and/or financial authority to make the ultimate choice regarding which product to buy
Decider
The strategy that can identify the position in the mind of customers using the competitive advantage
Positioning