Values
Values are something that are desirable and important to us. Who influences our values?
Influenced by family, friends, teachers, coaches, television, & movies
Symbolize and represents a particular company, event or organization.
Mascot
Group of people that are most likely to become customers.
The group that is identified for specific marketing programs
Creates focus and allows effective marketing strategies
Target Market
Material items that can be seen, touched or felt and are ready for sale to the customers.
Good
(Product- A complex mix of tangible and intangible attributes that provide satisfaction and benefit)
What is the difference between the Internal and External Factors of a SWOT Analysis?
Internal factors are within a company and provide an advantage or disadvantage.
External factors happen outside of the company’s control. These factors can either increase or diminish sales depending on how they are handled.
Someone who cares about their identity, strives for purpose, safety and security. Which value do they portray the most?
Inner Values
A logo is typically a shape or image that represents the customer. What else could a logo be?
Brand Name
Consumers' age, gender, race, ethnicity, income, education, occupation, family, size, religion, social class. What are these characteristics?
Demographics
Communication that informs, persuades, and reminds potential buyers about a product or service to influence their opinions or get a response
Promotion
Explain the 4 components of a SWOT analysis
Strengths:
Controllable, Internal positives about a company that that often provide you with a competitive advantage.
Weaknesses:
Adverse internal attributes about your company that negatively takes away from your Strengths.
Opportunities:
External factors that provide promise or is likely to contribute to your potential success.
Threats:
External factors that you have no control over, which could negatively impact your success.
Someone who cares about tangible aspects of life, physical health and well-being. What value do they portray?
Physical Values
Public advertisement and support from a person or organization in support of a product’s features, quality, benefits, and/or brand.
Endorsement
Consumers' location. The location's climate, population, subcultural values. What are these characteristics?
Geographics
All activities necessary to effectively get the product to the right customer when the customer wants it
Place (Distribution)
What are the 3 C’s that should be considered when reviewing Internal Factors of a SWOT analysis?
3 C’s: Company, Customers and Competition
Someone who cares about sufficiency, sustainability and appropriateness. What value do they portray?
Financial Value
Short, memorable descriptions that depicts and clearly communicates the brand message.
Tagline
What approach is it when a company develops one marketing strategy for a single specific market segment
Concentration Approach
Intangible customer amenities and benefits that are provided by companies.
Service
What does "PEST" (Analysis) stand for?
Political, Economic, Socio-Cultural, and Technological factors
Someone who desires belongingness and experiences. What type of value do they portray?
Social Values
Collaboration between two businesses with a related goal.
Reaching potential customers
Increasing sales with current customers
Growing brand awareness
Straighten Brand Loyalty
Strategic Partnership
When a company has one marketing strategy for ALL target markets.
(No modifications based on characteristics)
Mass Marketing
When the price of goods/services increase- quantity that suppliers offer will increase
When the price of goods/services decrease- quantity that suppliers offer with decrease
Law of Supply
Provide an example of how one of PEST's factors can negatively or positively impact a company?
Political: Government Regulations
Economic: Recession, Employment, Trade Restrictions
Socio-Cultural: Customer Attitudes, Lifestyles
Technological: Technology Changes