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ANALYZING THE MARKET CUSTOMERS, AND COMPETITION (1.0. FORMULATING A…
ANALYZING THE MARKET CUSTOMERS, AND COMPETITION
1.0. FORMULATING A SUCCESSFUL MARKETING PLAN
1.1. Set Marketing Objectives
1.2. Get the Product Out: Sales & Distribution
1.3. Set a Pricing Strategy
1.5. Conduct a Site Analysis
1.6. Future Marketing Activities
1.4. Raise Visibility: Advertising, Public Relations, & Promotions
2.0. PREPARING THE MARKETING ANALYSIS AND PLAN
2.1. Identifying Customers
2.1.1. Market Identification
2.1.2.Current & Best Customers
2.1.3. Potential Customers
2.1.4. Outside Factors
2.2. Niche or Target Markets
2.3. One-to-One Marketing
2.3.1. Identify customers, or get them to identify themselves
2.3.2. Link customers' identities to their transactions
2.3.3. Calculate individual customer lifetime value
2.3.4. Practice 'just-in-time marketing'
2.3.5. Strengthen a customer-satisfaction program
2.3.6. Treat complaints as opportunities for additional business
2.3.7. Survey customers to find their 'points of pain'
2.3.8. Enhance product information
2.4. The Value of Loyalty Programs
2.4.1. Profit derived from increased purchases
2.4.2. Profit from reduced operating costs
2.4.3. Profit from referrals to other customers
2.4.4. Profit from price premium
2.5. Calculating the Value of a Loyal Customer
3.0. DEFINING THE MARKET SEGMENTATION
3.1. Demographic Segmentation
3.2. Geographic Segmentation
3.3. Psychographic Segmentation
3.4.Ethnic Segmentation
3.5. Combination Segmentation
3.6. Questions for Effective Segmentation
3.6.1.Do potential customer groups have different needs?
3.6.2.Does meeting customer needs require different capabilities than meeting the needs of other customers?
3.6.3. Can the customers fit into a given segment be identified?
3.6.4. Are customers both willing and able to pay?
3.6.5. Is the Segment large enough to be profitable?
3.6.6. Can the Segment be reached in a cost-effective manner?
3.6.7. Can the segment be influenced to respond favorably?
4.0. CONDUCTING A COMPETITIVE ANALYSIS
4.1. PRODUCT OR SERVICE
4.1.1. How is the competitive product or service defined?
4.1.2. How is it similar or different?
4.1.3. Does the competition cater to a mass or targeted market?
4.1.4. What features of the product are superior?
4.1.5. What strengths or weakness of the competition can be exploited?
4.2. PRICE
4.2.1. What is the competitor's pricing strategy?
4.2.2. Is the competitor's price higher or lower?
4.2.3. What is competitor's gross margin for similar products?
4.2.4. Does the competitor offer terms, discounts, or promotions?
4.3. INDUSTRY COMPETITORS
4.3.1. Define the competition in terms of new, Internet, or potential threats of existing companies.
4.3.2. What are the strengths and weakness of each?
4.3.3. How will e-commerce companies affect the business?
4.3.4. How can the suppliers or buyers affect the competition?
4.4. SELLING/PROMOTION
4.4.1. How do the competitors advertise? Analyze their Web sites?
4.4.2. How much do the competitors spend on advertising, Web development, and promotions?
4.4.3. What marketing vision or plan are the competitors selling?
4.5. MANAGEMENT
4.5.1. How strong is the competitor's management team?
4.5.3. How does the company recruit new key employees?
4.5.2. What is the team's background or experience?
4.5.4. How does the company compensate their employees?
4.6. FINANCIAL
4.6.1. Is the competitor profitable?
4.6.2. What volume are sales and market shares?
4.6.3. Do they spend money for R&D, Internet, and Web development?
4.6.4. Are they properly capitalized? How strong is their cash flow?
5.0. PREPARING THE PRICE AND SALES STRATEGY
5.1. Pricing Methods
5.1.1. Value
5.1.2. Rationale
5.1.3. Calculating Breakdown Points
5.2. Establishing Pricing Objectives
5.2.1. Revenue-oriented
5.2.2. Operations-oriented
5.2.3. Patronage-oriented
6.0. PENETRATING THE MARKET AND SETTING UP SALES CHANNELS
6.1. Direct Salesforce
6.2. Sales Agents
6.3. Trade Shows