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Week 8

by: Petey Martin

Week 8 MKT 203

Petey Martin
GPA 3.25

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About this Document

Week 8 of Notes
Class Notes
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Popular in Marketing

This 7 page Class Notes was uploaded by Petey Martin on Thursday October 22, 2015. The Class Notes belongs to MKT 203 at University of Rochester taught by HOPE V in Summer 2015. Since its upload, it has received 14 views. For similar materials see PRINCIPLES OF MARKETING in Marketing at University of Rochester.


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Date Created: 10/22/15
Petey Martin Notes 102015 Forecasts Competition Consumers 0 Key Messages Forecasting Assessing Demand Developing a market demand forecast is like peeling an onion Market research is critical when developing a demand case for a product or service for which there is no history An advocate is a lousy forecaster Neutralize enthusiasm Even with CRM and targetsegmented marketing initiatives many most DemandForecasting tools are still applied at Mass Marketing levels 0 Measuring Market Demand Market Demand has many dimensions quotmarket demand functionquot 0 Dm f 0 Customer Current Potential SwitchersConverters 0 Current Best Wrong 39 PUSh Pull The classic de nitions 0 Total Market Potential 0 Prospects and suspects Available Market Prospects o Prospects are potential customers 0 Suspects are on the exterior Served Market Target 0 Who you want to be your customers Penetrated Market Market Share Customers 0 Who will actually be your customers Estimating Future Demand 0 Can t rely on past results 0 Issues with macro environment Uncertainty of industry trends Unexpected productioncompany issues 0 Media issues 0 Key Messages Competition Porter s 5 Forces model of competitive attractiveness quotclassic analysisquot important constructs Underlying competitive strategy is thinking like your competitorenemy Strengths and weaknesses Reaction patterns 0 Source of competitive advantage Clear accountability for competitive strategy within the rm is critical Don t forget quotmacroenvironmentquot factors Major auto companies are moving to hybrid energy not just mergers or new models Competitive Strength Comparative Value The eye of the consumer Cooperation Strong move toward competitive alliancespartnerships The Suntsu maxim The Art of War 0 Never wage a war that isn t already won before it begins 0 Competition Landscape amp Strategy Identifying competitors Porter s quot5 forcesquot Rivas o Pepsi vs Coke oNew Entrants o Walmart vs Local Hardware Store amp Grocery Store oSubstitutes oTV Station Nat Geo vs Museum oBuyers o Tell you exactly what to do o Walmart squeezes companies they have boughtout oSuppIiers o You get what you give out o BMW must sell all lines not just top model I Industry concept of competition 0 Sellers and degree of differentiation 0 Difficulty of sellers Entry Barriers 0 Closed Door Exit Barriers 0 Lack of Alternatives Inherent Cost Structures 0 History Vertical integration 0 Difficulty of climbing the ladder Degree of Globalization 0 Difficulty of expansion Market concept of competition 0 Railroad vs Train Business I CompetitorCentric vs CustomerCentric Strategy Stimulus Response 0 Fight against competitor o Keen eye on marketplace Situation Assessment 0 Compensation for long term 0 Strategic view Assessing a Competitor 0 Objectives 0 What drives of competitor Strengths and Weaknesses 0 Muscle 0 People 0 Technology 0 Culture 0 Infrastructure 0 Reaction Patterns 0 What is their response chess move Evaluating Competitors Attack or Avoid or neutralize 0 axis of quotfair valuequot price quality Perceptual Value Map Thinking Outside the Box Glass 12 full 0 Singapore WWII 0 Sprint PCS The essence of competitive strategy 0 Understand customer needs Understand core competencies Anticipate CHANGE Don t get Trapped in battle COO Petey Martin Notes 102215 0 Consumer Complexity 0 Key Messages Consumer Behavior Consumer markets are enormously complex 0 Why does someone purchase Tide vs All vs store brand detergents Neon vs Kia iphone vs Droid Colgate vs Crest It is critical to understand differences in market segments de ning their 0 identi able demographics o motivations o behaviors target customers accordingly 0 understanding their requirements and their decisionmaking process The factors that in uence the acquisition of laundry detergent are very different from those in uencing the acquisition of a car or a phone But in both cases the consumer buying process is the same 0 Discussion Consumer Behavior A Model of Consumer Behavior 0 Marketing stimuli 4 P s Push 0 Product 0 Price 0 Place 0 Promotion Other stimuli MacrofactorsCompetition 0 Economic o Technological 0 Political 0 Cultural Buyers characteristics quotMarketing DNA 0 Cultural 0 Social 0 Personal 0 Psychological Buyers decision process 5 Step Cycle 0 Problem recognition 0 Information search 0 Evaluation 0 Decision 0 Postpurchase behavior Buyer s decisions Flip the coin Weighing the 4 P s plus 0 Product choice 0 Brand choice 0 Dealer choice 0 Purchase timing 0 Purchase amount Buyer CharacteristicsIn uencing Factors DNA Cultural factors 0 Conformity amp Comfort 12 yearolds who dress the same 0 Social Factors 0 Reference groups In uence Pedding Memberships Coworkers Neighbors Friends 0 Project Groups Levels of In uence o Attitude Pressure of Conformity 0 Family Beliefs amp Brain Washing Orientation 0 History 0 Common experience In uence 0 Who owns what 0 Who are you living with 0 Who s doing what 0 Personal Factors 0 Age and life cycle Infancy Full nest Empty nest Grandparenting 0 Occupation and economic circumstances Friendshipsbonds Types of cars we drive Way we dress ZIP Codes 0 Lifestyles Claritas PRIZM Clusters that are geography based that get into lifestyle categories Psychological Factors 0 Motivation Maslow s Needs Hierarchy O O Survival instinct Food amp Shelter Security Safety amp Shelter Belonging Emotions amp Image Esteem Importance amp Recognition SelfActualization Nirvana Perception Consumer Behavior Philosophy of Perception quotA man sees what he wants to see and disregards the restquot Learning Repetition Higher level Beliefs Attitudes Changes in own expectations Memory Retention of information Buying Decision Process Think quotComplexityquot I Think quotMultiVariatequot Buying Roles Buyer In uences Users O 0000 H ate In uence Dedde Purchase Use f social class education 0 Types of Buying Behavior 0 O O 0 Complex Buying Process Dissumer Reduction Habit Variety Seeking


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