Marketing is the process of creating/ delivering desired goods to customers. Involves activities of retaining loyalty
Bootstrapping marketing strategies is unconventional/ low cost/ creative marketing strategies designed to give small companies an edge over their larger/ richer/ more powerful rivals
reflects comp. understanding of customers/ purpose to attract customers/ profits are outcome to creating value
Objectives: pinpoint specific markets that company will serve/ determine their needs through research/ analyze firm's competitive advantage & bootstrapping strategy to communicate its value proposition to market
Target Market- specific group of customers at whom a company a company aims its goods/ services
Demographics- study of important population traits (age/ income/ education/ race)
Market research- getting info that serves as the foundation for the marketing plan (collecting/ analyzing/ interpreting data on company's market/ customers/ competitors How to Conduct Market Research:
Define the objective/ collect data (individual marketing)/ analyzing & interpret data/ draw conclusions and act
Individual (one to one) Marketing- getting data on individual customers/ developing program to their needs
Product surveys/ questionnaires/ focus groups/ s. media monitoring/ test mkt/ daily transactions
Sec-bus directories/ mailing lists/ demographic & census data/ forecasts/ articles/ internet
Data mining computer software uses stat analysis/ database tech/ Artificial intelligence to find patterns/ trends/ connections
Bootstrapping marketing principles: find a niche and fill it/ use publicity (free advertising)/ entertain/ be unique/ build a community/ connect emotionally with customers/ create identity thru branding/ embrace social marketing/ be dedicated to service & customer satisfaction (listen & respond/ take responsibility/ set standards & reward superior service/ value employees)/ retain existing customers/ devoted to quality/ attend to convenience/ concentrate on innovation/ emphasize speed
Unique selling proposition- key benefit that sets apart from the competition
Threshold attributes- benefits customer expects from a brand
Performance attributes- benefits brand can offer/ superior to competitors offer
Excitement attributes- benefits customer gets excited/ differentiate from others
Branding- communicating companies USP to target customers (consistent/ integral matter)
Customer experience management- creating the optimum customer experience for every interaction
Total quality management- philosophy of a producing a high quality product/ achieving quality in every aspect of business related to the consumer/ focus of continuous improvement on quality
time compression management- speeding products to market/ shortening customer response time in manufacturing and delivery/ reducing administrative time required to fill an order
reengineering entire process than doing same thing in same way/ technical shortcuts
create cross-functional teams of workers/ give power to solve problems/ web
set aggressive goals for time reduction/ rethink supply chain/ instill speed in culture
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