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Political Economical Social Technological Demographics Natural environment Competitive environment |
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CUSTOMER VALUE-CUSTOMER COST or (Product value + Image value)-(monetary cost+energy cost+time cost) |
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- Define the market
- Segment the market
- Design an appealing mix (4 P's)
- Position the offering
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- Surveys of expert (or salesforce) opinion)
- Survey of buyers’ intentions [might be syndicated, e.g. Gartner]
- Chain ratio method (case interview string of estimated multipliers)
- Market build up method
- “Multiple factor Method” (Buying power index)
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- Measurable
- Substantial
- Accessible
- Differentiable
- Actionable
Also, homogeneous within, heterogeneous without. |
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- Come up with top performing stores
- Use Prizm to segment their locations
- Use Prizm to locate similar areas
- Expand stores into new areas
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Achieved by attributes (Product & Price) and associations (Place & Promotion) The concept is perceptual; it's supposed to be how consumers view the brand in their minds. |
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- Define objectives
- Develop the plan
- Implement the plan
- Interpret the findings
Secondary data, or data collected by other entities, is gathered first. This can be censuses, surveys, etc.
Then there's syndicated research...can be qualitative (largely observational) or quantitative (scanner data). Qual develops questions for quan. |
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Definition
- Don't need product
- Not yet buyng (not yet using, buying from others)
- Customer (occasional, regular, loyal)
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| STEPS OF NEW PRODUCT ADOPTION (NON-MAJOR PURCHASE) |
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Definition
1.Promo 2.Find out why not interested. Then possibly change product…and then get celebrity endorsements, etc etc. 3.Induce trial 4.Follow sales over time—scanner data, usage of coupons. Again, might have to change product. Or the price. |
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