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Customer
Gatekkeeper
As a product
category becomes
popular
Gauging
Essential to marketing.
fluctuations in
consumer demands
is
2.2
Target Market
Innovators
Early adopters
Cash Cows
Cash Cows
Dogs
Early Majority
Late Majority
Laggards
3. Maturity Stage
4. Decline Stage
5. Decision Point Stage
Pricing Strategy
Skim-High
Penetrate-med
high
Penetrate-med
Lower
liquidate
Identify at least 1 product for each of the 5 stages of the PLC: Examples:
1. Iggy Azalea
2. bruno marz
3. smartphones
4. digital cameras
Think of one
example for
each stage
Bust
Most
Important
Stage
Growth stage
Benefit of
being first
No competition initially
Market Share A companies sales as a percentage of total sales for that market
Barriers to
entry
Examples
1.
2.
3.
4.
5.
small market
cost of research and development/know how
design costs
lack of distribution channels
cost of raw material
Companies Are often very successful during the middle portion of the growth stage
that use a
using low prices
push strategy
Maturity
Stage
Profits duringHigh
this stage are
usually
Profits
Develop new products
obtained
during this
stage are
often used to
Decline
Stage
Target Market
Innovators
Early Adopters
Majority
Late Majority
Product Life Cycle
Introduction
Growth
Maturity
Decline
Profitability
Question Mark/ Question Mark
Star
Cash Cow
Dog
Pricing Strategy
Skim
Penetrate
Penetrate
Lower
Laggards
Decision Point
Dog
Liquidate
2.3
Cohorts
Consumer Segment
Secondary Market
Demographics
Includes:
Age
Gender
Income level
Ethnicity
Culture
0-9: children influence gatekeepers who make the decisionMarketers try to appeal to both
Allowance Customers 10-15-Gatekeepers still responsible for most decisions, not all
Youth Market
Post Secondary Market 20-25-Start up products: cheap cars, furniture, kitchen stuff
Family Formation
Establishment
Mature Market
Baby Boomers
A business can sell its It will tailor its marketing efforts to match the needs of each
products or services to one.
various family lifecycle groups but
Income level
Postal codes
Employment
Number of children
Education
Property Ownership
When marketing in
another country
Psychographics
Examples
Religious beliefs
Tastes in music
Lifestyle
Personality traits
Geographics:
Consumers
3 main geographic
categories
Urban consumer
Urban
Suburban
Rural
Suburban Consumer
1. Heavy User
2. medium user
3. light user
4. non-user
Pareto Principle
Few rules are more widely quoted in marketing today than the
80/20 Rule (the Pareto's Principle), which states that 80% of
your sales come from just 20% of your customer base.
In this age of relationship marketing, this rule has become an
often-heard battle cry to focus our efforts on maintaining the
loyalty of customers belonging to the golden 20% that drive
most of our business, while spending less effort on the trivial
other 80%.
Motivation is
Emotional needs:
on the negative.
Marketers use the following to
make people want products:
Peer Pressure
Celebrity Endorsement
Destination Locations
Stores that consumers will visit and will travel to get to.
Usually for large ticket items or specialty items.
1. Want is created
2. Criteria is set-Features needed
3. Search begins
4. Decision is made
5. Purchase is made
6. Purchase is evaluated
Shopping Good
Impulse items
Impulse
Shopping
Big Ticket/Specialty