LE5 & LE6

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Created by
Biby Do

Cards (30)

  • POSITIONING STATEMENT
    -  The entrepreneur is advised to look at other competitors or substitutes in the marketplace.
  • POSITIONING STATEMENT
    -  Competitors will offer products with features and attributes that deliver different customer benefits.
  • POSITIONING STATEMENT
    -  Customer profiling will come into, the benefits they desire, their expectations, characteristics and traits, behavior and usage patterns, preferences, and dislikes.
  • Main Value Proposition:
    1.       What are the main customer segments? What are their benefit expectations?
    2.       What are the different product attributes and features of each competitor, and what benefits do they provide for their customers?
    3.       What are the existing marketing practices of the various competitors?
    4.       What are the market preferences of consumers when it comes to the products being offered?
  • 7 Things to consider in a COMPETITOR ANALYSIS (table):
    -  Main Customer Segment
    -  Product Attributes and Features
    -  Marketing Practices
    -  Market Performance
    -  Strengths of Competitors’ Products
    -  Weaknesses of Competitors’ Products
    -  Main Value Proposition of Competitors’ Products
  • 7 Major Market Research Questions:
    ~  Why - Purpose and objective for conducting the market research.
  • 7 Major Market Research Questions:
    ~  What - Determines the scope and the limitations of the market research to be conducted.
  • 7 Major Market Research Questions:
    ~  Which - Determines which segment of the market must be studied; this must be the market segment that the entrepreneur is eyeing.
  • 7 Major Market Research Questions:
    ~  Who - Identifies who among the members of the selected market segment will participate in the market research.
  • 7 Major Market Research Questions:
    ~  When - Determines the time and timing of the research. This is critical for entrepreneurs whose product or service will be offered to a time-constrained market such as office workers.
  • 7 Major Market Research Questions:
    ~  Where - Pinpoints the relevant location of the market research.
  • 7 Major Market Research Questions:
    ~  How - Determines the methodology to be used for the market research.
  • MARKET RESEARCH METHODOLOGIES:
    ·         Sales Data Mining
    ·         Survey
    ·         Interview
    ·         Focus Group Discussion
    ·         Observation
  • THE SEVEN Ps OF MARKETING:
    1.       PRODUCT
    2.      PRICE
    3.      PLACE
    4.      PROMOTION
    5.      PEOPLE
    6.      PROCESS
    7.      PHYSICAL EVIDENCE
  • THE SEVEN Ps OF MARKETING:
    PRODUCT
    a.       Design Quality
    b.       Salient Features
  • THE SEVEN Ps OF MARKETING:
    PRICE
    a.       Affordability
    b.       Payment Method
    c.       Discounts and Perks
  • THE SEVEN Ps OF MARKETING:
    PLACE
    a.       Transportation
    b.       Location
    c.       Accessibility
    d.       E-Commerce
  • THE SEVEN Ps OF MARKETING:
    PROMOTION
    a.       Advertising Strategy
  • THE SEVEN Ps OF MARKETING:
    PEOPLE
    a.       Support System
  • THE SEVEN Ps OF MARKETING:
    PROCESS
    a.       Organizational Core Support for customer services, analyzing market opportunities, and creating marketing materials to reach desired consumers.
  • THE SEVEN Ps OF MARKETING:
    PHYSICAL EVIDENCE
    a.       Aesthetic
    b.       Cleanliness
    c.       Appearance
    d.       Ambiance
  • TARGET MARKET: Is a particular group of consumers at which product or service is aimed.
  • TARGET MARKET:
    1.       PRODUCT
    2.       PRICE
    3.       PLACE
    4.       PROMOTION
  • ENTREPRENEURIAL MIND - Successful new products are derived from creative, technical, and business minds.
  • CREATIVE MIND - It conceptualizes and designs a product that consumers find some use for.
  • TECHNICAL MIND - It is the technology originator. The entrepreneur may not necessarily possess a technical mind, but this drives him to convert new knowledge into something highly functional and operational.
  • TECHNICAL MIND - The technical mind is also a technology adaptor. The entrepreneur uses previous knowledge for new applications in various fields of human endeavor.
  • TECHNICAL MIND - The technical mind is a technology renderer. The entrepreneur resolves to make a new product work for the creator by configuring and reconfiguring the technical design of the new product.
  • BUSINESS MIND - It harnesses the potential of new products by creating the market space for them. It also organizes sufficient forces and resources to develop, launch, and commercialize the new product to maximize its market value.
  • 10 Mistakes You Should Avoid in Business:
    1.        Neglecting Market Research
    2.       Ignoring Customers’ Feedback
    3.       Over Exposing Financially
    4.       Lack of Planning
    5.       Poor Record Keeping
    6.       Lack of Marketing
    7.       Ignoring Technology
    8.       Lack of Employee Development
    9.       Poor Communication with the Team
    10. Resisting Change