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Week 1:Porter’s 5 forces:
- Bargaining power of suppliers, bargaining power of buyers, threat of new entrants, threat
of substitutes and industry rivalry.
Week 2:
Decision making process:
Information search:
- Mass media: Reaches many people
Post purchase behavior:
- Cognitive dissonance: The discomfort that a person experiences when their behavior does
not align with what they value or believe
B2B and B2G:
B2B buying process:
- Request for proposal (RFP)
Week 3:
Overview of CRM:
- Customer Relationship Management (CRM)
Basic customer concepts:
Customer engagement:
- Word of mouth (WOM)
- Referral behavior: Referring to others
Customer value:
- Also known as CV
Customer lifetime value (CLV):
- Customer lifetime (CL) is calculated in days, months or years based on time customers
are considered dead or alive
- Customer lifetime (CL) × $ = CLV
Customer equity (CE):
- Calculated in dollars
- Value, brand and retention equity affects CE
- Good customer lifetime affects customer lifetime value which affects customer equity
- 3 types: Value, brand and retention
Company:
Core capabilities:
- Known as core competence
PESTEL:
- L: Law/legal
Global considerations:
Economic:
- Disposable income: Money after paying taxes
- Discretionary income: Money after fixed costs such as rent, education etc.
Infrastructure:
- Utilities such as electricity and gas
Political and legal:
, - Turmoil: State of great disturbance, confusion or uncertainty
Social & cultural:
- Cultural sensitivity: Colors mean different things in different countries
Global market entry strategy:
Exporting:
- Completes product then sends to another country
Franchising:
- Chain is known as franchisor
- Almost everything is already decided by chain, franchisee has almost no risk
- Franchisees have permission to open the branch in another place
- Contracts are for a long time
Week 4:
What is STP:
- Stands for segmentation, targeting, positioning
- Segmentation: Research
- Positioning: Strategy
Bases of segmentation:
- Categories used to divide people/market into
Psychographic:
- Activity interest opinion (AIO): Survey asking for interests
Check attractiveness of a segment:
- Yes must be answered to all 5 questions to be attractive, no other option
Techniques for segmentation:
Cluster analysis:
- Grouping people with the same likes
- Different clusters have very different people
- K means refers to how many clusters we want, people decide
- Fuzzy/likelihood means a person is close to a cluster so we put them in it
Conjoint analysis:
- People rate, rank or give their preference/choice
- Highest points win
Logit (Logistic) regression analysis:
- Prediction & outcome assumed from someone, no one can be in between possible
outcomes
Types of targeting:
Micromarketing:
- Individual marketing: Focuses on each person and adapts/changes for them
Types of positioning:
Preemptive:
- The first company to do something
Superlative:
- The best company to do something
Exclusive:
- The only company to do something
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