• Value of the product and/ or service for the customer
- Do research into the market segmentation description by means of a product marketing-mix
- Customer- analysis
Who are the most important group customers and how can they be characterised?
The demands of the customers are also called the critical success factors.
- Determining the strategic group is a means to map out and understand the competition structure within a branch of trade. The strategic group consists of direct competitors of the organisation. A strategic group can be recognised by the fact that:
1. A similar competitions strategy is used
2. The competitions have to same characteristics
3. The possess similar means and skills
• Negotiation power within the industry column
How can we get a good view if the success potential of the organisation within the branch of trade?
A useful tool is the ‘five-forces model’ by Porter. According to Porter it is about the following forces:
1. Bargaining power of suppliers: The influence suppliers can exert on the organisation.
2. Bargaining power of customers: the influence customers can exert on the organisation.
3. Competitions-intensity: the extent to which organisation in that marketing compete each other.
4. Entrance barriers: the height of the barrier determiners how much effort other organisation have to make in order to enter the market.
5. Treats of substitute product: other products or services fulfilling the same function treating to cause a loss in sales.
Value of the product and/ or service for the customer
Do research into the market segmentation description by means of a product marketing-mix.
To do the research we need to no what is the marketing mix. The definition of marketing-mix is;
The combination of elements that you will use to market your product. There are four elements: Product, Place, Price and Promotion. They are called the four P’s of the marketing mix....