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Insight
Published in Wanda Grimsgaard, Design and Strategy, 2023
Competition analysis is an evaluation of the strengths and weaknesses of current and potential competitors in order to identify the threats they represent and the opportunities that exist in the market. These are important factors when making a SWOT analysis of the company (2.7.10 SWOT analysis) and an important starting point for choosing a competition strategy (3.4.1 Competitive strategy). A competitor analysis involves collecting and analysing all relevant sources and information about the competitors. It is argued that most companies do not conduct this type of analysis systematically enough, but base their knowledge of competitors on the impressions, assumptions and intuitions they have accumulated over time. The company may come a long way with such knowledge, but too little knowledge of competitors may also lead them into a dead end (Bergen, 2014). Blind spots can cause them to choose their competitive strategy under false pretences, which may mean wrong focus, misuse of time and resources, and not least it can negatively affect sales performance. Companies that will compete consciously in the market should continuously monitor the competitive situation in order to adjust their efforts and market activities.
Airline Passenger Marketing
Published in John G. Wensveen, Air Transportation, 2016
Market segmentation is the process of dividing potential customers for a product (service) into meaningful consumer groups, or market segments, in order to identify a target market. This process involves three steps:Finding relevant characteristics that divide a market into smaller consumer groups. For example, an airline market might be segmented by trip purpose (business, pleasure, personal), traveler characteristics (age, sex, occupation, income, flying experience), trip characteristics (length of haul, peak versus nonpeak, day of the week, season), or length of stay (return same day, overnight, vacation).Using these characteristics to identify all significant market segments and to relate them systematically to the services each segment might buy.Selecting target markets—the collection of market segments most consistent with the company’s objectives and capabilities.
Finding Your Market
Published in Tom Hutchison, Paul Allen, Web Marketing for the Music Business, 2013
The basic goal of market segmentation (subdividing a market) is to determine the target market. Because some markets are so complex and composed of people with different needs and preferences, markets are typically subdivided so that promotional efforts can be customized—tailored to fit the particular submarket or segment. For most products, the total potential market is too diverse or heterogeneous to be treated as a single market. To solve this problem, markets are divided into submarkets called market segments. Market segmentation is defined as the process of dividing a large market into smaller segments of consumers who have similar characteristics, behaviors, wants, or needs. The resulting segments are homogenous with respect to characteristics that are most vital to the marketing efforts. That means that members of the segment have enough in common with each other that customized messages can be more effective. This segmentation may be made based on gender, age group, purchase occasion, or benefits sought. Or they may be segmented strictly according to their needs or preferences for particular products. The Internet has revolutionized the way markets are segmented because so much more data are available on consumers’ interests and purchase behavior.
Global terminal operators: a competitive strategic position analysis
Published in Maritime Policy & Management, 2023
Demir Ali Akyar, Mehmet Serdar Celik, Bulut Ozan Ceylan
Competitive analysis is critical in the strategic planning process for organizations to understand their market position and it can be analyzed by using a variety of analytical frameworks, methodologies, and techniques such as SWOT, Benchmarking Analysis, Porter’s Five Forces, Industry Fusion Analysis, BCG Matrix Analysis, SERVO Analysis, Four Corner Analysis, and Strategic Group Analysis (Aldehayyat and Anchor 2008). Some models are known to be more internally focused (firm-based) and struggle to reflect an industry-wide perspective. Therefore, an analytical model that is capable of representing multiple Strategic Business Units’ (SBU—in our case GTOs) long-term data in multiple time-frames is required to represent the dynamic structure of the GTOs’ market environment. BCG Matrix analysis with multiple time-frames has been found the most suitable method for the implementation of such dynamic portfolio analysis. Unit sales and generated revenue are the most frequently used measures for calculating market share (Ferrier, Smith, and Grimm 1999). Due to data availability and the complex financial structure of the GTOs which are substantially dispersed into various industries, in this study, market shares are measured by using numerical annual container throughput data. For the BCG Matrix analysis, industry-wide comprehensive secondary data regarding the total world container handling and port operator-based annual container handling volumes have been collected from official and reliable sources of Unctadstat and Drewry Global Container Terminal Operators Annual Review and Forecasts of (2019) and 2021/22. The collected quantitative time-series data are all in Twenty-foot Equivalent Units (TEU).
Optimal promotional policy of an innovation diffusion model incorporating the brand image in a segment-specific market
Published in Journal of Management Analytics, 2022
Kuldeep Chaudhary, Pradeep Kumar, Sudipa Chauhan, Vijay Kumar
Brand image can be improved by promotional activities such as advertisements, personal observation, word of mouth, and sharing experiences of the consumers with the market. We can evaluate all integrated marketing activities in terms of the effectiveness and efficiency with which they affect brand awareness and create, maintain and strengthen the brand image. To enhance the brand image and sales of a product, firms need to focus on their promotional activities and creates awareness for the brand or product which, in turn, yield sales and goodwill (Keller, 1993). To survive more effectively in the market, many firms are now focusing on target marketing, instead of scattering their marketing efforts; this is accommodated by market segmentation to cater to the differential characteristics of the customer. Market segmentation is the process of segregating a market into a group of customers who share similar sets of requirements (Kotler, 2003). Segmentation is generally carried out on the basis of some major attributes such as behavioral, psychographic, demographic and geographic. Segmentation becomes an important building block in planning effective promotion techniques for different types of consumers in the market. The purpose of using market segmentation is to improve the competitive position of the firm and assist the needs of different customers in a better way. Segment allows the promotional strategies to emphasize on the subsection of customers who are most likely to purchase their product. Promotion is usually carried out at two stages: mass and differentiated promotions. The differentiated promotion is carried out independently for each segment, whereas mass promotion reaches a diverse market with a fixed spectrum. Both the promotional strategies capture the whole market effectiveness and efficiency with which they affect brand awareness and create, maintain and strengthen the brand image.