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What are the two stages to developing first-mover advantages?
1. Have the opportunity to be first at something. 2. The firm must be able to capture the benefits of being first.
What are benefits of the first-mover strategy?
1. Technology Leadership 2. Control of Resources 3. Buyer-switching costs
What are benefits of the second-mover strategy?
Informed Buyers,avoiding costly mistakes, and If first movers become complacent, later entrants may take advantage of changing customer needs.
What is a Target market?
A group of customers that the business has decided to aim its marketing efforts and ultimately its merchandise towards.
What is the first element to a marketing strategy?
A well-defined target market.
What are the four elements of a marketing mix strategy?
Product, place (distribution), promotion and price.
Target markets can be separated by the following aspects:
Geographic segmentations, demographic/socioeconomic, psychographic segmentation, behavioral segmentation, and product-related segmentation.
What is Geographic segmentations?
location, climate, and region.
What is demographic/socioeconomic segmentation?
Gender, age, income, occupation, education, household size, and stage in the family life cycle.
What is psychographic segmentation?
Similar attitudes, values, and lifestyles.
What is behavioral segmentation?
Occasions, degree of loyalty.
What is product-related segmentation?

Relationship to a product.