Marketing Strategy
Marketing Strategy
October 20, 2011
Question: “Identify and explain each element of the Expanded 5W Model for Customer Analysis. What role does this analysis play in an overall situation analysis? How might this model be the basis for segmentation? Which of the five do you think provide the most meaningful insight that for you to utilize to segment the mobile telephone industry? Explain. What about the industry makes your suggestion feasible and effective.”
The Expanded 5W Model for Customer Analysis is very important in marketing managers’ tools to better understand the Customer environment. The Expanded 5W Model for Customer Analysis consists of 5 areas which identify buyer’s behaviors and products characteristics by asking the following: 1) Who are our current and potential customers which takes an in-depth look at the customer from demographic, geographic, and psychographic analysis, gaining insight of the current and potential customer of the product. The ‘who’ allow marketers to gauge the influences of consumers’ purchasing decisions and strategically targeting the consumers. 2) What do customers do with our products which factors differentiates the high consumers from the low consumers, how are products used after consumption, are products reusable after usage, are factors taken into consideration for marketers to fully understand the life cycle of its products. Upon this analysis, companies are better informed on what products are best used to manufacture its products. 3) Where do customers purchase our products improves the distribution of the products/services and enhances the efficiency in delivering those goods. Currently, products/services are delivered through various means, outside of the norm. Consumers are now purchasing the majority of goods through the Internet, TV, and direct personal selling. With these changes, marketers must always remain aware where their products are being sold to capitalize on possible revenue
October 20, 2011
Question: “Identify and explain each element of the Expanded 5W Model for Customer Analysis. What role does this analysis play in an overall situation analysis? How might this model be the basis for segmentation? Which of the five do you think provide the most meaningful insight that for you to utilize to segment the mobile telephone industry? Explain. What about the industry makes your suggestion feasible and effective.”
The Expanded 5W Model for Customer Analysis is very important in marketing managers’ tools to better understand the Customer environment. The Expanded 5W Model for Customer Analysis consists of 5 areas which identify buyer’s behaviors and products characteristics by asking the following: 1) Who are our current and potential customers which takes an in-depth look at the customer from demographic, geographic, and psychographic analysis, gaining insight of the current and potential customer of the product. The ‘who’ allow marketers to gauge the influences of consumers’ purchasing decisions and strategically targeting the consumers. 2) What do customers do with our products which factors differentiates the high consumers from the low consumers, how are products used after consumption, are products reusable after usage, are factors taken into consideration for marketers to fully understand the life cycle of its products. Upon this analysis, companies are better informed on what products are best used to manufacture its products. 3) Where do customers purchase our products improves the distribution of the products/services and enhances the efficiency in delivering those goods. Currently, products/services are delivered through various means, outside of the norm. Consumers are now purchasing the majority of goods through the Internet, TV, and direct personal selling. With these changes, marketers must always remain aware where their products are being sold to capitalize on possible revenue