REAN
Help in understanding the buying process
Reach: The customer is aware of your product
Engage: The customer is engaged and considering your product
Activate: The customer takes action to purchase the product
Nurture: The customer has purchased, and it is now your responsibility to nurture this relationship
4Ps – Marketing mix
Describe aspects of a company marketing plan
Product: cater to a customer’s wants and needs
Price
Promotion: all form of advertising, PR, word of mount, and sales staff
Place: website/websites
SWOT Analysis
Offer framework for analysing a strategic decision
Strengths: internal factors
Weaknesses: internal factors
Opportunities: external focus, relate to factors such as market growth, technology changes, competitions, regulations.
Threats: external challenges a product faces
5Cs – Situational Analysis
Overview of the environment around a product or a company
Company: all aspects of a company, brand reputation, strategy, culture, infrastructure, strengths and weaknesses.
Competitors: direct and potential competitors, substitute products
Customers: demographics, purchase behaviour, market size, distribution channels, and customers needs and wants.
Collaborators: suppliers, distributors and partnership. Discussion here on what makes particular collaborations valuable and how they enable success.
Climate: all aspect such as regulations, technologies changes and economic environment
Porter’s 5 Forces
Describes what an industry as a whole looks like.
Rivalry among existing competitors: more competitors leads to more heated competition generally on prices.
Buyer power: few buyers equals more power to them
Suppliers power: it happens when for example a piece of equipment is sold by few companies
Threat of substitute: competition exists also from substitute products.
Threat of new entrants: with few barrier to entry in an industry companies are vulnerable to competition
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