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Marketing management
- 3. To satisfy basicneeds
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- 6. Steps in MarketSegmentation, Targeting, and Positioning Market Segmentation 1. Identify bases for segmenting the market 2. Develop segment profiles Market Targeting 3. Develop measure of segment attractiveness 4. Select target segments Market Positioning 5. Develop positioning for target segments 6. Develop a marketing mix for each segment
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- 9. Target Market - Aspecific group of consumers at which a company aims its products and services
- 11. The better acompany is at identifying their potential consumers; the more successful they will be in delivering products and services that are in demand
- 12. Your target consumers are thosewho are most likely to buy from you
- 13. Focusing on atarget market makes it easier to develop products people want
- 21. Is your productinternational, national, or local in scope?
- 22. Are your targetconsumers male or female?
- 23. How old arethey?
- 24. Are you targetconsumers single, married, or divorced ?
- 25. What level ofeducation has your target consumers completed: high school, college, or university?
- 26. Where do theylive?
- 27. Is geography alimiting factor for any reason?
- 28. How much moneydo they make? This is most significant if you're selling relatively expensive or luxury items.
- 29. What other aspectsof their lives matter?
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- 31. ā Ignores segmentationopportunities Undifferentiated (Mass) Marketing
- 32. Differentiated (Segmented) Marketing āTargets several segments and designs separate offers for each. ā Coca-Cola (Coke, Sprite, Diet Coke, etc.) ā Procter & Gamble (Tide, Cheer, Gain, Dreft, etc.) ā Toyota (Camry, Corolla, Prius, Scion, etc.)
- 33. Niche Marketing ā Targetsone or a couple small segments ā Niches have very specialized interests
- 34. Choosing a market-coverage strategy ā¢Company resources ā¢ Degree of product homogeneity ā¢ Product Life Cycle ā¢ Competitors strategies
- 37. No single productcan meet everyoneās needs More than 30 different varieties/flavors
- 38. Not all productsand services are meant for all types of consumers
- 40. The beauty oftarget marketing is that it makes the promotion, pricing and distribution of your products and/or services easier and more cost-effective
- 41. STP Strategies in MarketingPlanning
- 42. The place aproduct occupies in consumers mind relative to competing products. Positioning
- 43. Productās Position -Gaining competitive advantage through differentiation is the key to survival in todayās turbulent times. Positioning for Competitive Advantage
- 44. Product Positioning Alternatives A.By making altogether different claim.
- 45. B. Highlighting thenew product features.
- 46. C. By enteringin new market segment. International Business Machines Corp. (IBM)
- 47. D. By introducinga new package design
- 48. ā¢ Step 1.Identifying Possible Competitive Advantages: Competitive Differentiation. ā¢ Step 2. Selecting the Right Competitive Advantage: Unique Selling Proposition (USP). ā¢ Step 3. Signalling the competitive advantage. Steps to Choosing and Implementing a Positioning Strategy
- 49. Positioning for Competitive Advantage ļPositioning: Differentiation on the basis of attributes that customers find meaningful, relevant, important, and superior. ļ Conveys the value that the brand provides and sets the brand apart. ļ Sets the tone for the marketing plan. ļ Should be reevaluated periodically.
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- 51. There are variouspositioning errors ļ¶Under positioning ļ¶Over positioning ļ¶Confused positioning ļ¶Doubtful Positioning
- 52. Under positioning ļ¶Failing topresent a strong central benefit or reason to buy the product. ļ¶Occurs when customers cannot readily identify the brand or the brandĀ“s features. The product must stand out in the mind of the consumer Example: solar lamp
- 53. Over positioning ļ¶Marketers makesthe product too special, so the potential customer group becomes too small. ļ¶It means that buyers believe that the product is meant for a very select audience because it is premium priced. Example: Aqua Sure
- 54. Confused positioning ļ¶By claimingtwo are more benefits that contradict each other. ļ¶Too many benefits or claims, or when the brand attempts to position in too many segments. Example: Milkmaid
- 55. Doubtful Positioning ļ Claiminga benefit that customers will doubt that the brand can actually deliver. Example: Fair and Handsome
- 56. eBayās positioning: No matterwhat āitā is, you can find āitā on eBay! Positioning Example
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