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Targeting
Target Marketing
Identifying those particular groups of customers which your product/service is capable of meeting their requirements (needs) most. Each of these groups constitute a market
segment
Selecting one or more segments to enter Establishing and communicating the products key distinctive benefits in that market
Market Segment
A large identifiable group within a market with similar wants, purchasing power, geographical locations, buying attitudes
Niche Marketing
What is an attractive niche ? A distinct set of needs A premium can be charged Not likely to attract competition Gains certain economies through specialisation Sufficient size, profit and growth potential
Local Marketing
When the marketing mix is altered to suit the local conditions eg. Giving a higher/ lower discount than whats prevailing in the rest of the markets or implementing a different promotion scheme
Individualised Marketing
When the firm deals with each customer on a one to one basis When products are customised for the customer
Market Targeting
Single segment concentration Selective specialisation Product specialisation Market specialisation Full Market coverage undifferentiated marketing differentiated marketing
Undifferentiated Marketing
Single product addressing all segments with a single marketing program. Mass production is possible giving scale economies Pushes price downwards enabling to attract price sensitive segments
Differentiated Marketing
A separate market offering for every segment Marketing programs for every segment could be different Pushes up costs at various levels, necessitating sufficient volumes for viability Generates inter-segment rivalry
Segmentation
Segmentation
The analytical goal is to measure Consumer Behaviour and place each person in a group (segment) that will minimise the behaviour between each member of the segment and maximise the variance between segments
Behavioral variables
Occasions birthdays, lunchtime,vacations Benefits eg.travel business, vacation, educational User status non users, ex users, first time users, regular users, potential users Usage rate light, medium, heavy
Loyalty status diehards,shifters,switchers Buyer Readiness unaware aware informed interested desire intention to buy Attitude enthusiastic, positive, indifferent, negative, hostile
Segmentation is a spectrum
Concentrated marketing Differentiated marketing Mass marketing Niche marketing
Positioning
Positioning
What the product stands for? Mind-share
Positioning and segmentation strategies must have fit. A brand must be positioned to be maximally effective in attracting the desired target segment.
Positioning strategies
Product characteristics/benefits Price-quality approach Use or application approach Product class approach Product user approach Cultural symbol approach Competitor approach
Positioning strategies
Identify competitors Determine how competitors are perceived and evaluated Determine the competitors positions Analyse the customers Select the position Monitor the position
Positioning Decision
Economic analysis should guide the decision Segmentation commitment Not change for change sake. To stick with the advertising if it is working. Make it easy for customers to remember/recall. Use symbols, logos, etc. as a memory aid. Be honest.
Micromarketing
The result of understanding and relating to an increasingly fragmented market place
3 Ms of profit Growth
More markets More market share More margins
Ethnocentricity
Focusing on ones own way of doing things with very little sensitivity or interest in the ways of the world Marketing practitioners need cultural empathy defined as the ability to understand the inner logic and coherence of other ways of life.
Communication Problems
The diversity of markets and consumers also pose several communication challenges for marketers Therefore visual language, pictures are mostly used for better universal understanding. Gestures and words can be misleading
Language problems
Please leave your values at the desk Paris Hotel Drop your trousers here for best results Bangkok laundry Because of the impropriety of entertaining guests of the opposite sex in the bedroom, it is suggested that the lobby be used for the purpose Zurich hotel The manager has personally passed all water served here Acapulco restaurant Ladies are requested not to have children in the bar Norway bar
Conceptual Equivalency
Come alive with Pepsi Come alive out of the grave Germany Pepsi brings your ancestors back from the grave - China