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Market
What is a Market?
Group of Consumers / Customers or Organizations That is interested in the Product Has the resources to purchase the Product Permitted to acquire the Product
MARKET TYPES
Market Segmentation
Behavioral
Demographic
Psychographic
Geographic
Employment
Socio-economic Education Environment
Health
Psychographic
Personality
Traits Attitudes, Values
Geographic
Neighbourhood
Demographic
Generation
Social Class
Socio-economic + Lifestyle
Demographic + Geographic
Measurable
-The size and
purchasing power of the segments have to be measurable
Substantial
The segments have to be large enough to serve them with a separate market mix profitably.
Accessible
-The segments must be accessible to the Marketer.
Actionable
-Able to create marketing programs for the segments
Facilitates proper choice of target market and effective tapping of the market
Helps crystallize the needs of the target buyers and elicit more predictable responses from them
Example of General Motors -GM has identified about 40 different customer needs and correspondingly, 40 different market segments in which it would present with its vehicles.
The Oldsmobile at affluent families
more
NO
Target Marketing
2 Concepts
One Product for All Tailoring a Marketing Mix for the Identified Segments
Market Targeting
Market
Market Targeting
Organization Differentiated Marketing The organization pursues several different market segments simultaneously
Market
Target Marketing
Positioning
Lux Lux stands for the promise of beauty and glamour as one of India's most trusted personal care brands
Lux Strawberry & Cream Lux Peach & Cream Lux Festive Glow with Honey
Lux Creamy White
Basics of Positioning
It's where your product or service fits into the marketplace Effective positioning puts you first in line in the minds of potential customers As individuals, we continually position ourselves
-the responsible older sibling, the class clown, a number cruncher, a super genius are all examples of positioning -these identifiers help us define ourselves and distinguish our abilities as unique and different from other people
Elements of Positioning
Pricing. Is your product a luxury item, somewhere in the middle, or cheap? Quality. Total quality is a much used and abused phrase. But is your product well produced? What controls are in place to assure consistency? Do you back your quality claim with customer-friendly guarantees, warranties, and return policies? Service. Do you offer the added value of customer service and support? Is your product customized and personalized? Distribution. How do customers obtain your product? The channel or distribution is part of positioning. Packaging. Packaging makes a strong statement. Make sure it's delivering the message you intend.
The act of designing the company's offering and identity so that they occupy a meaningful and distinct competitive position in the target customer's minds.
Positioning Errors
Under-positioning: Market only has a vague idea of the product. For eg: Magnavox brand of TVs from Philips in US does
not promote a strong reason to buy it instead of Sonys Vega TVs
Over-positioning: Only a narrow group of customers identify with the product. For Eg: the web based grocery
retailer - Peapod.com targeted the busy professional and ignored the mass market
Confused positioning: Buyers have a confused image of the product as it claims too many benefits or it changes the claim too often. For Eg: Highest Quality and Lowest Price Doubtful positioning: Buyers find it difficult to believe the brands claims in view of the products features, price, or manufacturer. For Eg: A mutual fund offers 100% returns on
investment; Oxyrich - which claims to clean better than all the leading brands, Ashvini hair oil - which promises to stop hair loss, Weight loss pills etc
SUMMARY
MARKET SEGMENTATION
- IDENTIFICATION OF CUSTOMERS NEEDS AND MARKET SEGMENTS - DEVELOP PROFILING OF RESULTING MARKET SEGMENTS
POSITIONING
-IDENTIFICATION OF DIFFERENTIAL ADVANTAGES IN EACH SEGMENT -DEVELOPING AND SELECTION OF POSITIONING CONCEPTS
MARKET PLANNING
-DEVELOPMENT OF A MARKETING MIX FOR EACH SEGMENT ACCORDING TO CHOSEN POSITION