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Target Marketing
Target marketing requires
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groups of buyers who differ in their needs and preferences (MARKET SEGMENTATION). Select one or more market segments to enter (MARKET TARGETING). For each target segment, establish and communicate the key distinctive benefit(s) of the companys market offering (MARKET POSITIONING).
Segmentation
Bases for Segmenting Consumer
Markets
Geographic Segmentation
Many companies today are localizing
their products , advertising, promotions and sales efforts to fit the needs of individual regions, cities, and even neighborhood (tapal, pizza hut, KFC)
Demographic Segmentation
Most popular bases because consumer
needs, wants and usage rates often vary closely with demographic patterns. They are easier to measure than most other types of variables
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Segmentation
Age and Life Cycle Stage Gender Income
Psychographic
Segmentation
Lifestyle
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Time-constrained Money-constrained Social Class o Personality Characteristics (hip and trendy, rebellious, sincere, exciting, competent,
Segmentation
Behavioral Segmentation (dividing up
Orange juice is often consumed at breakfast Valentines, Fathers Day, Mothers Day, Ramzan, Eid Benefits Sought User Status Market share leaders focus on attracting potential users, whereas smaller firms focus on attracting current users away from the market leader
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Segmentation
Usage Rate
Loyalty Status
Multiple Segmentation
Geodemographic
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differently to different marketing mix elements) Actionable (Effective programs can be designed for attracting and serving the segments)
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Market Targeting
Market segmentation
reveals the firms market segment opportunities. Now the firm will evaluate the various segments
Size and Growth Segment Structural
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Market Targeting
Selecting Segments
Undifferentiated Marketing Ignore market segments, one offer, focus on common need will appeal to largest number of buyers
Differentiated Marketing
(Segmented Marketing)
Targeting several segments and
designing separate offers for each. Lux , lifebuoy Bright, Bonus, Bonus Tri Star Capri , Opel Toyota , Lexus
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Market Targeting
Developing a stronger position
within several segments creates more total sales than undifferentiated marketing across all segments. But also increases cost of doing business
Niche or Concentrated
Marketing
Going for large share of small
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segment rather than small share of large market Advantages: Better adaptation, less competitors Example: Soap for people with Acne or any rear disease, BMW
Market Targeting
Micro Marketing Tailoring products and marketing programs to suit the tastes of specific individuals and locations. LOCAL Marketing Tailoring to the needs of local customer groups Ex: Cities, Neighborhood, Local Stores (Makro) INDIVIDUAL Marketing Tailoring to the needs of individual customers Car, Suit, Candies
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Market Targeting
Choosing A Target Marketing Strategy
Following factors are considered when
choosing a target marketing strategy Company Resources Degree of Product Variability Product Life Cycle Stage Market Variability Competitors Marketing Strategies
Socially Responsible Target Marketing
Smart Targeting help companies and
customers as well. Targeting kids. Spill over of adult products to kids section. Targeting kids may be good.
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consumers on important attributes, The place the product occupies in the minds of the consumer relative to competitors products.
The impression, perception of
product
(Colgate- Cavity) (Lux Beauty)
(Dettol Antibacterial) (Head & Shoulders Dandruff) (Suzuki economy car) (Mercedes Luxury 4-13 Car) (Porsche Performance)
Perceptual Map
Perception of ones brand with competing brand on
Price
1 0 0 1 2 3 4 5
Luxury
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Performance
positioning strategy (for ex: quality) but in many cases , two or more firms will go after the same position. Thus a company will have to find other ways to set itself apart.
Three steps of positioning task are
Identifying possible competitive
advantages Choosing the right competitive advantages Selecting an over all positioning strategy
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Product Line (little variation, highly differentiated) (features, performance, style) Service Differentiation (Speedy, convenient, careful) (Easy paisa, TCS, Dominos) Channel Differentiation (Direct Channel) (Dell) People Differentiation (Trained, Competent, Courteous, Friendly) Image Differentiation (Brand Image)Image must be supported by every thing the company says or does.
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Competitive Advantages
How many differences to
promote One (USP) More than one Which Differences to promote Important Distinctive Superior Communicable Preemptive Affordable 4-17 Profitable
products and services that give them the greatest value Value Proposition: The full positioning of a brand the full mix of benefits upon which it is positioned.
Mercedes value proposition
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concrete actions.
Designing the marketing mix involves
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GOOD NEWS !
Quiz
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