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Advertising Class Baruch College Week 4 presentation
 

Advertising Class Baruch College Week 4 presentation

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Advertising and marekting best practices for busienss owners and prodfessionals

Advertising and marekting best practices for busienss owners and prodfessionals

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    Advertising Class Baruch College Week 4 presentation Advertising Class Baruch College Week 4 presentation Presentation Transcript

    • AdvertisingAdvertising MKTMKT00350035
    • Chapter 4:Chapter 4: Segmentation,Segmentation, Targeting &Targeting & Marketing MixMarketing Mix
    • Determine your Target SegmentsTarget Segments: Who are you gonna sell your stuff to?
    • What’s A Target MarketWhat’s A Target Market
    • “A market segment consists of a group of consumers who share a similar set of needs and wants.” Kotler & LaneKotler & Lane
    • 308mm
    • • A marketmarket is the set of all actual and potential buyers who have sufficient interest in, income for, and access to your products/services. • Market segmentationMarket segmentation divides your market into distinct groups of homogenous consumers who all have similar needs and consumer behavior, and thus require similar marketing mixes. Target Markets
    • • Segmentation bases for B2C & B2B markets (Page 95): – Behavioral – Demographic – Psychographic – Geographic – Occasion – Benefits Target Markets
    • Behavioral Segmentation
    • Psychographic Segmentation
    • • Activities of the target segment • Interests… • Opinions… • Attitudes… • Values… Psychographic Segmentation
    • • Segmentation bases for B2C & B2B markets: – Nature of good or service – Buying condition of the consumer – Demographic details • DescriptiveDescriptive or consumer-basedconsumer-based are related to what kind of person or organization the customer is. • BehavioralBehavioral or product-orientedproduct-oriented are related to how the customer thinks of or uses the brand, product, or service. Behavioral segmentation bases are often most valuable in understanding branding issues, because they have clearer strategic implications. Target Markets
    • • Blanket targetingBlanket targeting: occurs when the firm’s advertising reaches the entire segment. • Beachhead targetingBeachhead targeting: The initial segment you go after is smaller than the larger segment you go after later. • Bleed-over targetingBleed-over targeting: The desired target includes others you don’t really wish to target. Types of TargetingTypes of Targeting
    • • New opportunity targetingNew opportunity targeting: the firm targets an entirely new segment online. Online targets have different needs and preferences from the firms’ offline segment(s). Typically it involves a new brand name and position. • Companies that changed their marketing strategy when they went online: – Hush Puppies – Ethan Allen – Midas – Avon Types of TargetingTypes of Targeting
    • For behavioral or product- oriented target segments think “INSURANCEINSURANCE”
    • Think InsuranceThink Insurance
    • • Identify who you want to sell your products to and offer your services to. • ActionableActionable segmentation: – The segments are easy to identify. – Segments can be easily reached. – Segments can be defined in terms of their growth, size, profile and attractiveness. • MeaningfulMeaningful segmentation explains why customers act the way they do: – Customers in a segment behave in similar ways. – Sheds light into customer motivations. – Correlates to differences in profitability or cost to serve Find Your Target MarketsFind Your Target Markets
    • Think CarsThink Cars
    • A Class Concept < $30k
    • Chrysler 300 > $40k
    • The MaleThe Male 18-2518-25 Segment…Segment…
    • …and the Male 18-25 Demographic?
    • • STEP 1STEP 1 - Identify groups of people with similar shared needs and characteristics. • STEP 2STEP 2 - Aggregate the these groups into larger market segments according to their interest in your product’s utility. 2 Steps to Segmentation
    • Satisfying NeedsSatisfying Needs
    • The ultimate purpose ofThe ultimate purpose of marketing (thus advertising)marketing (thus advertising) is tois to create exchangescreate exchanges thatthat satisfy the perceivedsatisfy the perceived needsneeds and wantsand wants of individuals andof individuals and organizations.organizations.
    • Satisfying Needs  The ability to satisfy customer needs is called UTILITY.  There are five types of customer utility: • Form: Produce the physical product. • Task: Do something for the customer. • Possession: How do they get it? • Time: Provide it when they want it. • Place: Have it where they can get it.
    • Exchange =Exchange = Satisfaction?Satisfaction?
    • It’s JUST Tap Water…It’s JUST Tap Water…
    • • Stated needs (inexpensive car) • Real needs (car with LOW operating cost) • Unstated needs (good service) • Delight needs (include a cool nav system) • Secret needs (your friends see you as a cool & savy consumer) FIVE Kinds of Needs
    • • Specify the benefits you will deliver to specific target segments: – Volvo (safety) – Nordstrom’s (customer care) – Southwest Airlines (convenience) Focus on Customer BenefitsFocus on Customer Benefits
    • Sample Ad CampaignSample Ad Campaign
    • You’re Not YOUYou’re Not YOU When You’re HungryWhen You’re Hungry
    • Resources