Best buy marketing research

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This is an example of Market Segmentation. We'll take BestBuy as our client. All ideas presented are merely our opinions and do not represent any brands, organization or institution we are affiliated with.

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Best buy marketing research

  1. 1. Best Buy – Market Research Jason Leah Lindsey Tiffany 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  2. 2. Content 2010 © Jason T., Leah W., Lindsey S. & Tiffany L. Target Market Positioning Segmentation Brand Positioning Positioning Statement Positioning Strategy Value Proposition
  3. 3. Target Market Segmentation Demographic 2006-08 American Community Survey Estimation 2010 © Jason T., Leah W., Lindsey S. & Tiffany L. 49.3% 50.7% 9.8% of 301, 237, 703 96% University/College Housing
  4. 4. Target Market Segmentation SIZE 40% of 18-24 enrolled into colleges in 2008 (The Pew Research Center). INTERESTS The 18-24 group is three times more likely to communicate through test messaging than all adults. One quarter of Americans feel it’s a great way to flirt, particularly among the 18-24 year old set (Business Wire, 2009). An average consumer in this segment watch over 273 minutes of online video per month (BizReport, 2009). College educated 18-24 year old segment has an discretionary per capita spend of nearly $13,000 (Business Wire). Three in 10 people in 18-24 who don’t have a smart phone and want one (Mobile Marketer, 2009). POTENTIAL
  5. 5. Target Market Segmentation Focus group: 2010 © Jason T., Leah W., Lindsey S. & Tiffany L. “it’s too expensive for my budget!” “because they are a credible company.” “…the employees at Best Buy would probably be more helpful than someone working at more of a general store, like Kmart.” “that the staff at Best Buy knows more about the different products that are available.”
  6. 6. Target Market Segmentation Early Adopters Early Majority Late Majority Laggards 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  7. 7. Target Market Segmentation Early Adopters College Students Non-Students 60%40% 2010 © Jason T., Leah W., Lindsey S. & Tiffany L. “the most valuable segment in the 18-24 demographic!” (CGPA Media)
  8. 8. Target Market Segmentation College Students Spend 6 hours a day on campus. Spend time with friends at local coffee shops/sports bar on weekend evenings. Listen to music primarily on their MP3 players than the radio. Rarely take more than 6 hours of TV in a week. Early adopters of new media and technology 70% are aware of digital signage 27% took action based on the last time they saw advertising on digital signage
  9. 9. Target Market Segmentation Other facts: • College population is the most valuable segment within the 18-24 demographic. • They spend > $200 billion annually. • They are open to trying new brands, often becoming lifelong brand-loyal customers. • They consume less traditional media. • They respond differently to advertisements, and they make benefit-driven buying decisions. [CGPA Media Corp, 2007] 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  10. 10. Key PlayersWhatBrandsAreWeTakingOn? 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  11. 11. Brand Positioning Map Expensive Affordable PoorCustomerService GoodCustomerService 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  12. 12. Positioning Statement To Be The Retail Brand of Choice! Guaranteed on Brand Experience 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  13. 13. Positioning Strategy BrandPositioning BrandPromise BrandEXPERIENCE 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  14. 14. Positioning Strategy It’s NOT about: • how many outlets; • how much marketing budget; • Mass/international market advantage; “Comeback Experience” It’s about… 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  15. 15. Choice of Strategy G2CW4CWait for Customer Go to Customer 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  16. 16. Values Proposition Best among choices Energetic professionals Satisfaction guaranteed Trustworthy brand Build lasting relationship Understand customers’ needs Youthful 2010 © Jason T., Leah W., Lindsey S. & Tiffany L.
  17. 17. 2010 © Jason T., Leah W., Lindsey S. & Tiffany L. Target Market Positioning Segmentation Brand Positioning Positioning Statement Positioning Strategy Value Proposition SUMMARY • Demographic • Interest • Potential “Comeback Experience”

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