10. market and market segmentation,Part-3

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Maket and market Segmentation Part-3

Maket and market Segmentation Part-3

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  • Structural – current competition

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  • 1. Market and Market Segmentation Rajeev Shrestha Lecture 10 – April 4, 2012
  • 2. Market and Market Segmentation Topic Outline Market and its types Customer-Driven Marketing Strategy Market Segmentation Market Targeting Differentiation and Positioning
  • 3. Market Targeting Target market consists of a set of buyers who share common needs or characteristics that the company decides to serve Evaluating Market Segments  Segment size and growth  Segment structural attractiveness  Company objectives and resources
  • 4. Target Marketing Strategies Undifferentiated marketing targets the whole market with one offer  Mass marketing  Focuses on common needs rather than what’s different Differentiated marketing targets several different market segments and designs separate offers for each  Goal is to achieve higher sales and stronger position  More expensive than undifferentiated marketing
  • 5. Target Marketing Strategies Concentrated (niche) marketing targets a small share of a large market Limited company resources Knowledge of the market More effective and efficient
  • 6. Target Marketing Strategies Micromarketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations  Local marketing  Individual marketing
  • 7. Target Marketing Strategies Local marketing involves tailoring brands and promotion to the needs and wants of local customer groups Cities Neighborhoods Stores
  • 8. Target Marketing Strategies Individual marketing involves tailoring products and marketing programs to the needs and preferences of individual customers Also known as:  One-to-one marketing  Mass customization  Markets-of-one marketing
  • 9. Choosing a Targeting StrategyDepends on: Company resources Product variability Product life-cycle stage Market variability Competitor’s marketing strategies
  • 10. Socially Responsible TargetMarketing Benefits customers with specific needs Concern for vulnerable segments Children  Alcohol  Cigarettes  Internet abuses
  • 11. Differentiation and Positioning Product position is the way the product is defined by consumers on important attributes— the place the product occupies in consumers’ minds relative to competing products  Perceptions  Impressions  Feelings
  • 12. Differentiation and Positioning Positioning maps show consumer perceptions of their brands versus competing products on important buying dimensions
  • 13. Choosing a Differentiation andPositioning Strategy Identifying a set of possible competitive advantages to build a position Choosing the right competitive advantages Selecting an overall positioning strategy Developing a positioning statement
  • 14. Identifying Possible Value Differences andCompetitive Advantages Competitive advantage is an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits that justify higher prices
  • 15. Choosing a Differentiation andPositioning Strategy Identifying a set of possible competitive advantages to build a position by providing superior value from:Product differentiationServices differentiationChannel differentiationPeople differentiationImage differentiation
  • 16. Choosing the Right Competitive Advantage  Difference to promote should be: Important Distinctive Superior Communicable Preemptive Affordable ProfitableMileage is an important competitive advantage for a middle class auto-buyer.Here is an example of how it has been utilized. http://youtu.be/_ueMbV8T9dQ
  • 17. Selecting an Overall PositioningStrategy Value proposition is the full mix of benefits upon which a brand is positioned
  • 18. Developing a Positioning Statement To <target segment and benefit> <brand> is <product category> that <point of difference>.
  • 19. Communication and Delivering theChosen Position Choosing the positioning is often easier than implementing the position.