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Chapter 4
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  • 1. CHAPTER 4 DISCUSSION QUESTIONS1) What is the difference between a generic market & aproduct-market?2) What are the product-market "names?"3) What is the 2-step process of market segmentation?4) Define "market segment.”5) Explain each of the criteria for "good" market segments:A) Homogeneous withinB) Heterogeneous betweenC) SubstantialD) Operational6) State & explain the 3 basic ways to develop market-oriented strategies in a broad product market.
  • 2. MARKET “A GROUP OF POTENTIAL CUSTOMERS WITH SIMILARNEEDS WHO ARE WILLING TO EXCHANGE SOMETHING OF VALUE WITH SELLERS OFFERING VARIOUS GOODS OR SERVICES.”-MARKETING MANAGERS MUST DEVELOP ANUNDERSTANDING OF THE NEEDS & CHARACTERISTICS OFSPECIFIC GROUPS OF TARGET CUSTOMERS WITHIN THEBROADER MARKET.
  • 3. NINTENDO ENTERTAINMENT SYSTEM-RELEASED IN 1985.-AIMED AT THE BROAD ENTERTAINMENT SEEKERS MARKET.
  • 4. NINTENDO GAME BOY-RELEASED IN 1989.-AIMED AT THE KIDS MARKET.
  • 5. NINTENDO GAMECUBE-RELEASED IN 2001.-AIMED AT THE HARD-CORE GAMERS MARKET.
  • 6. NINTENDO DS (DUAL SCREEN)-RELEASED IN 2004.-AIMED AT THE CASUAL GAMERS MARKET. BOYS GIRLS BABY BOOMERS
  • 7. NINTENDO WII-RELEASED IN 2006.-AIMED AT EVERYONE.
  • 8. GENERIC MARKET VS PRODUCT-MARKET
  • 9. GENERIC MARKET “A MARKET WITH BROADLY SIMILAR NEEDS--& SELLERS OFFERING VARIOUS, OFTEN DIVERSE, WAYS OF SATISFYING THOSE NEEDS.”-LOOKS AT MARKETS BROADLY & FROM A CUSTOMER’SVIEWPOINT. MARKET: ENTERTAINMENT SEEKERS
  • 10. PRODUCT-MARKET“A MARKET WITH VERY SIMILAR NEEDS & SELLERS OFFERING VARIOUS CLOSE SUBSTITUTE WAYS OF SATISFYING THOSE NEEDS.” MARKET: TRAVELERS/TOURISTS
  • 11. MARKET SEGMENTATION “A 2-STEP PROCESS IN ORDER TO SELECT TARGET MARKETS & DEVELOP SUITABLE MARKETING MIXES.”2 STEPS:1) NAMING BROAD PRODUCT-MARKETS2) SEGMENTING THE BROAD PRODUCT-MARKETS
  • 12. MARKET SEGMENT“A (RELATIVELY) HOMOGENEOUS GROUP OF CUSTOMERS WHO WILL RESPOND TO A MARKETING MIX IN A SIMILAR WAY.”
  • 13. “GOOD” MARKET SEGMENTS MEET THE FOLLOWING CRITERIA1) HOMOGENEOUS WITHIN -THE CUSTOMERS IN A MARKET SEGMENT SHOULD BE AS SIMILAR AS POSSIBLE WITH RESPECT TO THEIR LIKELY RESPONSES TO MARKETING MIX VARIABLES & THEIR SEGMENTING DIMENSIONS.2) HETEROGENEOUS BETWEEN -THE CUSTOMERS IN DIFFERENT SEGMENTS SHOULD BE AS DIFFERENT AS POSSIBLE WITH RESPECT TO THEIR LIKELY RESPONSES TO MARKETING MIX VARIABLES & THEIR SEGMENTING DIMENSIONS.3) SUBSTANTIAL -THE SEGMENT SHOULD BE BIG ENOUGH TO BE PROFITABLE.4) OPERATIONAL -THE SEGMENTING DIMENSIONS SHOULD BE USEFUL FOR IDENTIFYING CUSTOMERS & DECIDING ON MARKETING MIX VARIABLES.
  • 14. 3 BASIC WAYS TO DEVELOP MARKET-ORIENTED STRATEGIES IN A BROAD PRODUCT-MARKET______________________________________________________________1) SINGLE TARGET MARKET APPROACH -SEGMENTING THE MARKET & PICKING ONE OF THE HOMOGENEOUS SEGMENTS AS THE FIRM’S TARGET MARKET.2) MULTIPLE TARGET MARKET APPROACH -SEGMENTING THE MARKET & CHOOSING 2 OR MORE SEGMENTS, & THEN TREATING EACH AS A SEPARATE TARGET MARKET NEEDING A DIFFERENT MARKETING MIX.3) COMBINED TARGET MARKET APPROACH -COMBINING 2 OR MORE SUBMARKETS INTO ONE LARGER TARGET MARKET AS A BASIS FOR ONE STRATEGY.