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Customer Profiles and Pricing
Marketing Plan—Part 2•   Develop marketing objectives•   Develop customer profiles•   Develop product strategies•   Develo...
Marketing Objectives and Strategies●Objectives=what you are trying to  accomplish●Strategies=key initiatives or things you...
Objectives can be based on….●SWOT analysis issues●Target segment customer issues●Wanting to increase market share or sales...
Examples●Increase brand awareness by 20% in   biotechnology companies in 3rd quarter.●Increase fiscal year sales by 15% wi...
Customer Market Segmentation• Aggregating prospective buyers into groups  with similar needs that respond similarly to a  ...
Target Customer ProfileDescription of a measurable, accessible,buying segment that shares similarcharacteristics, values d...
Ways to Segment Consumer Markets •   Geographic •   Demographic •   Behavioral •   See chart in your text on p.109
Some Factors to Consider in Developing      and Describing Target Markets●Demographics●Market size of market—profitable?●E...
Sample Target Markets for Property                Management Firm• Home owners who choose not to care for their property  ...
Sample Target B2B Customer Market               Product: Office Furniture          Target Market: Mid-sized Company ●Price...
Product Strategies• See chapters 9 and 10 in text• For your product/service, discuss in terms of:      --Product Life Cycl...
Pricing Strategies (see p. 294)• Price skimming—introduce product at price  that will recoup your costs and customers  wil...
Marketing Plan—part 2•   Develop marketing objectives•   Develop customer profiles•   Develop product strategies•   Develo...
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YC MarketingPrinciples-- part 2--Diane Phelps

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Marketing plan development, part 2

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YC MarketingPrinciples-- part 2--Diane Phelps

  1. 1. Customer Profiles and Pricing
  2. 2. Marketing Plan—Part 2• Develop marketing objectives• Develop customer profiles• Develop product strategies• Develop pricing strategies
  3. 3. Marketing Objectives and Strategies●Objectives=what you are trying to accomplish●Strategies=key initiatives or things you to accomplish objectivesCalkins, Tim. (2006, November) Building Strong Brands. (Presentation, Herman Miller, Inc.,November 2006).©Blue Sky Marketing Consulting LLC
  4. 4. Objectives can be based on….●SWOT analysis issues●Target segment customer issues●Wanting to increase market share or sales●How you will obtaining customers quickly●Product issues; or how it is differentiated from competitors●How you will stimulate awareness, trial or repeatsales of your product/service©Blue Sky Marketing Consulting LLC
  5. 5. Examples●Increase brand awareness by 20% in biotechnology companies in 3rd quarter.●Increase fiscal year sales by 15% with existing and new biotech companies●Realize a 5% rise in profits by fiscal year end with existing customers●©Blue Sky Marketing Consulting LLC
  6. 6. Customer Market Segmentation• Aggregating prospective buyers into groups with similar needs that respond similarly to a marketing method, tactic, message, etc.• Homogenous in demographics, use of product• Process to determine best target markets for products• See text as well—p. 108
  7. 7. Target Customer ProfileDescription of a measurable, accessible,buying segment that shares similarcharacteristics, values distinct productbenefits, and represents a significantopportunity for sales volume over time.
  8. 8. Ways to Segment Consumer Markets • Geographic • Demographic • Behavioral • See chart in your text on p.109
  9. 9. Some Factors to Consider in Developing and Describing Target Markets●Demographics●Market size of market—profitable?●Expected growth in purchases--up●Customer purchasing habits—where/when●Customer needs/attitudes--benefits sought●Ability to reach them with marketing efforts
  10. 10. Sample Target Markets for Property Management Firm• Home owners who choose not to care for their property -Snow Birds living in the retirement community Golden Agers -Owners are all 55+ -2217 retirement homes in community -The average income in the retirement community is $75,000. -Approximately 60% of these owners hire a service to care for their yards. -Approximately 60% of homeowners are seasonal residence• Banks and Realtors -Foreclosed Homes -Homes up for sale
  11. 11. Sample Target B2B Customer Market Product: Office Furniture Target Market: Mid-sized Company ●Price sensitive ●Values ergonomics, durability ●Choose to purchase from dealer ●Less sophisticated buying process ●Purchases conventional products ●Represents 30% of local market ●Weathering economic downturn
  12. 12. Product Strategies• See chapters 9 and 10 in text• For your product/service, discuss in terms of: --Product Life Cycle --Branding strategy --Packaging ( if applies) --How is your product different from competitors (differentiated)? See page 241 What is your competitive advantage?
  13. 13. Pricing Strategies (see p. 294)• Price skimming—introduce product at price that will recoup your costs and customers willing to pay. What kinds of products use this strategy successfully?• Penetration pricing—set prices below competitors when introduced to quickly gain sales (and market share)—usually can’t raise later, but good for commodity products
  14. 14. Marketing Plan—part 2• Develop marketing objectives• Develop customer profiles• Develop product strategies• Develop pricing strategies

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