Marketing

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Marketing

  1. 1. ObjectivesUnderstand the concepts: market,segmentation, and target marketsLearn the advantages anddisadvantages of target marketingExplain the steps in target marketselection Dr. Rosenbloom
  2. 2. ObjectivesDiscuss segmentation criteria,strategies, bases, and informationsourcesUnderstand market profiling andpositioning strategiesDiscuss differences for businessand international marketing Dr. Rosenbloom
  3. 3. What is a market?Individuals or organizationswho: Are willing, able, and capable of purchasing a firm’s product Segmentation is critical because demand is often heterogeneous Dr. Rosenbloom
  4. 4. What is market segmentation? Market Segmentation Process of dividing a large market into smaller target markets, or customer groups with similar needs and/or desires Dr. Rosenbloom
  5. 5. Target MarketingAdvantages Easier analysis of potential and actual consumers Tailoring of products to market Assessment of demand potential Identify competing products Increased sales effectiveness and cost efficiencies Product positioning and easy identification of opportunities Dr. Rosenbloom
  6. 6. Target MarketingDisadvantages Increased marketing costs Personalization can become burdensome to manage Faux segmentation may be viewed cynically Narrow segmentation can impact brand loyalty Ethics and stereotyping issues Dr. Rosenbloom
  7. 7. Target Market SelectionIdentify Total Market Determine Need for Segmentation Determine Bases for Segmentation Assess PotentialProfile Each Selected Profitability of Segment Segment and Select Target Segment Select Positioning Strategy Develop and Implement Appropriate Marketing Mix Monitor, Evaluate and Dr. Rosenbloom Control
  8. 8. Market CriteriaSegmentable markets are: Heterogeneous Measurable Substantial Actionable • Companies must be able to respond to preferences with an appropriate marketing mix Accessible • Market must be efficiently reachable Dr. Rosenbloom

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