Intro to Marketing - Workshop 2 Segmentation, Product & Place
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Week 2 - Segmentation, Product & Place Instructor Kevin W. Brooks Marketing 421 - University of Phoenix
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Intro to Marketing - Workshop 2 Segmentation, Product & Place
- 3. Marketing research is the process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions. Market ResearchMarket Research
- 4. The broad goal of marketing research is to identify and define both marketing problems and opportunities and to generate and improve marketing actions. Although marketing research isn't perfect, it seeks to reduce risk and uncertainty and to improve decisions made by marketing managers. Market ResearchMarket Research
- 5. 1. Internal 2. External 3. Primary 4. Secondary Types of Market ResearchTypes of Market Research
- 6. Market Research ApproachMarket Research Approach
- 7. 1. Surveys 2. Tele polls 3. Focus groups 4. Census data 5. Subscription data services Forms of Market ResearchForms of Market Research
- 9. Why do we segment?Why do we segment? Under what circumstances would weUnder what circumstances would we not need to segment the market?not need to segment the market? Market SegmentationMarket Segmentation
- 10. DemographicsDemographics PsychographicsPsychographics Purchase BehaviorsPurchase Behaviors GeographicalGeographical ConsiderationsConsiderations How do we segment?How do we segment?
- 11. Physiological Needs Safety Need Social Need Personal Needs Food, Drink, Rest, Sex Health, Medicine, Exercise Love, Friendship, Status, Esteem Personal satisfaction including fun, freedom, relaxation, and accomplishment Buyers Purchase BehaviorBuyers Purchase Behavior
- 12. BuyersBuyers
- 13. 1. Consumers 2. Organizational buyers Two Types of BuyersTwo Types of Buyers
- 14. Idea Generation Idea Screening Development Idea Evaluation Commercialization Stages of Product DevelopmentStages of Product Development
- 15. Market Penetration Market Development Product Development Diversification Present Products New Products Present Markets New Markets 4 Basic Types of Market Opportunities4 Basic Types of Market Opportunities
- 17. Branding is what you do to differentiate your cow from all the other cattle on the range Product BrandingProduct Branding
- 18. Product branding reinforces your positioning statement. When you think of these companies,When you think of these companies, what comes to mind?what comes to mind? FedExFedEx VolvoVolvo NordstromNordstrom Product Branding - Why Bother?Product Branding - Why Bother?
- 19. Convenient packages areConvenient packages are easier to use, makingeasier to use, making purchase decisions easierpurchase decisions easier for the customer as well. Itfor the customer as well. It also protects the productalso protects the product and reduces costs ofand reduces costs of shipping and storing andshipping and storing and reduces theft, spoiling ,etcreduces theft, spoiling ,etc Product PackagingProduct Packaging
- 20. Warranty A warranty says theA warranty says the company standscompany stands behind the product.behind the product. Consumers often feelConsumers often feel more comfortable withmore comfortable with products they knowproducts they know come with assurances.come with assurances. Product WarrantyProduct Warranty
- 21. The “bridge” connecting customers and products Distribution takes place through channels involving: • Manufacturer • Wholesaler • Retailer • Consumer • Other Distribution Systems PlacePlace
- 22. ConsumerConsumer CitibankCitibank VWVW DoleDole Procter &Procter & GambleGamble RetailerRetailer RetailerRetailerRetailerRetailer WholesalerWholesaler WholesalerWholesaler WholesalerWholesaler Examples of Distribution ChannelsExamples of Distribution Channels
- 23. • Direct vs. Indirect • Geographic Location • Level of Customer Service • Management of Distribution Channel(s) • Push vs. Pull Distribution Strategies Place ConsiderationsPlace Considerations
Editor's Notes
- KEY POINT: Everyone is motivated by wants, needs and desires
- KEY POINT: Everyone is motivated by wants, needs and desires
- Consumers: convenience products – spends little time/effort shopping for staples impulse emergency products – when need is great Business: expense item (treated as a business expense in the year it’s purchased capital item (long-lasting product and depreciates for many years
- KEY POINT: Everyone is motivated by wants, needs and desires
- Consumers: convenience products – spends little time/effort shopping for staples impulse emergency products – when need is great Business: expense item (treated as a business expense in the year it’s purchased capital item (long-lasting product and depreciates for many years
- KEY POINT: Everyone is motivated by wants, needs and desires What challenge does this criteria create for marketers? For one they must sharpen our perceptions, capture our attention (3000 messages a day) Is is 5 times more expensive to acquire one new customer than it is to retain a current customer Psychographics Variables: (how they think, act) Motivation, Perception, Learning, Attitudes, Lifestyle Demographic Variables: (population characteristics) Age, Income, Education, Marital Status
- KEY POINT: Everyone is motivated by wants, needs and desires What challenge does this criteria create for marketers? For one they must sharpen our perceptions, capture our attention (3000 messages a day) Is is 5 times more expensive to acquire one new customer than it is to retain a current customer Psychographics Variables: (how they think, act) Motivation, Perception, Learning, Attitudes, Lifestyle Demographic Variables: (population characteristics) Age, Income, Education, Marital Status
- NEED - BASIC FORCE THAT MOTIVATES SOMEBODY TO DO SOMETHING DISCUSSION QUESTIONS: Divide up the room – among your companies – who markets to consumers and who markets to organizations Which type of buyer is easier to market to: a consumer or an organization? Explain How has the Internet changed organizational buyers purchase habits/approaches? What is the relationship between market segmentation and buyer behavior?
- Consumers: convenience products – spends little time/effort shopping for staples impulse emergency products – when need is great Business: expense item (treated as a business expense in the year it’s purchased capital item (long-lasting product and depreciates for many years
- Consumers: convenience products – spends little time/effort shopping for staples impulse emergency products – when need is great Business: expense item (treated as a business expense in the year it’s purchased capital item (long-lasting product and depreciates for many years
- What make a good position? Utterly simple: Express as one word 2. Defined by what we DO, not SAY 3. Not owned by competitors 4. An agent of change, inspirational 5. Important to prospects and customers
- Breakthrough opportunities help innovators develop hard to copy mkting strategies that will be very profitable for a long time Penetration – Goal: increase sales for present products in present markets – aggressive marketing mix Mkt Development – Goal: increase sales by selling present products in new markets Prod. Development – offer new/improved products for present markets Diversification – move into totally different lines of business, unfamiliar products, markets.
- MARKETING INFORMS CONSUMERS ABOUT PRODUCT OFFERINGS AND HELPS TO SHAPE CONSUMER DEMAND. DISCUSSION QUESTIONS: Let’s think for a moment if you were marketing managers… Is it more practical to introduce a new product or modify an existing product? Explain What are the steps to developing new products and/or revising established products How can these product attributes be used to enhance service offerings?
- What make a good position? Utterly simple: Express as one word 2. Defined by what we DO, not SAY 3. Not owned by competitors 4. An agent of change, inspirational 5. Important to prospects and customers
- Packaging – marketers see the package as the last chance to influence buyers at the point of purchase
- What make a good position? Utterly simple: Express as one word 2. Defined by what we DO, not SAY 3. Not owned by competitors 4. An agent of change, inspirational 5. Important to prospects and customers
- How do distribution channels and logistics differ? Channels involve manufacturers, wholesalers, retailers and sales reps Logistics transportation of parts & raw materials from suppliers to manufacturers and the finished product from manufacturers to the wholesalers warehouses and finally to the place where customers actually buy the product From the producer’s standpoint, distribution channels and logistics can be complex and demanding Customers don’t care about that – if they want/need your product and can’t find it, they buy elsewhere
- Direct vs Indirect