5 greatest steps for how to segement your market. By leul girma
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In this video we we’ll going to see how to make Excellent market segmentation, this process moving through five greatest marketing steps. Each segmentation steps brought you understandable and useful tools.
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bmm
1. Product policy involves decisions about a company's product and service offerings and provides a framework for assessing global product opportunities. It helps satisfy customer needs and build competitive advantage through core competencies.
2. There are four main types of industrial product lines: proprietary/catalog products, custom-built products, custom-designed products, and industrial services.
3. Defining the relevant product market is important for sound product decisions. The product market establishes the arena in which a business competes and considers customer functions, technologies, customer segments, and value chains.
Difference between indusrial marketing & consumer marketing
Industrial and consumer marketing differ in their market structures, products, and buyer behaviors. Industrial markets have fewer geographically concentrated buyers engaging in oligopolistic competition, technically complex customized products purchased for business use, and professionally trained personnel making purchases based on functional task motives. Consumer markets have mass markets of geographically dispersed buyers engaging in monopolistic competition, standardized products for personal use, and purchases influenced by social and psychological motives of individuals and families.
Industrial and consumer marketing
Industrial and consumer marketing differ in market structure, products, buyer behavior, relationships, channels, and pricing. Industrial markets have fewer geographically concentrated buyers, complex customized products, professional buyers focused on tasks, technical relationships and direct channels. Consumer markets have mass dispersed buyers, standardized products, individual buyers driven by social motives, non-personal relationships, indirect channels, and predetermined prices.
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Marketing Research - Perceptual Map
This document discusses identifying competitors and understanding differences between offerings. It begins with an overview of marketing management concepts like demand, power, cost, margin, and allocating marketing expenses. It then covers positioning and perceptual mapping, including coming up with a positioning statement that identifies the target segment, competitor set, and core value propositions. Methods for developing perceptual maps are examined, including similarity-based multidimensional scaling and attribute-based factor analysis. An example perceptual map of the erectile dysfunction market is shown. Group exercises have respondents analyze competitor sets and perceptual maps.
Managing industrial product line
A product line refers to a group of related products manufactured by a single company. The width of a product line depends on the number of similar products, while the depth depends on product variants. Managing a large product line width and depth poses risks, such as difficulty overseeing performance and competitors filling gaps. Firms must assess risks and correct issues. When sales of products in late maturity decline, firms can either revitalize through modification or new markets, or eliminate the product. Revitalization requires investment while elimination requires thorough analysis.
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bmm
1. Product policy involves decisions about a company's product and service offerings and provides a framework for assessing global product opportunities. It helps satisfy customer needs and build competitive advantage through core competencies.
2. There are four main types of industrial product lines: proprietary/catalog products, custom-built products, custom-designed products, and industrial services.
3. Defining the relevant product market is important for sound product decisions. The product market establishes the arena in which a business competes and considers customer functions, technologies, customer segments, and value chains.
Difference between indusrial marketing & consumer marketing
Industrial and consumer marketing differ in their market structures, products, and buyer behaviors. Industrial markets have fewer geographically concentrated buyers engaging in oligopolistic competition, technically complex customized products purchased for business use, and professionally trained personnel making purchases based on functional task motives. Consumer markets have mass markets of geographically dispersed buyers engaging in monopolistic competition, standardized products for personal use, and purchases influenced by social and psychological motives of individuals and families.
Industrial and consumer marketing
Industrial and consumer marketing differ in market structure, products, buyer behavior, relationships, channels, and pricing. Industrial markets have fewer geographically concentrated buyers, complex customized products, professional buyers focused on tasks, technical relationships and direct channels. Consumer markets have mass dispersed buyers, standardized products, individual buyers driven by social motives, non-personal relationships, indirect channels, and predetermined prices.
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Marketing Research - Perceptual Map
This document discusses identifying competitors and understanding differences between offerings. It begins with an overview of marketing management concepts like demand, power, cost, margin, and allocating marketing expenses. It then covers positioning and perceptual mapping, including coming up with a positioning statement that identifies the target segment, competitor set, and core value propositions. Methods for developing perceptual maps are examined, including similarity-based multidimensional scaling and attribute-based factor analysis. An example perceptual map of the erectile dysfunction market is shown. Group exercises have respondents analyze competitor sets and perceptual maps.
Managing industrial product line
A product line refers to a group of related products manufactured by a single company. The width of a product line depends on the number of similar products, while the depth depends on product variants. Managing a large product line width and depth poses risks, such as difficulty overseeing performance and competitors filling gaps. Firms must assess risks and correct issues. When sales of products in late maturity decline, firms can either revitalize through modification or new markets, or eliminate the product. Revitalization requires investment while elimination requires thorough analysis.
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Similar to 5 greatest steps for how to segement your market. By leul girma
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2. Key aspects of segmentation, targeting, and positioning are discussed such as segmenting based on demographics, psychographics, behaviors, and using strategies like product differentiation, image differentiation, and personnel differentiation to target and position products.
3. The document emphasizes that segmentation allows companies to better satisfy smaller, more homogeneous groups and that effective positioning gives products the greatest advantage in the target market through unique benefits identified via the marketing mix.
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Market segmentation involves grouping customers into segments based on similarities to better target them. It is the first of three key steps in developing a marketing strategy along with targeting and positioning. Effective segmentation criteria include segments being identifiable, accessible, sizable, profitable, with unique needs and durable over time. Segmentation allows companies to tailor products and marketing approaches to specific groups. Common bases for segmentation include geographic, demographic, psychographic and behavioral factors.
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This document provides an overview of international market segmentation, targeting, and positioning. It begins by defining the objectives of understanding these concepts and their importance in dividing heterogeneous markets into homogeneous segments. The document then discusses various bases for segmenting international markets, including geographic, demographic, psychographic, and behavioral factors. It also explains strategies for targeting the most attractive market segments and positioning products to best reach targeted customers. The key aspects covered are defining segmentation, targeting, and positioning; the bases used to segment international markets; and the importance of these concepts in effective marketing worldwide.
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This document discusses market segmentation, targeting, and positioning. It defines market segmentation as dividing a market into distinct groups with distinct needs and characteristics. Markets can be segmented geographically, demographically, psychographically, and behaviorally. The key benefits of segmentation are meeting customer needs better and allowing companies to avoid direct competition. After segmentation, companies evaluate segments to select target markets based on segment size, growth, attractiveness, and fit with company objectives. Positioning develops a statement that expresses a brand's competitive advantage in the target market. Communicating and delivering the chosen position requires aligning all aspects of the marketing mix.
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This document discusses market segmentation and target market selection. It covers identifying distinct customer groups, evaluating segments to select target markets, and developing positioning strategies for each target. Key points include:
- Market segmentation involves identifying customer segments, selecting target segments, and establishing benefits to position the offering for each target.
- Segments can be defined based on customer characteristics like demographics, preferences, behaviors, needs.
- Target markets are evaluated on criteria like growth potential, profitability, competitiveness to select the most attractive segments.
- Effective segmentation results in segments that are measurable, substantial, accessible, differentiable and actionable.
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Jyoti
Market segmentation involves dividing a market into subgroups of customers with distinct needs, characteristics, or behaviors in order to develop targeted marketing strategies. The key benefits of market segmentation include allowing companies to focus their marketing efforts on specific customer segments, develop products that better meet the needs of segments, and set prices appropriate for each segment's willingness to pay. Common bases used to segment consumer markets include geographic, demographic, psychographic, and behavioral factors.
Consumer[1]
BMW wants to segment the luxury car market further based on customer usage experience rather than just product attributes. It identified two key customer segments - "The Better Driver" who values driving experience over other luxury features and is willing to pay a premium. BMW aims to differentiate its product, pricing, promotion and place strategies from competitors like Mercedes, Lexus and Infiniti for these targeted segments.
RJ Reynolds analyzed cigarette brand usage patterns in Chicago and found they varied by neighborhood demographics. It segmented the market into high education, blue-collar and African American consumer groups concentrated in different city areas. RJR then allocated its promotion spending accordingly across its brands which each segment preferred like low tar cigarettes in high education areas.
GLOBAL MARKETING BAMK 3208 GROUP PROJECT ASSIGNMENT WO
GLOBAL MARKETING BAMK 3208
GROUP PROJECT ASSIGNMENT
WORTH 20%
Identify a new international market for a particular brand of your choice. Accordingly, provide strategy
recommendations for entering a foreign market based on the SWOT analysis of the company, as well as the
internal and external factors of the company. A secondary research will be required to help you identify the factors
(controllable elements and uncontrollable elements e.g culture, regulations, consumers, competition,
infrastructure, etc. Please feel free to see me about any aspect of the project that is unclear to you, both before and
as you proceed through the assignment.
OUTLINE OF GROUP PROJECT
The following is a sample structure and can be modified where necessary depending on the context of the chosen
market area. The report should reflect and draw on the topics covered in class as much as possible.
Table of Contents:
SECTION I: PROFILE OF COUNTRY MARKET
This section involves an overview of your country market:
· Provide an analysis or evaluation of the country market.
· Describe the characteristics of this country market in terms of size, historical trends, growth forecasts, etc.
· What are the different customer segments in this market? Consider the segmentation factors that can be
considered including geographical segmentation, behavioural segmentation, demographic, and psychographic
segmentation.
Provide an analysis of all the existing, emerging, and potential customer segments in this country market.
· Evaluate the competitive structure within the country market you are entering.: Direct or Indirect
What is the total number of competitors? Describe the competitive positions of the major competitors. Who are
the leading competitors, who are the competitors that may be challenging, which competitors seem to be the
followers, and which are the niche competitors? Why?
· What recent trends (e.g., economic, demographic, psychographic, others) have affected this market?
· What marketing opportunities the different trends in the market suggest?
· What are the cultural and legal differences that the company will have to consider?
SECTION II: DESCRIPTION OF COMPANY’S TRANSFERABLE CAPABILITIES
· Based on your understanding of the company’s strengths and weaknesses, what do you think are the company’s
firm specific advantage? what do you think are the company’s firm specific disadvantages that can be addressed
or considered?
· Justify why these sources of advantage/capabilities are transferable to the chosen country market. Why do you
think these advantages can be also used in the chosen market of entry and how will it benefit the company?
SECTION III: RECOMMENDATION OF ENTRY STRATEGY
· Provide a recommendation for an entry strategy to the foreign country market.
· Describe your justification of your recommendation based on both the characteristics of the market and the
sour ...
Segmentation & targeting
Market segmentation involves dividing a market into distinct subgroups of customers with distinct needs, characteristics, or behaviors. Common bases for segmentation include demographics, psychographics, behaviors, and usage situations. Effective segmentation allows companies to differentiate their marketing efforts to meet the needs of different customer segments. Cluster analysis and discriminant analysis are commonly used methods to analyze segmentation data, identify customer segments, and describe differences between segments.
Segmentation & Targeting.ppt
Market segmentation involves dividing a market into distinct subgroups of customers with distinct needs, characteristics, or behaviors. Cluster analysis is commonly used to group customers into segments based on characteristics like demographics, needs, or behaviors. Discriminant analysis can then describe the segments by identifying variables that differentiate the segments. Four potential customer segments for PDAs were identified based on cluster analysis: phone users who value email and multimedia; messaging and cell phone users needing remote access; pager users requiring fast information sharing and remote access; and innovators needing email, web, and multimedia on-the-go.
Segmentation & Targeting.ppt
Market segmentation involves dividing a market into distinct subgroups of customers with distinct needs, characteristics, or behaviors. Cluster analysis is commonly used to group customers into market segments based on characteristics like demographics, needs, or behaviors. Discriminant analysis can then describe the segments by identifying variables that differentiate the segments. Four potential market segments for PDAs were identified based on cluster analysis: phone users who value email and multimedia; messaging and cell phone users needing remote access; pager users requiring fast information sharing and remote access; and innovators wanting email, web, and multimedia on a sleek device.
Segmentation & Targeting.ppt
Market segmentation involves dividing a market into distinct subgroups of customers with distinct needs, characteristics, or behaviors. Cluster analysis is commonly used to group customers into segments based on characteristics like demographics, needs, or behaviors. Discriminant analysis can then describe the segments by identifying variables that differentiate the segments. Four potential customer segments for PDAs were identified based on cluster analysis: phone users who value email and multimedia; messaging and cell phone users needing remote access; pager users requiring fast information sharing and remote access; and innovators seeking email, web, and multimedia capabilities.
Segmentation & targeting
Market segmentation involves dividing a market into distinct subgroups of customers with distinct needs, characteristics, or behaviors. Cluster analysis is commonly used to group customers into market segments based on characteristics like demographics, needs, or behaviors. Discriminant analysis can then describe the segments by identifying variables that differentiate the segments. Four potential market segments for PDAs were identified based on cluster analysis: Phone Users, Messaging Users, Pager Users, and Innovators.
...Market Segmentation & Targetinng.ppt
The document discusses market segmentation, including:
1) Market segmentation involves dividing a market into distinct subgroups of customers with common needs, characteristics, or behaviors.
2) Segmentation research methods include cluster analysis to group similar customers and discriminate analysis to describe the segments.
3) Behavior-based segmentation analyzes customer choices and behaviors to define segments.
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5 greatest steps for how to segement your market. By leul girma
- 2. Market segmentation is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively, with products and services that match their unique needs .
- 3. Segmentation dissection essentially choices about which customers to serve and what to offer them, its Related to the characteristics of buyers and the product
- 4. - Purchase occasion - Lifestyle - Demographics are key variables Characteristics of the buyers For Household buyers
- 5. - Size -Technical Sophistications -Replacement are key variables -Also Distribution Channel and Geographical location are Key variables for Both Categories For industrial buyers
- 6. - Physical Size - Price level - Product features - Technology Design - Inputs (such as raw materials ) - Performance characteristics - Pre-sales and post sales service has been key variables Characteristics of the Product
- 7. Identify, which variables most important in to creating meaningful division in your market ? For example in computer industry color probably not a good segmentation variable , black and silver color laptop sell same price.
- 8. Combine segmentation variables that are closely correlated. For example ,food, beverage, and accommodation are can be related with airline industry. But sports equipment perhaps not.
- 9. Once the segmentation variables have been selected and discrete categories determined for each, the individual segments maybe identified using two or three dimensional matrix
- 10. Or like the next one world vehicle matrix chart simply make two dimensional matrix such product and geographic location
- 11. World vehicle Segmentation Matrix
- 12. porter’s five force competition framework can be useful in order to inter the segment, it will gives you a clear information about the entire industry’s, such as how strong or weak mobility barriers to entry , explosion to substitute. Also segmentation analysis helped to identifying unexplored opportunities
- 13. You can identify /KSFs/ by analyzing within each segment How do customers choice ? What are purchase criteria? And what is needed to survive competition ?
- 14. Finally you needs to decide whether it wishes to a segmented specialist or compete across multiple segment
- 15. Step1.Identify Key segmentation variables and categories By Analyze the Characteristics of buyers , and The characteristics of the product Step 2. construct a segmentation matrix identified using two or three dimensional matrix Step 3. analyze segment attractiveness Porter five force competition framework, and segmentation analysis can be useful Step 4.Identify the Segment Key Success Factors /KSF/ How do customers choice ? And what is needed to survive competition ? Step 5. Select Segment Scope You would like to be segmented specialist or compete across multiple segment?