This document discusses market segmentation and targeting. It defines market segmentation as dividing a market into groups of customers with similar needs and characteristics. Companies can segment based on geography, demographics, psychographics, and behavior. The key bases covered are geographic, demographic, psychographic, and behavioral segmentation. Effective segmentation criteria include segments being measurable, substantial, accessible, differentiable, and actionable.
The document discusses market segmentation, targeting, differentiation, and positioning strategies for e-businesses. It provides examples of how 1-800-Flowers uses data mining software to identify customer segments to better target their marketing. E-marketers segment markets using variables like demographics, benefits sought, product usage, and attitudes to develop niche and personalized targeting strategies. Companies can differentiate their offerings through product innovation, customization, services and user experiences to position themselves favorably compared to competitors.
This document provides information on market segmentation, targeting, and positioning for competitive advantage. It discusses the benefits of market segmentation such as effective use of resources and improved profitability. The document also outlines different levels and bases for segmenting markets, including geographical, demographical, psychographic, and behavioral segmentation. Finally, it discusses the importance of choosing the right target market and developing an effective positioning strategy to create a favorable brand perception in the minds of consumers.
1) The chapter discusses market segmentation, market targeting, and differentiation and positioning as part of developing a customer-driven marketing strategy.
2) Market segmentation involves dividing a large heterogeneous market into smaller segments with distinct needs, characteristics, or behaviors. Effective segmentation requires segments to be measurable, accessible, substantial, and actionable.
3) After segmentation, companies select target markets to focus on by evaluating segment size, growth, and attractiveness based on company objectives and resources. Target marketing strategies include undifferentiated, differentiated, concentrated, and micromarketing approaches.
This document provides an overview of consumer behavior and the development of marketing concepts. It discusses the production concept, product concept, selling concept, and marketing concept. The marketing concept focuses on determining consumer needs and satisfying them better than competitors. Implementing this concept involves consumer research, market segmentation, targeting specific segments, and developing a product positioning. The document also discusses how the digital revolution has impacted marketing by allowing customization and increasing consumer power and access to information.
This document provides an overview of consumer behavior and the development of marketing concepts from a production focus to a customer focus. It discusses key concepts like segmentation, targeting, and positioning. It also addresses the digital revolution's impact on how marketing is conducted and consumer power. Studying consumer behavior is important for developing effective marketing strategies, understanding different customer groups, and creating public policy initiatives.
This document provides an overview of consumer behavior and marketing concepts. It discusses the production concept, product concept, and selling concept that preceded the modern marketing concept. The marketing concept focuses on determining customer needs and satisfying them better than competitors. Successful implementation involves consumer research, segmentation, targeting, and positioning. The digital revolution allows more customization and interactive customer relationships. Studying consumer behavior is important for developing effective marketing strategies and understanding consumption.
This document provides an overview of key marketing concepts and strategies. It defines marketing as a process of creating value for customers to build strong customer relationships and capture value in return. It discusses Amazon's focus on customer engagement and value as the reason for its success. It also outlines the objectives of the chapter which are to define marketing, explain the importance of understanding customers, identify elements of a customer-driven strategy, discuss customer relationship management, and describe trends changing marketing.
This document contains 40 slides summarizing key concepts from Chapter 7 of Principles of Marketing regarding customer-driven marketing strategy, with a focus on market segmentation, targeting, differentiation, and positioning. The chapter discusses how companies segment large heterogeneous markets into smaller markets to target more efficiently. It covers segmenting consumer, business, and international markets, and the requirements for effective segmentation. The document then explains how companies select target markets, and strategies like undifferentiated, differentiated, concentrated, and micromarketing. It concludes with discussions of product positioning, developing positioning strategies, and delivering the chosen position.
The document discusses market segmentation, targeting, differentiation, and positioning strategies for e-businesses. It provides examples of how 1-800-Flowers uses data mining software to identify customer segments to better target their marketing. E-marketers segment markets using variables like demographics, benefits sought, product usage, and attitudes to develop niche and personalized targeting strategies. Companies can differentiate their offerings through product innovation, customization, services and user experiences to position themselves favorably compared to competitors.
This document provides information on market segmentation, targeting, and positioning for competitive advantage. It discusses the benefits of market segmentation such as effective use of resources and improved profitability. The document also outlines different levels and bases for segmenting markets, including geographical, demographical, psychographic, and behavioral segmentation. Finally, it discusses the importance of choosing the right target market and developing an effective positioning strategy to create a favorable brand perception in the minds of consumers.
1) The chapter discusses market segmentation, market targeting, and differentiation and positioning as part of developing a customer-driven marketing strategy.
2) Market segmentation involves dividing a large heterogeneous market into smaller segments with distinct needs, characteristics, or behaviors. Effective segmentation requires segments to be measurable, accessible, substantial, and actionable.
3) After segmentation, companies select target markets to focus on by evaluating segment size, growth, and attractiveness based on company objectives and resources. Target marketing strategies include undifferentiated, differentiated, concentrated, and micromarketing approaches.
This document provides an overview of consumer behavior and the development of marketing concepts. It discusses the production concept, product concept, selling concept, and marketing concept. The marketing concept focuses on determining consumer needs and satisfying them better than competitors. Implementing this concept involves consumer research, market segmentation, targeting specific segments, and developing a product positioning. The document also discusses how the digital revolution has impacted marketing by allowing customization and increasing consumer power and access to information.
This document provides an overview of consumer behavior and the development of marketing concepts from a production focus to a customer focus. It discusses key concepts like segmentation, targeting, and positioning. It also addresses the digital revolution's impact on how marketing is conducted and consumer power. Studying consumer behavior is important for developing effective marketing strategies, understanding different customer groups, and creating public policy initiatives.
This document provides an overview of consumer behavior and marketing concepts. It discusses the production concept, product concept, and selling concept that preceded the modern marketing concept. The marketing concept focuses on determining customer needs and satisfying them better than competitors. Successful implementation involves consumer research, segmentation, targeting, and positioning. The digital revolution allows more customization and interactive customer relationships. Studying consumer behavior is important for developing effective marketing strategies and understanding consumption.
This document provides an overview of key marketing concepts and strategies. It defines marketing as a process of creating value for customers to build strong customer relationships and capture value in return. It discusses Amazon's focus on customer engagement and value as the reason for its success. It also outlines the objectives of the chapter which are to define marketing, explain the importance of understanding customers, identify elements of a customer-driven strategy, discuss customer relationship management, and describe trends changing marketing.
This document contains 40 slides summarizing key concepts from Chapter 7 of Principles of Marketing regarding customer-driven marketing strategy, with a focus on market segmentation, targeting, differentiation, and positioning. The chapter discusses how companies segment large heterogeneous markets into smaller markets to target more efficiently. It covers segmenting consumer, business, and international markets, and the requirements for effective segmentation. The document then explains how companies select target markets, and strategies like undifferentiated, differentiated, concentrated, and micromarketing. It concludes with discussions of product positioning, developing positioning strategies, and delivering the chosen position.
This document discusses customer-driven marketing strategies, including market segmentation, targeting, and differentiation. It provides an outline of topics to be covered, such as segmenting markets by geographic, demographic, and behavioral factors. Effective segmentation requires segments to be measurable, accessible, substantial, differentiable, actionable. Targeting strategies include undifferentiated, differentiated, and concentrated approaches. Positioning involves defining how a product is perceived relative to competitors on important attributes. Competitive advantages that provide superior value are important to consider for differentiation.
This document outlines key concepts in marketing. It discusses the value of marketing in building demand, brands, and customer loyalty. The scope of marketing is defined as identifying and meeting human and social needs. Core concepts include needs, wants, demands, target markets, positioning, segmentation, value propositions, brands, and marketing channels. New marketing realities include technological advances, globalization, and social responsibility. These forces have empowered consumers and enabled new capabilities for companies. The document also discusses holistic marketing, integrated marketing, relationship marketing, internal marketing, and performance marketing. It concludes with an overview of modern marketing management tasks.
This document discusses key concepts in designing a customer-driven marketing strategy including market segmentation, targeting, differentiation, and positioning. It provides examples of how companies segment markets using various bases such as demographics, psychographics, behaviors, and geography. The document also discusses how companies identify attractive market segments, choose targeting strategies, differentiate their products, and position them for competitive advantage.
This document discusses market segmentation and targeting. It begins by defining markets and market segments. The importance of market segmentation is that it allows companies to better define customer needs and allocate resources. There are various criteria for successful segmentation, including the segment being substantial, identifiable, accessible, and responsive to targeted marketing. Common bases for segmenting consumer markets include demographics, benefits sought, geography, and psychographics. Business markets can be segmented by company characteristics, buying processes, and type of organization. The document outlines steps in segmenting markets and strategies for selecting target markets, including concentrated, undifferentiated, and multisegment strategies. It describes how CRM can be used as a targeting tool and explains positioning strategies and how product differentiation
This document summarizes key topics from Chapter 7 on customer-driven marketing strategy, including market segmentation, market targeting, and differentiation/positioning. The chapter discusses segmenting markets by geographic, demographic, psychographic and behavioral factors. It also covers evaluating and selecting target market segments, and implementing target marketing strategies like undifferentiated, differentiated, concentrated, and micromarketing. Finally, it discusses identifying competitive advantages, choosing a positioning strategy, and communicating the chosen position.
This document introduces key concepts in marketing. It discusses the importance and scope of marketing, including identifying and meeting human needs. Core marketing concepts are explained such as segmentation, targeting, positioning, and the marketing mix. New marketing realities like technology and globalization are changing how consumers and companies interact. Successful marketing now requires a holistic approach across relationships, integration, internal support, and performance metrics.
The document discusses market segmentation, targeting, and positioning. It defines market segmentation as dividing a market into distinct subgroups that can be targeted effectively. It discusses different bases for segmentation, including geographic, demographic, psychographic, and behavioral variables. Geographic segmentation divides the market based on location, while demographic segmentation uses variables like age, gender, income. Psychographic segmentation considers personality, lifestyle, and values. The document provides several examples of companies segmenting their markets on these different bases.
This document discusses market segmentation and targeting. It defines market segments as groups of customers who share similar needs and wants. There are four main types of market segmentation: geographic, demographic, psychographic, and behavioral. Demographic variables include age, gender, income, etc. Psychographic segmentation groups customers based on personality traits and values. Behavioral segmentation divides customers based on usage patterns and brand loyalty. The document also discusses criteria for evaluating market segments and different targeting strategies like full market coverage, multiple segment specialization, and single segment concentration.
The chapter discusses market segmentation, targeting, differentiation and positioning strategies for e-marketing. It outlines the objectives of understanding the three major online markets and how marketers use segmentation variables like demographics, psychographics and behaviors to identify and target customer segments. Examples are provided of how 1-800-Flowers uses data mining of customer clickstreams and purchases to target individual customers. Marketers can differentiate their offerings through product innovation, customization, user generated content or their website experience. Positioning involves creating a desired image for a brand in the minds of customers based on relevant attributes.
This document provides an overview of core marketing concepts and the new marketing realities businesses face. It defines marketing as identifying and meeting human and social needs through creating, delivering, and communicating value. The scope of marketing is broad and includes goods, services, ideas, and organizations. New technologies, globalization, and social media have empowered both consumers and companies by giving them new capabilities. Marketers must now adopt a holistic philosophy to integrate relationships, marketing activities, internal marketing, and financial accountability. Successful marketing management requires developing strategies, understanding customers, building brands, and creating long-term growth.
The document discusses building a bootstrap marketing plan for small businesses. It recommends pinpointing target markets through market research, determining customer needs and wants. It describes bootstrap marketing strategies that don't require large budgets, such as using social media, blogging, videos and events. It emphasizes focusing on customer satisfaction through stellar service, addressing complaints, and retaining existing customers to build a competitive edge on a small budget.
The document discusses consumer behavior and the development of marketing concepts. It covers key topics like the production concept, product concept, selling concept, and marketing concept. The marketing concept focuses on determining consumer needs and delivering satisfaction better than competitors. The document also discusses implementing the marketing concept through consumer research, segmentation, targeting, and positioning. Other topics include the marketing mix, societal marketing concept, and the impact of the digital revolution on marketing.
This document outlines key concepts in customer-driven marketing strategy, including market segmentation, targeting, differentiation, and positioning. It discusses how companies divide large markets into smaller segments based on geographic, demographic, psychographic and behavioral factors. Effective segmentation creates groups that are measurable, accessible, substantial, differentiable and actionable. The document also covers evaluating and selecting target market segments, and different targeting strategies like undifferentiated, differentiated and concentrated marketing. It concludes with discussing competitive advantages, developing positioning statements, and communicating the chosen position.
The document discusses market segmentation and targeting. It describes different levels of segmentation from mass markets to niches. Effective segmentation requires identifying distinct groups of customers with different needs and selecting one or more segments to target. Companies must also establish the benefits of their offering to the targeted segment. The document provides various examples of companies successfully segmenting and targeting different customer groups, including by demographics, behaviors, and other characteristics.
The document discusses market segmentation and targeting. It defines market segmentation as dividing a market into smaller groups with distinct characteristics. The key steps in segmentation are identifying segment bases, developing profiles, evaluating attractiveness, selecting a target segment, and designing a marketing mix for that segment. Segments can be defined based on geographic, demographic, psychographic, and behavioral factors. The target market is the specific group a company designs its marketing approach to reach and meet the needs of.
Principlesof marketing 07 [compatibility mode]Fraz Ali
This document discusses customer-driven marketing strategies, including market segmentation, targeting, differentiation, and positioning. It covers how companies segment markets based on geographic, demographic, psychographic and behavioral factors to identify target customer segments. Companies must evaluate segments to select the most attractive targets. Targeting strategies include undifferentiated, differentiated, concentrated, and micromarketing. Effective positioning requires identifying competitive advantages to build an important, distinctive, and superior position relative to competitors. Communicating and delivering the chosen position is critical to implementing the marketing strategy.
The document discusses market segmentation and targeting. It addresses the following questions:
1. The different levels of market segmentation are local areas, individuals, niches.
2. A company can divide a market into segments using geographic, demographic, psychographic, and behavioral factors.
3. To choose the most attractive target markets, a company considers demographic factors, operating variables, purchasing approaches, situational factors, and personal characteristics.
4. The requirements for effective segmentation are that the segments are measurable, accessible, substantial, differentiable, and actionable. Segments must respond differently to marketing programs.
The document discusses market segmentation and targeting. It describes different levels of segmentation from mass markets to niches. Effective segmentation requires identifying distinct groups of customers based on needs and preferences. Companies must select target segments and position their offerings to communicate benefits to those segments. Segmentation can be done based on geographic, demographic, psychographic and behavioral factors. The key is choosing segments that are measurable, substantial, accessible, differentiable and actionable.
This document discusses organizational buying and business-to-business marketing. It defines business markets as organizations that acquire goods and services for use in producing other products. It describes characteristics of business buyers and the buying center participants. It outlines the stages in the business purchasing process from problem recognition to performance review. Finally, it discusses developing effective marketing programs, managing business relationships, and selling to institutional and government markets.
This document discusses factors that influence consumer behavior and the consumer decision-making process. It covers cultural, social, and personal factors as well as psychological processes like motivation, perception, learning, emotions, and memory. The five stages of the consumer buying decision process are outlined as problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. The document also discusses concepts from behavioral economics like heuristics, framing, and mental accounting that influence consumer decisions.
This document discusses customer-driven marketing strategies, including market segmentation, targeting, and differentiation. It provides an outline of topics to be covered, such as segmenting markets by geographic, demographic, and behavioral factors. Effective segmentation requires segments to be measurable, accessible, substantial, differentiable, actionable. Targeting strategies include undifferentiated, differentiated, and concentrated approaches. Positioning involves defining how a product is perceived relative to competitors on important attributes. Competitive advantages that provide superior value are important to consider for differentiation.
This document outlines key concepts in marketing. It discusses the value of marketing in building demand, brands, and customer loyalty. The scope of marketing is defined as identifying and meeting human and social needs. Core concepts include needs, wants, demands, target markets, positioning, segmentation, value propositions, brands, and marketing channels. New marketing realities include technological advances, globalization, and social responsibility. These forces have empowered consumers and enabled new capabilities for companies. The document also discusses holistic marketing, integrated marketing, relationship marketing, internal marketing, and performance marketing. It concludes with an overview of modern marketing management tasks.
This document discusses key concepts in designing a customer-driven marketing strategy including market segmentation, targeting, differentiation, and positioning. It provides examples of how companies segment markets using various bases such as demographics, psychographics, behaviors, and geography. The document also discusses how companies identify attractive market segments, choose targeting strategies, differentiate their products, and position them for competitive advantage.
This document discusses market segmentation and targeting. It begins by defining markets and market segments. The importance of market segmentation is that it allows companies to better define customer needs and allocate resources. There are various criteria for successful segmentation, including the segment being substantial, identifiable, accessible, and responsive to targeted marketing. Common bases for segmenting consumer markets include demographics, benefits sought, geography, and psychographics. Business markets can be segmented by company characteristics, buying processes, and type of organization. The document outlines steps in segmenting markets and strategies for selecting target markets, including concentrated, undifferentiated, and multisegment strategies. It describes how CRM can be used as a targeting tool and explains positioning strategies and how product differentiation
This document summarizes key topics from Chapter 7 on customer-driven marketing strategy, including market segmentation, market targeting, and differentiation/positioning. The chapter discusses segmenting markets by geographic, demographic, psychographic and behavioral factors. It also covers evaluating and selecting target market segments, and implementing target marketing strategies like undifferentiated, differentiated, concentrated, and micromarketing. Finally, it discusses identifying competitive advantages, choosing a positioning strategy, and communicating the chosen position.
This document introduces key concepts in marketing. It discusses the importance and scope of marketing, including identifying and meeting human needs. Core marketing concepts are explained such as segmentation, targeting, positioning, and the marketing mix. New marketing realities like technology and globalization are changing how consumers and companies interact. Successful marketing now requires a holistic approach across relationships, integration, internal support, and performance metrics.
The document discusses market segmentation, targeting, and positioning. It defines market segmentation as dividing a market into distinct subgroups that can be targeted effectively. It discusses different bases for segmentation, including geographic, demographic, psychographic, and behavioral variables. Geographic segmentation divides the market based on location, while demographic segmentation uses variables like age, gender, income. Psychographic segmentation considers personality, lifestyle, and values. The document provides several examples of companies segmenting their markets on these different bases.
This document discusses market segmentation and targeting. It defines market segments as groups of customers who share similar needs and wants. There are four main types of market segmentation: geographic, demographic, psychographic, and behavioral. Demographic variables include age, gender, income, etc. Psychographic segmentation groups customers based on personality traits and values. Behavioral segmentation divides customers based on usage patterns and brand loyalty. The document also discusses criteria for evaluating market segments and different targeting strategies like full market coverage, multiple segment specialization, and single segment concentration.
The chapter discusses market segmentation, targeting, differentiation and positioning strategies for e-marketing. It outlines the objectives of understanding the three major online markets and how marketers use segmentation variables like demographics, psychographics and behaviors to identify and target customer segments. Examples are provided of how 1-800-Flowers uses data mining of customer clickstreams and purchases to target individual customers. Marketers can differentiate their offerings through product innovation, customization, user generated content or their website experience. Positioning involves creating a desired image for a brand in the minds of customers based on relevant attributes.
This document provides an overview of core marketing concepts and the new marketing realities businesses face. It defines marketing as identifying and meeting human and social needs through creating, delivering, and communicating value. The scope of marketing is broad and includes goods, services, ideas, and organizations. New technologies, globalization, and social media have empowered both consumers and companies by giving them new capabilities. Marketers must now adopt a holistic philosophy to integrate relationships, marketing activities, internal marketing, and financial accountability. Successful marketing management requires developing strategies, understanding customers, building brands, and creating long-term growth.
The document discusses building a bootstrap marketing plan for small businesses. It recommends pinpointing target markets through market research, determining customer needs and wants. It describes bootstrap marketing strategies that don't require large budgets, such as using social media, blogging, videos and events. It emphasizes focusing on customer satisfaction through stellar service, addressing complaints, and retaining existing customers to build a competitive edge on a small budget.
The document discusses consumer behavior and the development of marketing concepts. It covers key topics like the production concept, product concept, selling concept, and marketing concept. The marketing concept focuses on determining consumer needs and delivering satisfaction better than competitors. The document also discusses implementing the marketing concept through consumer research, segmentation, targeting, and positioning. Other topics include the marketing mix, societal marketing concept, and the impact of the digital revolution on marketing.
This document outlines key concepts in customer-driven marketing strategy, including market segmentation, targeting, differentiation, and positioning. It discusses how companies divide large markets into smaller segments based on geographic, demographic, psychographic and behavioral factors. Effective segmentation creates groups that are measurable, accessible, substantial, differentiable and actionable. The document also covers evaluating and selecting target market segments, and different targeting strategies like undifferentiated, differentiated and concentrated marketing. It concludes with discussing competitive advantages, developing positioning statements, and communicating the chosen position.
The document discusses market segmentation and targeting. It describes different levels of segmentation from mass markets to niches. Effective segmentation requires identifying distinct groups of customers with different needs and selecting one or more segments to target. Companies must also establish the benefits of their offering to the targeted segment. The document provides various examples of companies successfully segmenting and targeting different customer groups, including by demographics, behaviors, and other characteristics.
The document discusses market segmentation and targeting. It defines market segmentation as dividing a market into smaller groups with distinct characteristics. The key steps in segmentation are identifying segment bases, developing profiles, evaluating attractiveness, selecting a target segment, and designing a marketing mix for that segment. Segments can be defined based on geographic, demographic, psychographic, and behavioral factors. The target market is the specific group a company designs its marketing approach to reach and meet the needs of.
Principlesof marketing 07 [compatibility mode]Fraz Ali
This document discusses customer-driven marketing strategies, including market segmentation, targeting, differentiation, and positioning. It covers how companies segment markets based on geographic, demographic, psychographic and behavioral factors to identify target customer segments. Companies must evaluate segments to select the most attractive targets. Targeting strategies include undifferentiated, differentiated, concentrated, and micromarketing. Effective positioning requires identifying competitive advantages to build an important, distinctive, and superior position relative to competitors. Communicating and delivering the chosen position is critical to implementing the marketing strategy.
The document discusses market segmentation and targeting. It addresses the following questions:
1. The different levels of market segmentation are local areas, individuals, niches.
2. A company can divide a market into segments using geographic, demographic, psychographic, and behavioral factors.
3. To choose the most attractive target markets, a company considers demographic factors, operating variables, purchasing approaches, situational factors, and personal characteristics.
4. The requirements for effective segmentation are that the segments are measurable, accessible, substantial, differentiable, and actionable. Segments must respond differently to marketing programs.
The document discusses market segmentation and targeting. It describes different levels of segmentation from mass markets to niches. Effective segmentation requires identifying distinct groups of customers based on needs and preferences. Companies must select target segments and position their offerings to communicate benefits to those segments. Segmentation can be done based on geographic, demographic, psychographic and behavioral factors. The key is choosing segments that are measurable, substantial, accessible, differentiable and actionable.
This document discusses organizational buying and business-to-business marketing. It defines business markets as organizations that acquire goods and services for use in producing other products. It describes characteristics of business buyers and the buying center participants. It outlines the stages in the business purchasing process from problem recognition to performance review. Finally, it discusses developing effective marketing programs, managing business relationships, and selling to institutional and government markets.
This document discusses factors that influence consumer behavior and the consumer decision-making process. It covers cultural, social, and personal factors as well as psychological processes like motivation, perception, learning, emotions, and memory. The five stages of the consumer buying decision process are outlined as problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior. The document also discusses concepts from behavioral economics like heuristics, framing, and mental accounting that influence consumer decisions.
This document discusses how companies can build customer loyalty through delivering value, satisfaction, and maximizing lifetime value. It covers determining customer-perceived value, measuring satisfaction, understanding quality, calculating lifetime value, retaining customers through various programs, building communities, and using customer relationship management. The overall goal is to attract and keep the right customers through strong relationships and high perceived value over time.
This document discusses marketing research and its scope. It describes the typical steps involved in conducting marketing research, including defining problems/objectives, developing a research plan, collecting information, analyzing findings, and making decisions. The research plan process involves determining data sources, research approaches, instruments, sampling, and contact methods. It also discusses measuring marketing productivity through metrics, marketing-mix modeling, and dashboards. Overall, the document provides an overview of how to properly design and execute a marketing research study from start to finish.
This document discusses marketing information systems and demand forecasting. It covers the key components of a marketing information system, which include internal records, marketing intelligence activities, and marketing research. Useful internal records are orders, sales, prices, costs, inventory levels, receivables and payables. Marketing intelligence involves obtaining everyday information about developments in the marketing environment through sources like customer feedback, competitor analysis, and public data. Demand forecasting measures current and potential future demand using methods like analyzing past sales trends, surveying customer purchase intentions, and evaluating macroenvironmental factors that could influence demand.
This chapter discusses developing marketing strategies and plans. It covers strategic planning at the corporate, divisional, and business unit levels. Key points include performing SWOT and environmental analyses to identify opportunities and threats. The chapter also discusses formulating goals, strategic options like differentiation and focus, implementing programs, and providing feedback controls. Marketing plans should include an executive summary, situation analysis, marketing strategy, tactics, financials, and implementation controls.
Taking AI to the Next Level in Manufacturing.pdfssuserfac0301
Read Taking AI to the Next Level in Manufacturing to gain insights on AI adoption in the manufacturing industry, such as:
1. How quickly AI is being implemented in manufacturing.
2. Which barriers stand in the way of AI adoption.
3. How data quality and governance form the backbone of AI.
4. Organizational processes and structures that may inhibit effective AI adoption.
6. Ideas and approaches to help build your organization's AI strategy.
leewayhertz.com-AI in predictive maintenance Use cases technologies benefits ...alexjohnson7307
Predictive maintenance is a proactive approach that anticipates equipment failures before they happen. At the forefront of this innovative strategy is Artificial Intelligence (AI), which brings unprecedented precision and efficiency. AI in predictive maintenance is transforming industries by reducing downtime, minimizing costs, and enhancing productivity.
Ocean lotus Threat actors project by John Sitima 2024 (1).pptxSitimaJohn
Ocean Lotus cyber threat actors represent a sophisticated, persistent, and politically motivated group that poses a significant risk to organizations and individuals in the Southeast Asian region. Their continuous evolution and adaptability underscore the need for robust cybersecurity measures and international cooperation to identify and mitigate the threats posed by such advanced persistent threat groups.
In the rapidly evolving landscape of technologies, XML continues to play a vital role in structuring, storing, and transporting data across diverse systems. The recent advancements in artificial intelligence (AI) present new methodologies for enhancing XML development workflows, introducing efficiency, automation, and intelligent capabilities. This presentation will outline the scope and perspective of utilizing AI in XML development. The potential benefits and the possible pitfalls will be highlighted, providing a balanced view of the subject.
We will explore the capabilities of AI in understanding XML markup languages and autonomously creating structured XML content. Additionally, we will examine the capacity of AI to enrich plain text with appropriate XML markup. Practical examples and methodological guidelines will be provided to elucidate how AI can be effectively prompted to interpret and generate accurate XML markup.
Further emphasis will be placed on the role of AI in developing XSLT, or schemas such as XSD and Schematron. We will address the techniques and strategies adopted to create prompts for generating code, explaining code, or refactoring the code, and the results achieved.
The discussion will extend to how AI can be used to transform XML content. In particular, the focus will be on the use of AI XPath extension functions in XSLT, Schematron, Schematron Quick Fixes, or for XML content refactoring.
The presentation aims to deliver a comprehensive overview of AI usage in XML development, providing attendees with the necessary knowledge to make informed decisions. Whether you’re at the early stages of adopting AI or considering integrating it in advanced XML development, this presentation will cover all levels of expertise.
By highlighting the potential advantages and challenges of integrating AI with XML development tools and languages, the presentation seeks to inspire thoughtful conversation around the future of XML development. We’ll not only delve into the technical aspects of AI-powered XML development but also discuss practical implications and possible future directions.
Ivanti’s Patch Tuesday breakdown goes beyond patching your applications and brings you the intelligence and guidance needed to prioritize where to focus your attention first. Catch early analysis on our Ivanti blog, then join industry expert Chris Goettl for the Patch Tuesday Webinar Event. There we’ll do a deep dive into each of the bulletins and give guidance on the risks associated with the newly-identified vulnerabilities.
Unlock the Future of Search with MongoDB Atlas_ Vector Search Unleashed.pdfMalak Abu Hammad
Discover how MongoDB Atlas and vector search technology can revolutionize your application's search capabilities. This comprehensive presentation covers:
* What is Vector Search?
* Importance and benefits of vector search
* Practical use cases across various industries
* Step-by-step implementation guide
* Live demos with code snippets
* Enhancing LLM capabilities with vector search
* Best practices and optimization strategies
Perfect for developers, AI enthusiasts, and tech leaders. Learn how to leverage MongoDB Atlas to deliver highly relevant, context-aware search results, transforming your data retrieval process. Stay ahead in tech innovation and maximize the potential of your applications.
#MongoDB #VectorSearch #AI #SemanticSearch #TechInnovation #DataScience #LLM #MachineLearning #SearchTechnology
Main news related to the CCS TSI 2023 (2023/1695)Jakub Marek
An English 🇬🇧 translation of a presentation to the speech I gave about the main changes brought by CCS TSI 2023 at the biggest Czech conference on Communications and signalling systems on Railways, which was held in Clarion Hotel Olomouc from 7th to 9th November 2023 (konferenceszt.cz). Attended by around 500 participants and 200 on-line followers.
The original Czech 🇨🇿 version of the presentation can be found here: https://www.slideshare.net/slideshow/hlavni-novinky-souvisejici-s-ccs-tsi-2023-2023-1695/269688092 .
The videorecording (in Czech) from the presentation is available here: https://youtu.be/WzjJWm4IyPk?si=SImb06tuXGb30BEH .
Driving Business Innovation: Latest Generative AI Advancements & Success StorySafe Software
Are you ready to revolutionize how you handle data? Join us for a webinar where we’ll bring you up to speed with the latest advancements in Generative AI technology and discover how leveraging FME with tools from giants like Google Gemini, Amazon, and Microsoft OpenAI can supercharge your workflow efficiency.
During the hour, we’ll take you through:
Guest Speaker Segment with Hannah Barrington: Dive into the world of dynamic real estate marketing with Hannah, the Marketing Manager at Workspace Group. Hear firsthand how their team generates engaging descriptions for thousands of office units by integrating diverse data sources—from PDF floorplans to web pages—using FME transformers, like OpenAIVisionConnector and AnthropicVisionConnector. This use case will show you how GenAI can streamline content creation for marketing across the board.
Ollama Use Case: Learn how Scenario Specialist Dmitri Bagh has utilized Ollama within FME to input data, create custom models, and enhance security protocols. This segment will include demos to illustrate the full capabilities of FME in AI-driven processes.
Custom AI Models: Discover how to leverage FME to build personalized AI models using your data. Whether it’s populating a model with local data for added security or integrating public AI tools, find out how FME facilitates a versatile and secure approach to AI.
We’ll wrap up with a live Q&A session where you can engage with our experts on your specific use cases, and learn more about optimizing your data workflows with AI.
This webinar is ideal for professionals seeking to harness the power of AI within their data management systems while ensuring high levels of customization and security. Whether you're a novice or an expert, gain actionable insights and strategies to elevate your data processes. Join us to see how FME and AI can revolutionize how you work with data!
This presentation provides valuable insights into effective cost-saving techniques on AWS. Learn how to optimize your AWS resources by rightsizing, increasing elasticity, picking the right storage class, and choosing the best pricing model. Additionally, discover essential governance mechanisms to ensure continuous cost efficiency. Whether you are new to AWS or an experienced user, this presentation provides clear and practical tips to help you reduce your cloud costs and get the most out of your budget.
Programming Foundation Models with DSPy - Meetup SlidesZilliz
Prompting language models is hard, while programming language models is easy. In this talk, I will discuss the state-of-the-art framework DSPy for programming foundation models with its powerful optimizers and runtime constraint system.
Your One-Stop Shop for Python Success: Top 10 US Python Development Providersakankshawande
Simplify your search for a reliable Python development partner! This list presents the top 10 trusted US providers offering comprehensive Python development services, ensuring your project's success from conception to completion.
Best 20 SEO Techniques To Improve Website Visibility In SERPPixlogix Infotech
Boost your website's visibility with proven SEO techniques! Our latest blog dives into essential strategies to enhance your online presence, increase traffic, and rank higher on search engines. From keyword optimization to quality content creation, learn how to make your site stand out in the crowded digital landscape. Discover actionable tips and expert insights to elevate your SEO game.
Skybuffer AI: Advanced Conversational and Generative AI Solution on SAP Busin...Tatiana Kojar
Skybuffer AI, built on the robust SAP Business Technology Platform (SAP BTP), is the latest and most advanced version of our AI development, reaffirming our commitment to delivering top-tier AI solutions. Skybuffer AI harnesses all the innovative capabilities of the SAP BTP in the AI domain, from Conversational AI to cutting-edge Generative AI and Retrieval-Augmented Generation (RAG). It also helps SAP customers safeguard their investments into SAP Conversational AI and ensure a seamless, one-click transition to SAP Business AI.
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TrustArc Webinar - 2024 Global Privacy SurveyTrustArc
How does your privacy program stack up against your peers? What challenges are privacy teams tackling and prioritizing in 2024?
In the fifth annual Global Privacy Benchmarks Survey, we asked over 1,800 global privacy professionals and business executives to share their perspectives on the current state of privacy inside and outside of their organizations. This year’s report focused on emerging areas of importance for privacy and compliance professionals, including considerations and implications of Artificial Intelligence (AI) technologies, building brand trust, and different approaches for achieving higher privacy competence scores.
See how organizational priorities and strategic approaches to data security and privacy are evolving around the globe.
This webinar will review:
- The top 10 privacy insights from the fifth annual Global Privacy Benchmarks Survey
- The top challenges for privacy leaders, practitioners, and organizations in 2024
- Key themes to consider in developing and maintaining your privacy program
Market segmentation divides a market into well-defined slices. A market segment consists of a group of customers who share a similar set of needs and wants. The marketer’s task is to identify the appropriate number and nature of market segments and decide which one(s) to target. The major segmentation variables—geographic, demographic, psychographic, and behavioral segmentation—are summarized in Table 9.1.
The company can operate in one or a few areas, or it can operate in all but pay attention to local variations. In that way it can tailor marketing programs to the needs and wants of local customer groups in trading areas, neighborhoods, even individual stores. In a growing trend called grassroots marketing, marketers concentrate on making such activities as personally relevant to individual customers as possible.
More and more, regional marketing means marketing right down to a specific zip code. Nielsen Claritas has developed a geoclustering approach called PRIZM (Potential Rating Index by Zip Markets) NE that classifies more than half a million U.S. residential neighborhoods into 14 distinct groups and 66 distinct lifestyle segments called PRIZM Clusters. The groupings take into consideration 39 factors in five broad categories. The clusters have descriptive titles such as Blue Blood Estates, Winner’s Circle, Hometown Retired, Shotguns and Pickups, and Back Country Folks. The inhabitants in a cluster tend to lead similar lives, drive similar cars, have similar jobs, and read similar magazines. Table 9.2 has examples of three PRIZM clusters.
Geoclustering captures the increasing diversity of the U.S. population. PRIZM has been used to answer questions such as: Which neighborhoods or zip codes contain our most valuable customers? How deeply have we already penetrated these segments? Which distribution channels and promotional media work best in reaching our target clusters in each area?
One reason demographic variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class are so popular with marketers is that they’re often associated with consumer needs and wants. Another is that they’re easy to measure.
Age and life cycle can be tricky variables. The target market for some products may be the psychologically young.
People in the same part of the life cycle may still differ in their life stage. Life stage defines a person’s major concern, such as going through a divorce, going into a second marriage, taking care of an older parent, deciding to cohabit with another person, buying a new home, and so on.
Research shows that women have traditionally tended to be more communal-minded and men more self-expressive and goal-directed; women have tended to take in more of the data in their immediate environment and men to focus on the part of the environment that helps them achieve a goal. Gender differences are shrinking in some other areas as men and women expand their roles.
Income does not always predict the best customers for a given product. Blue-collar workers were among the first purchasers of color television sets; it was cheaper for them to buy a television than to go to movies and restaurants. Many marketers are deliberately going after lower income groups, in some cases discovering fewer competitive pressures or greater consumer loyalty. Increasingly, companies are finding their markets are hourglass-shaped, as middle-market U.S. consumers migrate toward both discount and premium products.
Each generation or cohort is profoundly influenced by the times in which it grows up—the music, movies, politics, and defining events of that period. Members share the same major cultural, political, and economic experiences and often have similar outlooks and values. Marketers may choose to advertise to a cohort by using the icons and images prominent in its experiences. They can also try to develop products and services that uniquely meet the particular interests or needs of a generational target.
Although different age splits are used to define Millennials, or Gen Y, the term usually means people born between 1977 and 1994. Also known as the Echo Boomers, “digital native” Millennials have been wired almost from birth—playing computer games, navigating the Internet, downloading music, and connecting with friends via texting and social media. Although they may have a sense of entitlement and abundance from growing up during the economic boom and being pampered by their boomer parents, Millennials are also often highly socially conscious, concerned about environmental issues, and receptive to cause marketing efforts.
Often lost in the demographic shuffle, the 50 million or so Gen X consumers, named for a 1991 novel by Douglas Coupland, were born between 1964 and 1978. Gen Xers prize self-sufficiency and the ability to handle any circumstance. Technology is an enabler for them, not a barrier. Unlike the more optimistic, team-oriented Gen Yers, Gen Xers are more pragmatic and individualistic. As consumers, they are wary of hype and pitches that seem inauthentic.
Baby boomers are the approximately 76 million U.S. consumers born between 1946 and 1964. Though they represent a wealthy target, possessing $1.2 trillion in annual spending power and controlling three-quarters of the country’s wealth, marketers often overlook them. With many baby boomers approaching their 70s and even the last and youngest wave cresting 50, demand has exploded for products to turn back the hands of time.
Those born between 1925 and 1945—the “Silent Generation”—are redefining what old age means. To start with, many people whose chronological age puts them in this category don’t see themselves as old. Advertisers have learned that older consumers don’t mind seeing other older consumers in ads targeting them, as long as they appear to be leading vibrant lives. But marketers have learned to avoid clichés like happy older couples riding bikes or strolling hand in hand on a beach at sunset.
Multicultural marketing is an approach recognizing that different ethnic and cultural segments have sufficiently different needs and wants to require targeted marketing activities and that a mass market approach is not refined enough for the diversity of the marketplace. The Hispanic American, African American, and Asian American markets are all growing at two to three times the rate of nonmulticultural populations, with numerous submarkets, and their buying power is expanding.
Accounting for more than half the growth in the U.S. population from 2000 to 2010, Hispanic Americans have become the largest minority in the country. It’s projected that by 2020, 17 percent of U.S. residents will be of Hispanic origin. With annual purchasing power of more than $1 trillion in 2010—and expected to rise to $1.5 trillion by 2015—Hispanic Americans would be the world’s ninth-largest market if they were a separate nation. Hispanic Americans often share strong family values—several generations may reside in one household—and strong ties to their country of origin.
According to the U.S. Census Bureau, “Asian” refers to people having origins in any of the original peoples of the Far East, Southeast Asia, or the Indian subcontinent. Six countries represent 79 percent of the Asian American population: China (21 percent), the Philippines (18 percent), India (11 percent), Vietnam (10 percent), Korea (10 percent), and Japan (9 percent). Telecommunications and financial services are a few of the industries more actively targeting Asian Americans. Asian Americans tend to be more brand-conscious than other minority groups yet are the least loyal to particular brands. They also tend to care more about what others think (for instance, whether their neighbors will approve of them) and share core values of safety and education.
African Americans are projected to have a combined spending power of $1.1 trillion by 2015. Like many cultural segments, they are deeply rooted in the U.S. landscape while also proud of their heritage and respectful of family ties. African Americans are the most fashion-conscious of all racial and ethnic groups but are strongly motivated by quality and selection. They’re also more likely to be influenced by their children when selecting a product and less likely to buy unfamiliar brands. African Americans watch television and listen to the radio more than other groups and are heavy users of mobile data. Nearly three-fourths have a profile on more than one social network, with Twitter being extremely popular.
The lesbian, gay, bisexual, and transgender (LGBT) market is estimated to make up 5 percent to 10 percent of the population and have approximately $700 billion in buying power. Many firms have recently created initiatives to target this market. Some firms worry about backlash from organizations that will criticize or even boycott firms supporting gay and lesbian causes. Although Pepsi, Campbell’s, and Wells Fargo all experienced such boycotts in the past, they continue to advertise to the gay community.
Psychographics is the science of using psychology and demographics to better understand consumers. People within the same demographic group can exhibit very different psychographic profiles.
One of the most popular commercially available classification systems based on psychographic measurements is Strategic Business Insight’s (SBI) VALS™ framework. VALS is based on psychological traits for people and classifies U.S. adults into eight primary groups based on responses to a questionnaire featuring four demographic and 35 attitudinal questions. The VALS system is continually updated with new data from more than 80,000 surveys per year (see Figure 9.1).
The main dimensions of the VALS segmentation framework are consumer motivation (the horizontal dimension) and consumer resources (the vertical dimension). Consumers are inspired by one of three primary motivations: ideals, achievement, and self-expression. Those primarily motivated by ideals are guided by knowledge and
principles. Those motivated by achievement look for products and services that demonstrate success to their peers. Consumers whose motivation is self-expression desire social or physical activity, variety, and risk. Personality traits such as energy, self-confidence, intellectualism, novelty seeking, innovativeness, impulsiveness, leadership, and vanity—in conjunction with key demographics—determine an individual’s resources. Different levels of resources enhance or constrain a person’s expression of his or her primary motivation.
Although psychographic segmentation can provide a richer understanding of consumers, some marketers fault it for being somewhat removed from actual consumer behavior.
Needs-based or benefit-based segmentation identifies distinct market segments with clear marketing implications.
People play five roles in a buying decision: Initiator, Influencer, Decider, Buyer, and User. For example, assume a wife initiates a purchase by requesting a new treadmill for her birthday. The husband may then seek information from many sources, including his best friend who has a treadmill and is a key influencer in what models to consider. After presenting the alternative choices to his wife, he purchases her preferred model, which ends up being used by the entire family. Different people are playing different roles, but all are crucial in the decision process and ultimate consumer satisfaction.
Many marketers believe variables related to users or their usage—occasions, user status, usage rate, buyer-readiness stage, and loyalty status—are good starting points for constructing market segments.
Occasions mark a time of day, week, month, year, or other well-defined temporal aspects of a consumer’s life. We can distinguish buyers according to the occasions when they develop a need, purchase a product, or use a product.
Every product has its nonusers, ex-users, potential users, first-time users, and regular users. Included in the potential-user group are consumers who will become users in connection with some life stage or event.
We can segment markets into light, medium, and heavy product users. Heavy users are often a small slice but account for a high percentage of total consumption.
Some people are unaware of the product, some are aware, some are informed, some are interested, some desire the product, and some intend to buy. To help characterize how many people are at different stages and how well they have converted people from one stage to another, recall from Chapter 5 that marketers can employ a marketing funnel to break the market into buyer-readiness stages.
Loyalty Status Marketers usually envision four groups based on brand loyalty status:
1. Hard-core loyals—Consumers who buy only one brand all the time
2. Split loyals—Consumers who are loyal to two or three brands
3. Shifting loyals—Consumers who shift loyalty from one brand to another
4. Switchers—Consumers who show no loyalty to any brand
Five consumer attitudes about products are enthusiastic, positive, indifferent, negative, and hostile.
Figure 9.2 displays a funnel for two hypothetical brands. Compared with Brand B, Brand A performs poorly at converting one-time users to more recent users (only 46 percent convert for Brand A compared with 61 percent for Brand B). Depending on the reasons consumers didn’t use again, a marketing campaign could introduce more
relevant products, find more accessible retail outlets, or dispel rumors or incorrect beliefs consumers hold.
Combining different behavioral bases can provide a more comprehensive and cohesive view of a market and its segments. Figure 9.3 depicts one possible way to break down a target market by various behavioral segmentation bases.
We can segment business markets with some of the same variables we use in consumer markets, such as geography, benefits sought, and usage rate, but business marketers also use other variables. Table 9.5 shows one set of these. The demographic variables are the most important, followed by the operating variables—down to the personal characteristics of the buyer. Business marketers generally identify segments through a sequential process.
There are many statistical techniques for developing market segments. Once the firm has identified its market-segment opportunities, it must decide how many and which ones to target. Marketers are increasingly combining several variables in an effort to identify smaller, better-defined target groups. Thus, a bank may not only identify
a group of wealthy retired adults but within that group distinguish several segments depending on current income, assets, savings, and risk preferences. This has led some market researchers to advocate a needs-based market segmentation approach. Roger Best proposed the seven-step approach shown in Table 9.6.
To be useful, market segments must rate favorably on five key criteria:
Measurable. The size, purchasing power, and characteristics of the segments can be measured.
Substantial. The segments are large and profitable enough to serve. A segment should be the largest possible homogeneous group worth going after with a tailored marketing program. It would not pay, for example, for an automobile manufacturer to develop cars for people who are under four feet tall.
Accessible. The segments can be effectively reached and served.
Differentiable. The segments are conceptually distinguishable and respond differently to different marketing mix elements and programs. If married and single women respond similarly to a sale on perfume, they do not constitute separate segments.
Actionable. Effective programs can be formulated for attracting and serving the segments.
Michael Porter has identified five forces that determine the intrinsic long-run attractiveness of a market or market segment: industry competitors, potential entrants, substitutes, buyers, and suppliers.
Threat of intense segment rivalry—A segment is unattractive if it already contains numerous, strong, or aggressive competitors. These conditions will lead to frequent price wars, advertising battles, and new-product introductions and will make it expensive to compete.
Threat of new entrants—The most attractive segment is one in which entry barriers are high and exit barriers are low. Few new firms can enter the industry, and poorly performing firms can easily exit. When both entry and exit barriers are high, profit potential is high, but firms face more risk because poorer-performing firms stay in and fight it out. When both entry and exit barriers are low, firms easily enter and leave the industry, and returns are stable but low. The worst case occurs when entry barriers are low and exit barriers are high: Here firms enter during good times but find it hard to leave during bad times.
Threat of substitute products—A segment is unattractive when there are actual or potential substitutes for the product. Substitutes place a limit on prices and on profits. If technology advances or competition increases in these substitute industries, prices and profits are likely to fall.
Threat of buyers’ growing bargaining power—A segment is unattractive if buyers possess strong or growing bargaining power. Buyers’ bargaining power grows when
they become more concentrated or organized, when the product represents a significant fraction of their costs, when the product is undifferentiated, when buyers’ switching costs are low, or when they can integrate upstream. To protect themselves, sellers might select buyers who have the least power to negotiate or switch
suppliers. A better defense is developing superior offers that strong buyers cannot refuse.
Threat of suppliers’ growing bargaining power—A segment is unattractive if the company’s suppliers are able to raise prices or reduce quantity supplied. Suppliers tend to be powerful when they are concentrated or organized, when they can integrate downstream, when there are few substitutes, when the supplied product is an important input, and when the costs of switching suppliers are high. The best defenses are to build win-win relationships with suppliers or use multiple supply sources.
Marketers have a range or continuum of possible levels of segmentation that can guide their target market decisions. As Figure 9.4 shows, at one end is a mass market of essentially one segment; at the other are individuals or segments of one person each. Between lie multiple segments and single segments.
With full market coverage, a firm attempts to serve all customer groups with all the products they might need. Only very large firms such as Microsoft (software market), General Motors (vehicle market), and Coca-Cola (nonalcoholic beverage market) can undertake a full market coverage strategy. Large firms can cover a whole market in two broad ways: through differentiated or undifferentiated marketing.
Multiple Segment Specialization With selective specialization, a firm selects a subset of all the possible segments, each objectively attractive and appropriate. There may be little or no synergy among the segments, but each promises to be a moneymaker. Keeping synergies in mind, companies can try to operate in supersegments rather than in isolated segments. A supersegment is a set of segments sharing some exploitable similarity. With product specialization, the firm sells a certain product to several different market segments. With market specialization, the firm concentrates on serving many needs of a particular customer group, such as by selling an assortment of products only to university laboratories.
With single-segment concentration, the firm markets to only one particular segment. Through concentrated marketing, the firm gains deep knowledge of the segment’s needs and achieves a strong market presence. It also enjoys operating economies by specializing its production, distribution, and promotion. If it captures segment
leadership, the firm can earn a high return on its investment. A niche is a more narrowly defined customer group seeking a distinctive mix of benefits within a segment. Marketers usually identify niches by dividing a segment into subsegments.
Individual Marketing The ultimate level of segmentation leads to “segments of one,” “customized marketing,” or “one-to-one marketing.” As companies have grown proficient at gathering information about individual customers and business partners (suppliers, distributors, retailers), and as their factories are being designed more flexibly, they have increased their ability to individualize market offerings, messages, and media. Mass customization is the ability of a company to meet each customer’s requirements—to prepare on a mass basis individually designed products, services, programs, and communications.
Early pioneers in individual marketing Don Peppers and Martha Rogers outlined a four-step framework for what they called one-to-one marketing. One-to-one marketing is not for every company. It works best for firms that normally collect a great deal of individual customer information and carry a lot of products that can be cross-sold, need periodic replacement or upgrading, and offer high value. For others, the required investment in information collection, hardware, and software may exceed the payout. The cost of goods is raised beyond what the customer is willing to pay.
Some consumers resist being labeled. Singles may reject single-serve food packaging if they don’t want to be reminded they are eating alone. Elderly consumers who don’t feel their age may not appreciate products that label them “old.” Market targeting also can generate public controversy when marketers take unfair advantage of vulnerable groups (such as children) or disadvantaged groups (such as inner-city residents) or promote potentially harmful products. The cereal industry has been criticized through the years for marketing efforts directed toward children.