This document discusses market segmentation and target selection. It identifies four levels of market segmentation: segment marketing, niche marketing, local marketing, and individual marketing. Segmentation can be done geographically based on regions, demographically based on variables like age, or psychographically based on lifestyle. When evaluating segments, companies can use selective specialization, targeting a few profitable segments, or full market coverage, attempting to serve all customer groups. The key is for companies to identify different market segments and decide which ones to target effectively.
Identifying Market Segments and Targets
Effective Targeting Requires
Four levels of Micromarketing
What is a Market Segment?
Flexible Marketing Offerings
Preference Segments
Segmenting Consumer Markets
Behavioral Segmentation
The Brand Funnel Illustrates Variations in the Buyer-Readiness Stage
Loyalty Status
Segmenting for Business Markets
Steps in Segmentation Process
Effective Segmentation Criteria
Industrial Market is another name for B2B (Business to Business) Markets.
This presentation focuses on
1. Segmentation Variables for Business Markets
2. Effective Segmentation Criteria
3. Steps in Segmentation Process
Identifying Market Segments and Targets
Effective Targeting Requires
Four levels of Micromarketing
What is a Market Segment?
Flexible Marketing Offerings
Preference Segments
Segmenting Consumer Markets
Behavioral Segmentation
The Brand Funnel Illustrates Variations in the Buyer-Readiness Stage
Loyalty Status
Segmenting for Business Markets
Steps in Segmentation Process
Effective Segmentation Criteria
Industrial Market is another name for B2B (Business to Business) Markets.
This presentation focuses on
1. Segmentation Variables for Business Markets
2. Effective Segmentation Criteria
3. Steps in Segmentation Process
Analyzing Business Markets
What is Organizational Buying?
Top Business Marketing Challenges
Characteristics of Business Markets
Buying Situation
Participants in Business Buying ProcessThe Buying Center
Supplier SearchForms of Electronic Marketplaces
Methods for Researching Customer Value
Establishing Corporate Trust and Credibility
Factors Affecting Buyer-Supplier Relationships
What is Opportunism?
Service Positioning
After a service strategy has been identified, a company must decide how to position its product most effectively. The concept of positioning involves establishing a distinctive place in the minds of target customers relative to competing products.
In “The New Positioning: The Latest on the World's #1 Business Strategy”, Jack Trout distills the essence of positioning into the following four principles
1. A company must establish a position in the minds of its targeted customers.
2. The position should be singular, providing one simple and consistent message.
3. The position must set a company apart from its competitors.
4. A company cannot be all things to all people—it must focus its efforts.
Positioning and Marketing Strategy
Companies use positioning strategies to distinguish their services from competitors and to design communications that convey their desired position to customers and prospects in the chosen market segments. There are a number of different dimensions around which positioning strategies can be developed.
Crafting the Brand Positioning
Developing & Establishing a Brand Positioning
Points-of-difference
Points-of-parity
Brand Mantras
Communicating Category Membership
Consumer Desirability Criteria for PODs
Deliverability Criteria for PODs
Differentiation Strategies
Positioning and Branding a Small Business
Analyzing Business Markets
What is Organizational Buying?
Top Business Marketing Challenges
Characteristics of Business Markets
Buying Situation
Participants in Business Buying ProcessThe Buying Center
Supplier SearchForms of Electronic Marketplaces
Methods for Researching Customer Value
Establishing Corporate Trust and Credibility
Factors Affecting Buyer-Supplier Relationships
What is Opportunism?
Service Positioning
After a service strategy has been identified, a company must decide how to position its product most effectively. The concept of positioning involves establishing a distinctive place in the minds of target customers relative to competing products.
In “The New Positioning: The Latest on the World's #1 Business Strategy”, Jack Trout distills the essence of positioning into the following four principles
1. A company must establish a position in the minds of its targeted customers.
2. The position should be singular, providing one simple and consistent message.
3. The position must set a company apart from its competitors.
4. A company cannot be all things to all people—it must focus its efforts.
Positioning and Marketing Strategy
Companies use positioning strategies to distinguish their services from competitors and to design communications that convey their desired position to customers and prospects in the chosen market segments. There are a number of different dimensions around which positioning strategies can be developed.
Crafting the Brand Positioning
Developing & Establishing a Brand Positioning
Points-of-difference
Points-of-parity
Brand Mantras
Communicating Category Membership
Consumer Desirability Criteria for PODs
Deliverability Criteria for PODs
Differentiation Strategies
Positioning and Branding a Small Business
Bowen Family Theory and Therapy1.Consider Bowen’s notion that pe.docxjackiewalcutt
Bowen Family Theory and Therapy
1.Consider Bowen’s notion that people seek out partners with identical levels of differentiation of self. Do you think this is true? Why might people marry partners at similar levels of differentiation? According to Bowen, Why would a mismatch fail?
Bowen Family Theory and Therapy
2.You should have completed or may be in the process of completing your Genogram, however, please discuss either Multigenerational Transmission Process, Emotional Cutoff, Sibling Position or Societal Emotional Process as it pertains to you and your family. Provide examples.
Assignment Objectives for Unit 5:
STRATEGIC MARKETING PLAN
INTRODUCTION
This assignment entails development of a comprehensive strategic marketing plan for a new product or service that is ready to “go to market”. A Project Template is provided that allows you to organize your work in increments and see how the sections come together to produce a comprehensive plan.
PRODUCT/SERVICE
This assignment requires application of concepts learned to build a strategic marketing plan for a new product or service that is ready to “go to market”. You will not be allowed to mimic plans or ideas from larger or already "in-place" campaigns. You must develop the business concept in its entirety.
· Describe the new product or service.
· Discuss the qualities that make this product/service new to the marketplace and the rationale for your decision to pursue the concept. Be sure to pick a product or service that is ready to market. If you are developing a new product, assume that the development phase is over and you are ready to launch the product into the marketplace.
OBJECTIVES/MISSION STATEMENT
Create a Mission Statement. State your short-term MARKETING objectives (one year). Assume that the product/service is ready to launch at the beginning of the year (planning and testing have been completed).
· Marketing objectives include goals for sales, profits, market share (as examples)
· Objectives need to be quantifiable. Use the SMART acronym—simple, measurable, achievable, relevant, and time-specific—in formulating your objectives. An objective with a 100% goal is not acceptable
TARGET MARKET
Identify your target market. Provide a specific demographic profile and rationale for this decision. Another source that may help you: The US Census Bureau's American Fact Finder. Consider the size of the market and its purchasing power. Research is required to back-up your selection and to provide statistics to show that it is a viable market.
COMPETITION
Analyze your competition. Who are they? Who are the biggest players? How large is the market? What are the trends/forecasts in the industry? How does your product/service fit in? Business Source Complete in the Library is a good tool for this section; it may be accessed under Find Articles & eBooks.
PRODUCT/SERVICE FEATURES
Provide a brief overview of the product or service.
· State the features of your product/service. Show how it's innov.
2. Outline: Why identify? Levels of Market Segmentation Segmenting Consumer Markets Evaluating and Selecting Market Segments
3. Why identify? Companies cannot connect with all customers in large, broad, or divers markets. Mass marketing is no longer that effective Splintering of market advertising media distribution channels.
4. The market can be segmented into 4 levels: Segment Marketing Niche Marketing Local Marketing Individual Marketing: Customerization
5. customers with similar set of needs and wants : Segment Marketing Concept 1 Marketer must identify the markets and decide which one to target Kotler example: Siemens Electrical Apparatus Division Local Example: Cebu Pacific Airlines Medical Application: The Medical City Breast Clinic
6. defined customer group looking for a distinct mix of benefits: Niche Marketing Concept 2 Has a distinct set of needs, willing to pay a premium, fairly small, gains economies through specialization Kotler example: Hallmark Local example: VMV Hypoallergenics Medical application: Subspecializing in a certain field
7. Tailoring to needs and wants of local groups: Local marketing Concept 3 Emphasis on local marketing initiatives Kotler example: Citibank Local example: McDonald’s Medical application: Private practice of doctors in different areas
8. Empowers customers to design the product and service: Customerization Concept 4 Firm provides a platform and tools and “rents” out to the customers the means to design the products. Kotler example: JackRabbit Custom Bikes Local example: Specialty bakeshops making custom-designed cakes, etc. Medical application: Patient care is individualized
9. Segmenting Consumer Markets Geographic Region, City or Metro Size, Density, Climate Demographic Age, Gender, Family size and Fife cycle, Race, Occupation, or Income ... Psychographic Lifestyle or Personality Behavioral Occasions, Benefits, Uses, or Attitudes
10. Dividing market into geographical units: Geographic Segmentation Concept 5 Can be divided into nations, states, regions, countries, cities, or neighborhoods Kotler example: Bed Bath and Beyond Local example: Jollibee Medical application: Local health units
11. Market divided into groups based on variables: Demographic Segmentation Concept 6 Variables such as age, family size, family life cycle, gender, income, occupation, education, religion, etc. Kotler example: Dove’s Campaign for Real Beauty Local example: Pond’s Age Defying Serum Medical application: Age-specific specialization (Pediatrics, Geriatrics, etc.) Gender specific specialization (OB-Gyn, Urology, etc.)
12. Divided based on Psychographic Profiles:Psychographic Segmentation Concept 7 Market is divided into different groups on the basis of psychological/personal traits, lifestyle, or values Kotler example: Transport Canada Local example: Philippine Airlines Medical application: St. Luke’s Medical Center, Global City
13. Based on decision roles and behavioral variables: Behavioral Segmentation Concept 8 Divide market into groups on the basis of their knowledge of, attitude toward, use of, or response to a product Kotler example: Cranberries Local example: Queso de Bola Medical application: Flu shot
15. Selecting a number of market segments:Selective Specialization Concept 9 There may be little or no synergy among the segments, but each promises to be a moneymaker Kotler example: Proctor and Gamble Crest White Strips Local example: Swish Mouthwash Medical application: Dermatology Clinic
16. Serve all customer groups:Full Market Coverage Concept 10 Firm attempts to serve all customer groups with all the products they might need. Kotler example: Coca-Cola Local example: United Laboratories, Incorporated Medical application Big hospitals (The Medical City, St. Luke’s Medical Center, Makati Medical Center)
17. Outline: Why identify? Levels of Market Segmentation Segmenting Consumer Markets Evaluating and Selecting Market Segments