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MANAGEMENT REFERENCE.pptx
- 1. PART 1 Defining Marketing for the New Realities 1-1
- 2. TheValue of Marketing Financial success often depends on marketing ability Successful marketing builds demand for products and services, which, in turn, creates jobs Marketing builds strong brands and a loyal customer base, intangible assets that contribute heavily to the value of a firm
- 4. EFFECTIVE SEGMENTATION CRITERIA PAGE # 124-125 Measurable Substantial Accessible Differentiable Actionable
- 5. MONITORING COMPETITION Variables in assessing potential competitors Share of market Share of mind Share of heart
Editor's Notes
- There is little margin for error in marketing. Just a short time ago, MySpace, Yahoo!, Blockbuster, and Barnes & Noble were admired leaders in their industries. What a difference a few years can make! Each of these brands has been completely overtaken by an upstart challenger—Facebook, Google, Netflix, and Amazon—and they now struggle, sometimes unsuccessfully, for mere survival.
- 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.
- it is important to regularly research the desirability, deliverability, and differentiability of the brand’s POPs and PODs in the marketplace to understand how the brand positioning might need to evolve or, in relatively rare cases, be completely replaced. In assessing potential threats from competitors, three high-level variables are useful: 1. Share of market—The competitor’s share of the target market. 2. Share of mind—The percentage of customers who named the competitor in responding to the statement “Name the first company that comes to mind in this industry.” 3. Share of heart—The percentage of customers who named the competitor in responding to the statement “Name the company from which you would prefer to buy the product.”