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Finding Markets
Markets = people with needs/wants and
the ability and willingness to buy
Types of markets:
Generic
People with broadly similar needs (social)
Diverse ways of satisfying (restaurants, movies)
Products
Very similar needs (thirsty for soft drinks)
Very close substitutes (Coke vs. Pepsi, and what
else?)
Close substitutes or no?
Pepsi vs Coke
People
Peopleor
ororganizations
organizationswith
withneeds
needsor
orwants
wants
and
andthe
theability
abilityand
andwillingness
willingnessto
tobuy.
buy.
AAsubgroup
subgroupof
ofpeople
peopleor
ororganizations
organizationssharing
sharing
one
oneor
ormore
morecharacteristics
characteristicsthat
thatcause
causethem
them
to
have
similar
product
needs.
to have similar product needs.
The
Theprocess
processof
ofdividing
dividingaamarket
marketinto
into
meaningful,
meaningful,relatively
relativelysimilar,
similar,identifiable
identifiable
segments
segmentsor
orgroups.
groups.
Market Segmentation
Dividing market into meaningful, similar groups
(or aggregating those with similar needs)
Why is segmentation important?....
Markets have a variety of product preferences
Marketers can better define customer needs
Decision makers can define objectives and
allocate resources more accurately
Identifiability
and Measurability
Accessibility
Responsiveness
Region
Market size
Market
density
Climate
Demographics
Age
Gender
Income
Ethnicity
Family life
cycle
Psychographics
Personality
Motives
Lifestyle
Geodemographics
Benefits
Benefits
sought
Usage Rate
Former
Potential
1st time
Light or
irregular
Medium
Heavy
Demographic Segmentation:
Family Life Cycle
Psychographic Segmentation
Personality (cars)
Motives (emotions)
Lifestyles (outdoor)
Geodemographics (PRIZM)
Benefit Segmentation
Group consumers via needs/wants (NOT
by gender, age, lifestyle etc.)
What do you want from your cell phone?
Select
a market
for
study
Choose
bases
for
segmentation
Select
descriptors
Profile
and
analyze
segments
Select
target
markets
Design,
implement,
maintain
marketing
mix
Concentrated Targeting
Multiple markets & mix for each
Examples include Ford, Lincoln, Mercury, and what else?
Multi-segment Targeting
Multiple markets share mix (bad idea)
Advantages = Greater financial success; Economies of scale
Disadvantages= High costs; Cannibalization
Concentrated Targeting
Multiple markets & mix for each
Examples include Ford, Lincoln, Mercury, and what else?
Multi-segment Targeting
Multiple markets share mix (bad idea)
Example: network television and any more?
One-to-One Marketing
One-to-One
One-to-One
Marketing
Marketing is...
is...
Has
Hasaa Goal
Goal of
of
Individualized
Individualized
Cost
Cost Reduction
Reduction
Information-Intensive
Information-Intensive
Customer
Customer Retention
Retention
Long-Term
Long-Term
Increased
Increased Revenue
Revenue
Personalized
Personalized
Customer
Customer Loyalty
Loyalty
One-to-One Marketing
Trends
Trends
Marketing Strategy
2. Breakthrough opportunity
Positioning
Developing a marketing mix
to influence potential
customers overall
perception of a brand,
product line, or organization
in general.
How is Wal-Mart
Positioned?
Positioning
Bases
Attribute
Attribute
Price
Price and
and Quality
Quality
Use
Use or
or Application
Application
Product
Product User
User
Product
Product Class
Class
Competitor
Competitor
Emotion
Emotion
Positioning of
Procter & Gamble
Detergents
Brand
Positioning
Tide
Cheer
Bold
Gain
Era
Dash
Oxydol
Solo
Dreft
9
Ivory
Snow
LO
Ariel
Market
Share
31.1%
8.2%
2.9%
2.6%
2.2%
1.8%
1.4%
1.2%
1.0%
0.7%
0.1%
Effective
Positioning
1. Assess the positions occupied by
competing products
2. Determine the dimensions underlying
these positions
3. Choose a market position where
marketing efforts will have the
greatest impact
Product
Differentiation
A positioning strategy
that some firms use to
distinguish their
products from those of
competitors.
Are distinctions real or
perceived?
Perceptual
Mapping
Daimler Chrysler:
Do they need a reposition?
(Changing consumers perceptions of a brand
in relation to competing brands)
Summary