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Identify Market Needs

The process of segmenting and targeting connects marketing actions to Identification of marketing needs. Steps in Segmenting & Target Markets Form prospective buyers into segments Form products to be sold into groups Develop a market-product grid and Estimate size of markets

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Identify Market Needs

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  1. The process of segmenting and targeting connects marketing actions to Identification of marketing needs • Steps in Segmenting & Target Markets • Form prospective buyers into segments • Form products to be sold into groups • Develop a market-product grid and • Estimate size of markets • Select target markets • Take marketing actions to reach • target markets Execute Marketing Program Identify Market Needs

  2. Market product grid showing Reebok reaches customers with different needs

  3. Advertising actions to reach specific student segments Ad on flyer under windshield wipers of cars in night parking lots: “Free Frosty with this coupon when you buy a hamburger with fries. Ads in buses: flyers under windshield wipers of cars in parking lots Ad campaign: “Ten percent off all purchases between 2-4:30PM during winter quarter

  4. Selecting a target market for your fast-food restaurant next to metropolitan college. Target market is shaded.

  5. Market-product grid showing size of markets for pillows for three different segments of sleepers Key: L, Large Market; M, Medium Market; S, Small Market

  6. Market Segmentation • Def. Classification of prospective buyers into homogeneous groups from the twofold perspective of: a) Common needs b) Common response to marketing actions • Classification of Consumer Markets a) Homogeneous b) Diffused c) Clusters

  7. Criteria for Segmenting Consumer Markets a) Geographic b) Demographic c) Psychological d) Behavioral - Occasions - Benefits sought e) User Status f) Usage Rate g) Loyalty Status h) Attitude

  8. Market Coverage Strategies a) Undifferentiated Marketing b) Differentiated Marketing c) Concentrated Marketing • Seven Criteria For Selecting A Marketing Strategy a) Company Resources b) Product Homogeneity c) Product Stage in Life Cycle d) Market Homogeneity e) Competitive Marketing Strategies f) Feasibility of Marketing Programs g) Profits

  9. Positioning Def. All of the organization’s actions associated with designing a product and creating an image so that it occupies a unique place in the customer’s mind, vis-à-vis competitive products. Should be sustained and profitable. Six Positioning Strategies: 1) Attribute 2) Use 3) User 4) Product Class 5) Competitors 6) Price and Quality

  10. Attribute SegmentationToothpaste Marketing Segments

  11. Branding • Five Options: a) Multi-Product Branding b) Multi-Mix Branding c) Multi-Branding d) Private-Branding e) Co-Branding • Growth Strategies a) Line Extensions b) Brand Extension c) Flanker Brand Extension d) Fighting Brand

  12. Product Differentiation Product Services Personnel Channel • Insert Ordering Ease Competence Coverage • Features Delivery Courtesy Expertise • Performance Installation Credibility Performance • Durability Customer Training Reliability • Reliability Customer Consulting Responsiveness • Repairability Maintenance/Repair Communication • Style Misc. • Design IMAGE • Symbols • Media • Atmosphere • Events

  13. I. Product • Form: Size, Shape, Physical structure of product. Ex. Aspirin; Dosage, Size, Shape, Coating, Action time, Etc. • Features: -Co. Cost vs. Customer Value - Bundles or packages vs. Simple Add-Ons • Quality - SPI finds: ROI = +f(quality) - Promotes customer loyalty Ex: Schlltz: increase SR cut aging time,used less expensive hops Result: SR ¶ increases, Stock price increases, but LR market share decreases & so did ¶ & stock prices • Durability: Generally advantageous Exception: Products subject to fast technology Obsolescence (e.g., Computers, Video cameras) • Repaiability: - Before GE sends a repair person, they try to fix it over the phone - Cisco Systems eliminated 50,000 calls a month by posting solutions on its Web Site to frequently asked questions (FAQ)

  14. Style -Eye-catching or Yawn producing Ex. Apple computers; Montblanc Pens, Godiva chocolate, H-D, Arizona ice tea bottle • Design - The totality of features that affect how the product looks & performs. Ex. Apple’s IMAC - One button internet access - No clunky tower or desktop hard drive - No floppy disk drive Global Trade: - Italians: Apparel, Furniture - Scandinavians: Design for functionality, aesthetics, environment - e.g., Braun ( a division of Gillette), Shavers, Coffeemakers, Hair dryers, Food processors

  15. II. Services • Ordering EASE Ex. Internet Food Service Firms Peapod Streamline Net Grocer Cyber-meals • Maintenance/Repair Ex. Tandem computers Makes parallel CPUs Uses remote diagnostics to monitor & walks the customer over the phone as to needed replacement parts & repair • Misc. Improved warranty or maintenance contract.

  16. III. Personal Diff. • McD’s: Courteous staff (Prior to 1995) • IBM: Professionals • Disney: Upbeat Ex. GE, Frito-Lay, Cisco, Pfizer have excellent sales staff

  17. IV. Channel Ex. • Catepillar: Construction Equipment • More dalers than its competitors & in good locations • Well trained • Dell & Avon • Direct marketing channels Lams Pet Food • Ignored traditional channels (large chains) and went to regional vets, breeders and pet stores • Sales 19821996 16M 500M

  18. V. IMAGE: Customer perception of product or co. Ex. Nike: A shoe is an attribute Airwalk: Extreme sports, Image to kids Symbols: • Apple • Lion (Harris Bank) • Passion (E. Taylor) • Uninhibited (Cher) • Blue (IBM) • Yellow (Kodak) • Red (Campbell Soup) Media: Chosen image has to be worked into Ads, news reports, brochures, annual reports, bus. cards, etc Atmosphere: Physical spaces occupied by a company • Hyatt Regency: Atrium lobbies • Bank Buildings must convey an image of safety Events: Sponsorship • AT&T and IBM: sponsor symphony performance and art exhibits • Heinz gives money to hospitals • Kraft donates to MADD

  19. Stages of Competitive Cycle Market Share Production Costs Price Premium Competitive Entry Share Stability Commodity Competition Sole Supplier Withdrawal

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