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Marketing in a Domestic Environment – Part I

Marketing in a Domestic Environment – Part I. Class 3. Marketing: Micro and Macro levels. Macro Level: Marketing is the process by which buyers and sellers are brought together and discrepancies of assortments, place, and time are resolved. Marketing activities include:

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Marketing in a Domestic Environment – Part I

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  1. Marketing in a Domestic Environment – Part I Class 3

  2. Marketing: Micro and Macro levels • Macro Level: • Marketing is the process by which buyers and sellers are brought together and discrepancies of assortments, place, and time are resolved. • Marketing activities include: • Communication to inform buyers and sellers about each other. • Negotiation and consummation of transactions • Transportation of goods from the point of production to the point of purchase. • Storage of goods from the time of production to the time of purchase

  3. Revisiting Utopinasia • David and Hugo are trading shirts and pants • A mutually beneficial exchange rate has been set • Both engaged in market-making activities to facilitate the trade • Benefits of trade exceed cost of market-making activities

  4. Revisiting Utopinasia • Now let’s add other producers of shirts and pants • How will this change Hugo and David’s approach to trade?

  5. What are the components of a marketing strategy?

  6. = Marketing Strategy STP • Mass Marketing or Undifferentiated Marketing:Go after the whole market with one offer and focus on common needs rather than differences  • Product-variety Marketing or Differentiated Marketing: target several market segments and design separate offers for each. • Target Marketing or Concentrated Marketing: Large share of one or a few sub-markets. Good when company’s resources are limited.

  7. Requirements of an Effective Segmentation In order for a customer segmentation to be effective, it must be meaningful, actionable, measurable and substantial Meaningful • Customers must demonstrate needs, aspirations or behavioral patterns that are similar within a segment and different across segments • A distinction between a price sensitive and a quality seeking segment is meaningful, since the two segments demonstrate distinguishable sets of needs Actionable • A company must be able to reach customers within each segment through effective and targeted marketing programs • A customer segment consisting of customers with blue eyes is not actionable, since it is very hard to identify and reach only customers with blue eyes Substantial • Segments must be large and profitable enough to make the investment in serving them worthwhile • myCFO.com is targeted towards high net worth individuals, helping them manage their portfolios. Even though the number of those individuals is small, the $ amount managed is sizeable, thus constituting a substantial segment Measurable • Key characteristics of the segments (e.g. size and spending patterns) must be easy to measure Source: Philip Kotler, Marketing Management, 1997 (Chapter 9, page 269)

  8. Segmentation Approaches

  9. Positioning • Positioning  Simply, positioning is how your target market defines you in relation to your competitors.  • A good position:  1. Makes you unique  2. Is considered a benefit by your target market 

  10. Positioning Strategies • Positioning Strategies  There are seven positioning strategies that can be pursued:  • Product Attributes: What are the specific product attributes?  • Benefits: What are the benefits to the customers?  • Usage Occasions: When / how can the product be used?  • Users: Identify a class of users.  • Against a Competitor: Positioned directly against a competitor.  • Away from a Competitor: Positioned away from competitor.  • Product Classes: Compared to different classes of products. 

  11. Positioning Differences The differences that are promoted for a product must be:  • Important: The difference delivers a highly valued benefit to the target buyers  • Distinctive: Competitors do not offer the difference, or the company can offer it in a more distinctive way  • Superior: The difference is superior to other ways that the customer might obtain the same benefit  • Communicable: The difference can be explained and communicated to the target buyers  • Preemptive: Competitors cannot easily copy the difference  • Affordable: Buyers can afford to pay the difference  • Profitable: Company can introduce the difference profitably 

  12. The Marketing Task (Controllable) Implementation MarketingStrategy • Product • Price • Promotion • Distribution • Segmentation • Targeting • Positioning

  13. Domestic environment (uncontrollable) Competitive structure Political/ legal forces Economic climate The Domestic Marketing Task Implementation MarketingStrategy • Product • Price • Promotion • Distribution • Segmentation • Targeting • Positioning

  14. Developing a Marketing Strategy • Situation Analysis • Segmentation and Targeting • Positioning • Marketing Objectives • Implementation - Marketing Mix • Budget

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