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marketing 300. discussion section. announcements?. discussion question. group policy. Anyone still need to find a group?. micro-macro dilemma. personal benefits vs. social costs. personal benefits vs. social costs. personal benefits vs. social costs. personal benefits vs. social costs.
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marketing 300 discussion section
group policy Anyone still need to find a group?
personal benefits vs. social costs trash mass twice the size of TEXAS!
question Why does Progressive insurance offer customers a price quote for Progressive and for its competitors?
question (hint: think about the purpose of the 4 Ps)
Segmentation • Different people have different needs and different uses for products within a category. • As a business, it’s important to know who might be interested in your product/service and why. • Why?
What is a segment? • Segments/Submarkets • A relatively homogeneous group of customers who will respond similarly to a marketing mix. • Segments are based around NEED.
discussion question Consider the student market for off-campus apartments in your city. Identify some segments that have different needs and determining dimensions. Then evaluate how well the needs in these market segments are being met in your geographic area. Is there an obvious breakthrough opportunity waiting for someone?
discussion question • Need • Qualifying dimensions • minimum requirements; without these, a consumer is not interested (“I ABSOLUTELY NEED THIS!”) • ex. a roof. If a house doesn’t have a roof, you probably won’t consider living there. • Determining dimensions • qualities that consumers ultimately choose on once they have a qualifying set (“THIS WOULD BE NICE TO HAVE, BUT I DON’T NEED IT”) • ex. I choose this house from the ones I liked because it has off-street parking
discussion question Consider the student market for off-campus apartments in your city. Identify some segments that have different needs and determining dimensions. Then evaluate how well the needs in these market segments are being met in your geographic area. Is there an obvious breakthrough opportunity waiting for someone?
discussion question Talk with your group about your ideas for a few minutes. Come up with three distinct segments with qualifying dimensions and a “breakthrough opportunity.” WARNING!Think about students in terms of all relevantsegmenting dimensions (NEEDS), not only in terms of their age or year. The latter will lead you down the wrong path.
discussion question Ready?
what’s wrong with this? Sophomores and Juniors Seniors Grad Students MADISON HOUSING SEGMENTS
are all students the same? we know that not everyone wants the same thing, even if they are in the same demographic Seniors People who want quiet Budget conscious People who want to party 24/7
what’s wrong with this? • Some seniors might want quiet, others might be looking for proximity to bars, others might want pets. These groups do not necessarily overlap. • “Seniors” also leaves out non-seniors who might be looking for quiet, proximity to bars, etc. People who want quiet Budget conscious People who want to party 24/7
are all students the same? by making “seniors” a segment, you are implying that all students want the same thing Clones Seniors
this is the right way Overall Market Quiet Seekers Budget conscious Partiers this is better because it divides overall market by needs, not by demographics
discussion question Hey wait a minute! How come you said that “seniors” isn’t a segment but “families” is?
discussion question • This isn’t an exact science. Use your intuition. • Probably most families are looking for similar things; students probably aren’t. • Homogeneous within (people within a segment very similar) • Heterogeneous between (people in different segments are not very similar)
discussion question • Warning: You will have the irrepressible urge to segment by demographics. Don’t do it! • It’s okay to use demographics (ex. age, gender, occupation) to help you segment, but don’t rely on them.
discussion question • Segment based on NEED
discussion question • Are all the needs you mentioned being met here in Madison? • What is a market that you think is out there that is not currently being met?
quiz Reminder: • The quizzes are timed. You have 4 minutes to submit them. After that, the system will not accept them! • You have 2 attempts to complete the quiz. The system will take the higher score.
quiz Lipton has increased sales by developing ads that encourage its current customers to drink Lipton tea instead of coffee at morning "coffee breaks." This effort focuses on A. Market development B. Diversification C. Product development D. Market penetration E. None of the above
quiz What does “market” mean?
quiz • The president of a company that produces cardboard boxes is concerned about the large number of competitors with extra capacity. As he put it, "our best shot is in the hands of our sales manager--she makes all of our marketing decisions and is creative enough to figure out how to sell more boxes." It seems that this company is run as if it were in the: • Production era • Marketing company era • Simple trade era • Sales era • Marketing department era
quiz A digital camera, a computer video-cam, and a computer scanner might compete in the same • Single target market • Generic market • Multiple target market • Combined target market • Product-market
quiz • Generic market • ex. things that transfer digital images to your computer • Product-market • ex. digital cameras C. Single target market • ex. waterproof digital camera D. Multiple target market • ex. one camera targeted at professionals and amateurs (with different marketing mixes) E. Combined target market • ex. one camera targeted at professionals and amateurs (same marketing mixes)
