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COMPETITION IS EVERYWHERE

CHAPTER 7. COMPETITION IS EVERYWHERE. 7-1 Focusing on Market Segments 7-2 Positioning for Competitive Advantage 7-3 Competing for Market Segments 7-4 Learning about the Competition. Focus Questions:

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COMPETITION IS EVERYWHERE

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  1. CHAPTER7 COMPETITION IS EVERYWHERE 7-1 Focusing on Market Segments 7-2 Positioning for Competitive Advantage 7-3 Competing for Market Segments 7-4 Learning about the Competition Chapter 7

  2. Focus Questions: • In what ways is PJ Madison’s trying to suggest its ice cream is different and better than other brands? • What types of consumers do you believe will be attracted to the advertisement? • In your view, is the ad effective at encouraging customers to try PJ Madison’s ice cream? Why or why not? Courtesy of PJ Madison’s. Used with permission. Chapter 7

  3. 7-1 FOCUSING ON MARKET SEGMENTS GOALS • Describe how markets can be segmented by geographic location, demographic characteristics, psychographics, product usage, and benefits derived. • Explain how to evaluate market potential and calculate market share. Chapter 7

  4. Market Segmentation • The benefits of segmentations • Segmentation categories • Geographic segmentation • Demographic characteristics • Psychographics • Product usage • Benefit expectations • Segmenting the business market Chapter 7

  5. Demographic Characteristics of Education and Income Chapter 7

  6. Identifying and AnalyzingMarket Segments • Identifying Possible Segments • Determining Market Potential Chapter 7

  7. Determining Market Potential • Number of potential customers • Interest in the product or service and other mix elements • Money available to make the purchase • Ability to communicate with and distribute product to consumers Chapter 7

  8. Market Potential • Market potential is the total revenue that can be obtained from the market segment. Chapter 7

  9. Market Share • Market share is the portion of the total market potential that each company expects to get in relation to its competitors. Chapter 7

  10. 7-2 POSITIONING FORCOMPETITIVE ADVANTAGE GOALS • Explain the various bases for positioning a product to distinguish it from the competition. • Describe the three common positioning strategies. Chapter 7

  11. Basis for Positioning • Attribute • Price and quality • Use or application • Product user • Product classification • Competitor Chapter 7

  12. Market Position Chapter 7

  13. Selecting a Positioning Strategy • Consumer perceptions • Competition • Business environment Chapter 7

  14. 7-3 COMPETING FOR MARKET SEGMENTS GOALS • Explain direct vs. indirect competition and price vs. non-price competition. • Describe the benefits of competition to consumers. Chapter 7

  15. Types of Competition for Positioning Decisions • Direct competition • Indirect competition • Price competition • Non-price competition Chapter 7

  16. Benefits of Competition • Consumer receives the best price for products. • Competition encourages improvements in products with the addition of unique features and benefits. • Businesses are always looking for new and improved products to match their competition. • Competition offers consumers the benefit of a wide variety of products from which to choose. Chapter 7

  17. 7-4 LEARNING ABOUT THE COMPETITION GOALS • Discuss the types of information businesses need to know about their competitors. • Describe the kinds of activities businesses engage in to gain marketing intelligence. Chapter 7

  18. Types of Competitive Information • Pricing strategies • Distribution decisions • Product/Service planning • Promotional efforts • Competitor’s market position Chapter 7

  19. Collecting Competitive Information • Information sources • Salespeople and other employees • Analysis of competitors’ products. • Articles, research reports, and public information • Professional and trade publications • Customers and customer records • Trade shows • The Internet • Ethics in information gathering Chapter 7

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