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Chapter 9

Chapter 9. target marketing&competition . Chapter 9 Target marketing & competition. Requirement of this chapter . How does a company confirm subdividing the market? How a company choose a competitive strategy ?. Chapter 9 Target marketing & competition.

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Chapter 9

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  1. Chapter 9 target marketing&competition

  2. Chapter 9Target marketing & competition Requirement of this chapter • How does a company confirm subdividing the market? • How a company choose a competitive strategy ?

  3. Chapter 9Target marketing & competition In this chapter, we focus on 3 parts. • 1. Markets segmenting • 2. target marketing • 3. Marketing competitions

  4. 1.1 Define • 1.2 Function • 1.3 Segmentation variables for consumer markets • 1.4 Requirements for effective segmentation • 1.5 Market segments procedure • 1.6 Way to segment the market of automobile Chapter 9Target marketing & competition 1 Market segmentation

  5. Chapter 9Target marketing & competition 1.1 Definition • Dividing a market into distinct groups of buyers on the basis of need, characteristic,or behavior who might require separate products or marketing mixes. The cause that a market can be segmented is that customers have both similar and different demands.

  6. Chapter 9Target marketing & competition Levels of Segment • Mass marketing • Segment marketing • Niche marketing • Local marketing • Customization

  7. Chapter 9Target marketing & competition 1.2 Function A.The company can market more efficiently,targeting its products or services,channels,and communications programs toward only consumers that it can serve best and most profitably. B. The company can market more efficiently by fine-tuning its products, prices and programs to the need of carefully defined segments. C. The company may face fewer competitors if fewer competitors are focusing on this market segment.

  8. Chapter 9Target marketing & competition 1.3 Segmentation variables for consumer markets • (1) Demographic • Age • Sex • The number of people of the family • Family life cycle • Income • Education level

  9. Chapter 9Target marketing & competition 1.3 Segmentation variables for consumer markets (2) Psychological factor • Social class • Life style • Personality

  10. Chapter 9Target marketing & competition 1.3 Segmentation variables for consumer markets • (3) Geographical factor • World region or country • City or metro-size • Density • Climate

  11. Chapter 9Target marketing & competition 1.3 Segmentation variables for consumer markets • (4) Behavioral • Occasions • Benefits • User status • Usage rate • Loyalty • Readiness stage • Attitude to products

  12. Chapter 9Target marketing & competition 1.4 Requirements for effective segmentation ★Measurable: The size,purchasing power,and profit of the segments can be measured. ★Accessible: The market segments can be effectively reached and served.

  13. Chapter 9Target marketing & competition 1.4 Requirements for effective segmentation • (1) Measurable The demand amount, purchasing power, and profiles of the segments can be measured. • (2) Accessible The segments can be effectively reached and served. Effective programs can be designed and implemented.

  14. Chapter 9Target marketing & competition 1.4 Requirements for effective segmentation • (3) Substantial The market segments are large or profitable enough to serve. • (4) Differentiable The segments are conceptually distinguishable and respond differently to different marketing mix elements and programs. • (5) stable The segments must be stable in a given period.

  15. Chapter 9Target marketing & competition 1.5 The procedure of market segments • Survey stage: • Attributes & their importance ratings • Brand awareness and brand ratings • Product-usage patterns • Attitudes toward the product category • Other variables. • Analysis stage • Subdivide stage

  16. Chapter 9Target marketing & competition 1.6 Way to segment the market of automobile  1.Production characteristic 2. Different user Private, government, State-owned enterprise, privately owned enterprise 3. The capacity of market The primary market,the secondary market

  17. Chapter 9Target marketing & competition 2 Target marketing • Now marketing theories consider any company has lack of enough abilities to do marketing well in a whole market. • Segmenting, selecting segments, and doing market localization are three marketing steps at present. • Target marketing means that companies must carefully evaluate all segments, and select one/several segments as their goal markets, then do good marketing strategies as possible.

  18. Chapter 9Target marketing & competition 2 Target marketing • 2.1 Evaluating market segment • 2.2 Selecting market segments • 2.3 Marketing positioning

  19. Chapter 9Target marketing & competition 2.1 Evaluating market segment • Segment scale and growth, segment structural attractiveness, and company objectives and resources • Major structural factors that affect long-run segment attractiveness. • Company objectives and resources.

  20. Chapter 9Target marketing & competition 2.2 Selecting market segments • Single-segment Concentration: only one segment as target market. • Selective specialization: several segments as target markets. • Product specialization: a line of products • Market specialization: a type of markets • Full market coverage: all segments as target markets, differential marketing strategies for different segments.

  21. M1 M2 M3 M1 M2 M3 P1 P2 P3 P1 P2 P3 Selective specialization Single-segment Concentration M1 M2 M3 P1 P2 P3 Product specialization Chapter 9Target marketing & competition

  22. M1 M2 M3 M1 M2 M3 P1 P2 P3 P1 P2 P3 Market specialization Full market coverage Chapter 9Target marketing & competition

  23. Chapter 9Target marketing & competition Pay attention Differentiated marketing: A firm targets several market segments or niches and designs separate offers for each. Undifferentiated marketing: A firm might ignore market segment differences and go after the whole market with one offer. 

  24. Chapter 9Target marketing & competition 2.3 Marketing positioning • The concept of marketing positioning: a company should identify right product imagines and company imagines in order that consumers can have a clear and comprehensive impression in their minds. • Of course, marketing positioning is for target market segments.

  25. Chapter 9Target marketing & competition 2.3 Marketing positioning • The procedures of positioning: • Study on factors affecting market localization. For examples, ways how competitors localize, consumer’s evaluating criteria and approbation. • Selection and intensification of superiorities own by a company. • precise positioning spread and communication.

  26. Chapter 9Target marketing & competition 3 Marketing competitions • 3.1 Analysis tools of competitions • 3.2 How to find competitors • 3.3 Competitive strategies

  27. Chapter 9Target marketing & competition 3.1 Marketing competitions • 3.1.1 PEST-method • 3.1.2 Five forces model • 3.1.3 SWOT method

  28. Chapter 9Target marketing & competition 3.1.1 PEST-method • this is an environmental analysis tool consisted of political, economic, societal, and technological factors.

  29. Chapter 9Target marketing & competition 3.1.2 Five forces model • supplier's bargain ability, buyer’s bargain ability, threat of new competitors, threat of replacement product, and competitiveness come from existing competitors.

  30. Chapter 9Target marketing & competition 3.1.2 Five forces model

  31. Chapter 9Target marketing & competition 3.1.3 SWOT method • this is a analysis tool studying on internal abilities and environmental forces. • There are two cases in internal abilities of a company: superior, weak. There are also two cases in environmental forces: opportune and threatened. SWOT means strength, weakness, opportunity, threat.

  32. Performance trends Strengths and weaknesses Resources and capability SWOT analysis Mission and objectives Strengths and weaknesses Environmental scanning Chapter 9Target marketing & competition 3.1.3 SWOT method

  33. Chapter 9Target marketing & competition 3.1.3 SWOT method

  34. Chapter 9Target marketing & competition 3.1.3 SWOT method

  35. Chapter 9Target marketing & competition 3.1.3 SWOT method

  36. Chapter 9Target marketing & competition 3.1.3 SWOT method • SO-strategy: internal superiorities and good exterior opportunities. • WO-strategy: internal weakness and good exterior opportunities. • ST-strategy: internal superiorities and environmental threat. • WT-strategy: internal weakness and environmental threat.

  37. Chapter 9Target marketing & competition 3.2 How to find competitors • Usually, competitors we can be found by analyzing on a contesting fight power for customer’s demands and desires, and on corporations in the same industry. Attention: sometimes it is especially difficult that potential competitors are found in time. • We can classify corporations as 4types on the basis of their competitiveness: leaders, challengers, followers, niche-seekers.

  38. Chapter 9Target marketing & competition 3.2 How to find competitors • Having analyzed who is or would be competitors, a company must recognize their competition strategies, evaluate their advantages and disadvantages, and make sure its competition strategies. • Types of competition strategies: advanced strategy in cost, differential strategy in product/service, concentrated strategy in market or business. Once a kind of strategy is chosen, it must be continued and quite implemented.

  39. Chapter 9Target marketing & competition 3.3 Competitive strategies • 3. 3.1 Market leader strategies • 3. 3.2 Market challenger strategies • 3. 3.3 Market follower strategies • 3. 3.4 Market nicher strategies

  40. Chapter 9Target marketing & competition 3. 3.1 Market leader strategies • Market leader The leader has the largest market share and usually leads the other firms in price changes,new-product introductions,distribution coverage,and promotion spending.

  41. Chapter 9Target marketing & competition 3. 3.1 Market leader strategies • Expanding the total market • Protecting market share • Expanding market share

  42. Chapter 9Target marketing & competition 3. 3.1 Market leader strategies 

  43. Chapter 9Target marketing & competition 3.3.2 Market challenger strategies • Market challenger a company who can challenge leaders and other competitors.

  44. Chapter 9Target marketing & competition 3.3.2 Market challenger strategies A.Define which competitors to challenge and its strategic objective. B.Choose a competitive strategy. • launch a full frontal attack,matching the competitor’s product,advertising and price. • make an indirect attack on the weakness. • diversify into unrelated products.

  45. Chapter 9Target marketing & competition 3.3.3 Market follower strategies • Market follower they have no enough competitiveness to challenge any competitor, and imitate the marketing of those stronger companies.

  46. Chapter 9Target marketing & competition 3.3.3 Market follower strategies Learn from the leader’s experience and copy or improve on their products with much less investment

  47. Chapter 9Target marketing & competition 3.3.4 Market nicher strategies • Market nicher Know the target customer group so well that it can meet their needs better than other firms.

  48. Chapter 9Target marketing & competition 3.3.4 Market nicher strategies • Know the target customer group so well that it can meet their need better than other firms. • Charge a substantial makeup over cost. • Specialize along of market customers, product,or marketing mix lines.

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