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Step 5: Select, Implement, and Record Chosen Course of Action

Step 5: Select, Implement, and Record Chosen Course of Action. Define Market & Select Target Develop Market Mix. What is a Market?.

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Step 5: Select, Implement, and Record Chosen Course of Action

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  1. Step 5: Select, Implement, and Record Chosen Course of Action Define Market & Select Target Develop Market Mix

  2. What is a Market? • A market is a group of individuals or organizations (i.e. buyers) having the willingness and ability to buy goods or services to satisfy a particular class of wants or needs. • Understanding the market; selecting the best market & understanding its buying behavior are key to the success of the marketing plan.

  3. Steps in Market Analysis • Define Market to Identify Competitive Arena to identify competitive arena e.g. Coffee Market

  4. Steps in Market Analysis 2. Segment the Market to Determine Competitive tactics. • If you can find an objective reliable way to define groups of people; • If you can measure the sales and profit potential of the segments; • If these segments can be profitably reached using marketing • If you can expect a different response from the unique marketing plans you offer each segment

  5. Segmentation Effective If… • Measurable – Size, purchasing power, profiles of segments can be measured • Substantial – Size of market large enough to justify tailored strategy costs • Accessible – Reachable via personal or impersonal media • Differential – Homogenous within & heterogeneous between; must respond differently to different marketing mix elements & actions. • Actionable – Company can develop different marketing strategies to serve segments.

  6. Steps in Market Analysis • Develop profiles of the resulting segments • Evaluate the attractiveness of each segment & Select the Target Segment(s) • Understand Customer Motivation and Behavior to determine relevant assets and skills

  7. Geographic Nations, states, regions, counties, cities, neighborhoods Demographic Age, gender, family size, life cycle, race, occupation, income Bases for Segmenting Consumer Markets Explain how each factor affects a company’s marketing strategy. Continued on next slide!

  8. Psychographic Lifestyle or personality Behavioral Occasions, benefits, uses, attitudes, loyalty, buyer-readiness Multi-Attribute Smaller and better defined target groups, geoclustering Bases for Segmenting Consumer Markets

  9. Bases for Segmenting Business Markets • Demographic • Operating variables • Purchasing approaches • Situational factors • Personal characteristics

  10. Single-segment concentration Selective specialization M1 M2 M3 M1 M2 M3 P1 P2 P3 P1 P2 P3 Product specialization M1 M2 M3 P1 P2 P3 Selecting and Entering Market Segments P = Product M = Market

  11. Market specialization Full market coverage M1 M2 M3 M1 M2 M3 P1 P2 P3 P1 P2 P3 Selecting and Entering Market Segments P = Product M = Market

  12. Identify the variables which are used to segment this market. • Diaper Rash • Special Occasion • Other? Brainstorm!

  13. Determine whether variables will lead to effective segment. • Measurable • Substantial • Accessible • Differential • Actionable • Is segment(s) attractive? • Size, Growth, Profitability, Risk, In sync with Company Objectives • Identify Type of segmentation strategy. • Single-segment • Selective Specialization • Product specialization • Market specialization • Full market coverage

  14. How Do you segment Toothpaste market?

  15. Toothpaste Market Segmentation

  16. How Do You Segment Las Vegas Hotel Market? Airport Inn Travelodge

  17. Customer Analysis • To develop an effective marketing plan, it is necessary to understand customers and their buying behavior

  18. What Do You Need To Know About the Customers? • Who constitutes the market? • How many are there? • Why does the market buy it? • When does the market buy it? • Where does the market buy it? • How much do they buy? How often? • How do they make their buying decision?

  19. Consumer Buying Decisions • Multifaceted • Product, Brand, Dealer Choice; Purchase Timing, Amount • Multi Step • Problem Recognition, Information Search, Evaluation, Decision, Post Purchase Behavior • Subject to Multiple Influences • Cultural, Social, Personal and Psychological Factors and External Environment

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