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| evolves from an organizations overall corporate strategy and serves as a guide for specific marketing programs and policies. |
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| areas where there are favorable demand trends, where the company believes customer needs and opportunities are not bieng satisfied, and where it can compete effectively. |
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Steps to identifying a target market
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Definition
- Identifying markets with unfufilled needs
- Segmenting the market
- Targeting specific segments
- Positioning ones product or service through marketing strategies
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Dividing up a market into distinct groups that
- Have common needs
- will respond similarly to a marketing action
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| Marketing Segmentation Steps |
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Definition
- Finding ways to group consumers according to their needs
- Finding ways to group the marketing actions-usually products offered- available to an organizations.
- Developing a market-product grid to relate to the market segments to the firms products or actions
- Selecting the target segments toward which the firm directs its marketing actions.
- Taking marketing actions to reach target segments
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| markets are divided into different geographic units such as nations, states, counties, or even neighborhoods |
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| Dividing the market on the basis of variables such as age, sex, family size, education, income, and social class |
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| Dividing the market on the basis of personality and/or lifestyles |
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| SRI states that the resources consumers can draw on (paired with VALS 2 to make accurate) |
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Definition
- education
- health
- income
- energy level
- self-confidence
- degree of consumerism
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Term
| Behavioristic Segmentation |
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Definition
| Dividing into groups based on their usage, loyalties, or buying responses |
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Definition
20 % of their buyers account for 80% of sales volume
(Used by industrial marketers) |
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| The grouping of consumers on the basis of attributes |
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Definition
Urban- U1, U2, U3
Suburban- S1, S2, S3, S4
Second City- C1, C2, C3
Town and Country- T1, T2, T3, T4 |
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| Undifferentiated Marketing |
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Definition
ignoring segment differences and offering just one product or service to the entire market.
ex- Model T |
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Definition
Marketing in a number of segments, developing separate marketing strategies for each.
Ex- Michelob Ultra- differentiates ads for different medias |
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When the firm selects one segment and attempts to capture a large share of this market.
Ex- Old School Volkswagon- only economy sized car |
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Definition
The art and science of fitting the product or service to one or more segments in the broad market in such a way as to set it meaningfully apart from competition
The position of the product, service, or store, is the image that comes to mind and the attributes consumers percieve as related to it. |
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| Six questions that should be asked to develop a position |
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Definition
- What postion do we already have in the prospect's mind?
- What position do we want to own?
- What companies must be outgunned if we are to establish that position?
- Do we have enough marketing money to occupy and hold that position?
- Do we have the guts to stick with one consistent positioning strategy?
- Does our creative approach match our positioning strategy?
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| 8 main positioning strategies |
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Definition
- Positioning by Product Attributes or Benefit (SALIENT or important qualities)
- Positioning by Price/Quality
- Positioning by Use or Application (baking soda +fridge)
- Positioning by Product Class (trains v. airplanes)
- Positioning by Product User
- Positioning by Competitor
- Positioning by Cultural Symbol (Tony the Tiger)
- Repositioning (Wal-Mart)
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| Steps to determining a positioning strategy |
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Definition
- Identify Competitors...think outside class
- Assesing consumers' perceptions of competitors (which attributes are important?)
- Determining competitor positions.(how is each competitor, including us, positioned in respect to each attribute)
- Analyzing the consumers preferences (determine ideal brand or product and go from there)
- Make the positioning ecision
- Monitor the position (watch consumer's perceptions of your brand)
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| Not just an object, a bundle of benefits or values that satisfies the need of a customer |
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| What a product or brand means to consumers and what they experience in purchasing and using it. |
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| Intangible asset of added value or goodwill that results from a favorable image, impressions of differentiation, and/or strength of consumer attachment to a company name, brand name, or trademar. |
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Definition
"Place"
Sets of interdependent organizations involved in the process of making a product or service available for use or consumption. |
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| intergrated channel management |
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Definition
| reflects the blurring of the boundaries of the communications and distribution functions |
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Definition
Not use intermediaries...mary kay, avon,
direct-response advertising, internet, telemarketing |
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Definition
| use a network of wholesalers and/or retailers |
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| Promotional Push Strategy |
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Definition
persuade the trade to stock, merchandise, and promote the manufacturer's products. PUSH THE PRODUCT THROUGH THE CHANNELS BY AGGRESSIVE SELLING AND PROMOTION
**Tries to convince resellers they can make a profit on a manufacturers product and encourages them to purchase and push it
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Term
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Definition
call on resellers to explain the product, discuss firm's plans for building demand, describe special programs.
Advertises to these guys. publications appear in ads catered to a particular industry |
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| Promotional Pull Strategy |
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Definition
Spending money on advertising and sales promotion efforts directed toward the ultimate consumer
*create demand among consumers and encourage them to request the product from retailer...pull it through the channels |
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