...analysis the next step is to determine the target audience. Target markets are groups of individuals separated by distinguishable and noticeable characteristics . A company may have identified its target market, but selling its product may entail identifying even smaller, better defined target groups.A target audience and a target market can be formed of people of a certain age group, gender, or marital status. Target audience is specific group of people at which product is aimed at. Target audience determination is important part of the marketing strategy and has a direct impact on the advertising efforts . Examples * CVS Caremark's target market is women since they make up 80 percent of the pharmacy chain’s customers. CVS has marketed its stores to aid women who are constantly multitasking. They recently redesigned 1,200 of its 6,200 stores to appeal to women, including shorter wait times for prescriptions, wider and better-lit shopping aisles, and more beauty products. * If a company wants to sell a diet program for men with heart disease problem the communication may be aimed at the spouse who takes care of the nutrition plan of her husband and child. The companies often develop different marketing strategies for different consumer needs . the process by which they do this is known as target marketing . and it involve four basic steps . THE TARGET MARKETING PROCESS 1) IDENTIFYING MARKETS Target market isolates consumers with similar lifestyles , needs and the like...
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...Chapter 8: Segmentation, Targeting, and Positioning * Marketing is about satisfying customers’ wants and needs * Segmentation: dividing the market into groups of customers who have different needs, wants, characteristics, who would appreciate products/services specifically geared towards them The Segmentation-Targeting-Positioning (STP) process includes: * 1. Establish Overall Strategy or Objectives * 2. Profile Segments * 3. Evaluate Segment Attractiveness * 4. Select Target Market * 5. Identify and Develop Positioning Strategy Step 1: Establish Overall Strategy or Objectives * Planning process * Vision or objectives of the company’s marketing strategy * Segmentation strategy must be consistent with firm’s mission and objectives and with its SWOT Step 2: Profile Segments * Describe different segments with their needs, wants, and characteristics * Helps firms better understand the profile of the customers in each segment, customer similarities within a segment, customer dissimilarities across segments * Benefits consumers derive from the products, break down groups of consumers * Segmentation methods based on: * Geographic * Demographic * Psychographic * Behavioural * Composite 1. Geographic Segmentation * The grouping of consumers on the basis of where they live * Ex. by country, region, province, neighbourhoods, climate, urban, rural * Most useful...
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...Assignment 2: Promotion Mix/ Personal Selling & Global Markets MARKETING PLAN Cassius Matthis Principles of Marketing | MKT230 BLC | AN150326.0429.5W April 27, 2015 Russell Corpron The Waters Bottling Company 2015 Marketing Plan TABLE OF CONTENT Section 1 – The Environment * Introduction to Marketing * The Marketing Mix * The Marketing Environment * Marketing and its relationship with other functional areas of business * Strategic Marketing * Planning Process * Strategy * Organizational Levels * Goals and Objectives * Planning Gap * Ethics in Marketing Section 2 – Market Research & Targeting * Market Research * Research Methods & Data Mining * Market Research Process * Consumer Behavior * B2C vs. B2B * Consumer Decision Making Process * Factors Affecting B2C and B2B consumer behavior * Market Segmentation * Market Segmentation Concepts * Segmentation Process * Segmentation Strategies * Target Marketing Section 3 – Product & Price * The Product * Product Levels: Core, Actual, & Augmented (Packaging) ...
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...challenges in the functional drink market. RUFTS Marketing Consultancy will take a closer look at these challenges with a particular focus on the SWOT and PESTLE analysis as it pertains to the current market challenges as described in the Bahria University case study. Objective The objective is to provide a clear strategic recommendation to the Red Bull executive committee on the best course of action for the company based on the current market challenges with strong consideration of theories as outlines and described by marketing scholars and academics. Contents: CAGR (Compound Annual Growth Rate) - The year-over-year growth rate of an investment over a specified period of time. Competitive Advantage - a condition or circumstance that puts a company in a favorable or superior business position Corporate Planning Tool - A variety of analytical tools and techniques are used in strategic planning Coup A quick, brilliant, and highly successful act; a triumph. Crux A critical point of discussion or situation. Dire Worst possible case scenario. Disposable Income Group - The amount of money that households have available for spending and saving after income taxes have been accounted for. Disposable personal income is often monitored as one of the many key economic indicators used to gauge the overall state of the economy Domestic market A domestic market, also referred to as an internal market or domestic trading, is the supply...
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...FIRST SEMESTER SESSION 2015/2016 BWBB 3053 MARKETING OF FINANCIAL SERVICES GROUP C GROUP ASSIGNMENT PREPARED BY: TEENISH KUMAR A/L RAMCHANDRAN | 228061 | LIEW YEE CHEN | 228934 | LIM SIEW HONG | 228935 | TAN JIANG MIN | 228936 | RAMANI A/P KANDASAMY | 234478 | LECTURER: ZUNARNI BINTI KOSIM DATE OF SUBMISSION: 29/11/2015 TABLE OF CONTENTS 1.0 Introduction 1 2.0 objectives 2 3.0 marketing strategy 3 3.1 Customer analysis 3-4 4.0 SWOT analysis 4-6 5.0 steps in marketing management strategy 6 6.0 Market segmentation 7 6.1 demographic segmentation 7 6.2 behavioral segmentation 7 6.3 geographic segmentaion 8 7.0 target market selection 8 8.0 positioning and differentiation 9 9.0 marketing mix 10 9.1 product 10 9.1.1 Core services 10-11 9.1.2 Supplementary services-personalize service 11 9.2 Promotion 12 9.2.1 Promotion through online 12 9.2.2 Advertising 12-13 9.3 price 13 9.4 place 14 10.0 CONCLUSION 15 REFERENCE 1.0 Introduction Nowadays, business world is constantly changing and moving due to the advances in technology. To be more competitive among rivals, understanding customers' needs is the priority for most banking institutions. It must be more than just opening a saving account in the bank such as enable customers to do transactions and facilitate their payment access. Customers are always looking for a more conveniently and time-saving method to fasten their transactions effectively and efficiently. Automated Teller Machine(ATM), an electronic banking machine that...
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...one of the important element for any successful business because it is all about letting people know what is the products/services of the company and how do you persuade them to purchase your products/services. Marketing strategy is a process which allows a company to concentrate on its limited resources and increase its sales as the greatest opportunities ad achieve a sustainable competitive advantage. The key concept of market strategy is centered on the customer satisfaction as the main goal. A marketing strategy combines product development, promotion, distribution, pricing, management relationship and other element which identifies the company’s marketing goals and explains how marketing strategy determines the choices of target market segments, marketing mix, positions and allocation of resources. It is the most effective when it is an integrated component of all firm strategy by defining how company will successfully engage the customer’s prospects and competitors in the market arena. Market strategy is changing therefore we need a marketing strategy for each product. In this assignment we are going to develop a marketing strategy for a product Tanuf mineral water. The product is from the National Mineral Water Co. SAGOG. Was set up in 1979 with technical expertise from Evian France- world leaders in the field of national mineral water. ...
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...Liu Siqi 921026-9628 tml10slu@student.hig.se Date: 2012-03-25 Summary Sandvik is a global company in material technology and engineering industry, its business is over the entire world. Sandvik built all its objectives based on high customers’ satisfaction and with the goal of improving customer companies’ performance and profitability, and in order to do so, it successfully conduct and combine many typical marketing strategies. Some scientific articles, information on Sandvik’s official website and marketing text books are adopted to strengthen this paper’s study. This article may focus on several important marketing aspects which are marketing planning, segmentation, product, price, place, promotion and sustainability to analysis the Sandvik Company’s marketing strategies. And compare the reality situation to theory from book or literature, an abundant discussion has been done to describe the condition of Sandvik’s marketing and rational conclusion based answering the purpose has been made according to discussion. Content 1. Background/Introduction 1 2. Purpose 1 3. Methodology 1 4. Theoretical framework 1 4.1 marketing planning1 4.2 Segmentation, Targeting and Positioning2 4.3 Product2 4.4 Price3 4.5 Place 4 4.6 Promotion4 4.7 Sustainability: Marketing ethics and social responsibility5 5. Results/ Finding 5 6. Analysis/ Discussion 9 7. Conclusions 12 8. Reference list 13 1. Background /...
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...Market Segmentation Market segmentation is the fundamental component of a market-based strategy. Market segmentation refers to a process researchers or managers utilize to identify groups, participants or consumers with similar needs or characteristics. Identifying market segments is critical to the successful development of management strategies based on marketing mix components (i.e., product, distribution, price, and promotion)(Kyle, 2002). By categorizing markets into sub sectors, targeting marketing effort in such a way as to meet the technical and other requirements of each of these, organizations maybe able to secure greater competitive position than if they attempted to satisfy the general requirements of the market as a whole. There are four criteria that are crucial to an effective marketing segmentation. A market segment should be identifiable, substantial, accessible and stable. Identifiable, at which there should be observable indicators that enable the segment to be defined and quantified. Substantial, meaning that the segment should be of enough size to make the effort involved in segmentation worthwhile. Accessible, that is, it should be probable to target specifically the segment using existing communication and distribution channels. Stable, so that after classification of the segment there should be sufficient time to capitalize on the investment implicated in segmentation. (Baker, 1995) Markets can be segmented using a variety of philosophical approaches...
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...Strategic marketing Chapter 4 - The market environment Chapter 5 - Consumer markets Chapter 9. Segmentation and positioning. Chapter 10. Competitive strategy. Chapter 15. Integrated marketing communications strategy. Chapter 19 - Managing market channels - Place Chapter 1 - Marketing now Definition: a social and managerial process by which individuals and group obtain what they want through creating and exchanging products and value with each others. or the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Old, “telling and selling”. Now, satisfying customer needs. Selling happens after product is produced, marketing starts much earlier and helps determining whether a profitable opportunity exists. “The aim of marketing is to make selling unnecessary.” Marketing process: create value for customer 1) Understand customer needs and wants 2) Design a customer-driven strategy 3) Construct an integrated marketing programme that deliver superior value 4) Build profitable relationships and create customer delight capture value from customer 5) Capture value from customer to create profits and customer equity Needs, wants and demands Needs: states of felt deprivation Wants: the form that human needs take as shaped by culture and individual personality Demands: human wants that are backed by buying power Market offering: products, services, information...
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...customers are delighted? Companies should promise only what they can deliver then they should deliver more than they promise. They should also provide exceptional values and services and customer satisfaction should be a part of the company's culture. In return those delighted customers would be loyal to the company and also would somehow work as partners in marketing as they’d spread the word How has the new digital age affected marketing strategies? Technology made it easier for marketers to undertake researches, contact others through videoconferencing and emails. Technology also helped marketers be in contact with customers and build a two-way communication and know what customers say about them. Companies are using computers and telecommunication techniques to conduct local and global marketing. The new technology has enabled companies to tailor individual customer needs, track customers, and use efficient and effective product distribution methods. Identify the five alternative concepts used to design and carry out the marketing strategies of organizations. The Production Concept; The Product Concept; The Selling Concept;...
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...1. ________ determines what the advertising message will say or communicate. A= Creative Strategy. 2. It’s used for how the message strategy will be executed? A= Creative Tactics. 3. Mention the 3 of the 5 steps of Young’s model of the creative process. A= Immersion, Digestion, Incubation, Illumination & Reality/Verification. 4. ________________ it’s process that involves conducting research and gathering all relevant information about a client’s product or service, brand, and consumer in the target audience. A= Account Planning. 5. Mention some techniques use in the verification and revision stage of the creative process. A= Focus groups, Message communication studies, Portfolio tests, and Evaluation measures. 6. What is a story board? A= A series of drawings use to present the visual plan of a commercial. 7. Specify the basic elements of the creative strategy: A= Copy platform. 8. A campaign theme should be? A= A strong idea that will be communicated in all the advertising and other promotional activities. 9. The concept of the unique selling proposition (USP) was developed by: A= Rosser Reeves. 10. What was the campaign theme for Nike? A= Just Do It. 11. Another approach to determining the major selling idea is finding? A= Internet drama. 12. What does positioning means? A= Establish the product or service in the consumer’s mind. 13. “I am what I am” pertains to what campaign? A= Reebok...
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...CPA PROGRAM GLOBAL STRATEGY AND LEADERSHIP STUDENT SUPPORT SLIDES Semester 1, 2016 MODULE 1 AN INTRODUCTION TO STRATEGY AND LEADERSHIP NEED TO MEET MODULE OBJECTIVES • • • • • • • • Explain the development of the evolution of strategy Outline the ethical responsibilities and challenges that leaders of organisations are confronted by Discuss the different approaches to strategy, and how they differ from one another Identify the strategy process and describe the purpose of each step Explain the concepts of strategic thinking and analysis Describe the various levels of strategy and the links between them Explain the drivers, challenges and benefits of globalisation Discuss the role of the accountant in the strategy process PRACTICE • • • Have you completed the questions in the Study Guide? Have you completed the Learning Examples in the Student Notes? Have you completed the knowledge check questions from this module? Key revision areas: • The different approaches to strategy: rational, processual, evolutionary, systemic • The levels of corporate strategy and the scope/content of each • The drivers, challenges and benefits of globalisation • Evolution of corporate strategy as a concept – Porter, Mintzberg • Operational effectiveness v. strategic positioning • Developing the strategy – see Focus slide • Ethics in leadership: classical and socioeconomic views Strategy and leadership Approaches ...
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...take as they are shaped by culture and individual personality. Demands- human that are backed by buying power. Market Offerings- some combination of product, services, information, or experiences offered to a market to satisfy a need or want. Market myopia- the mistakes of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. Exchange- the act of obtaining a desired object from someone by offering something in return. Market- the set of all actual and potential buyers of a product or service. Marketing management – the art and science of choosing target markets and building profitable relationships with them. Market Concept Production Concept- the idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. Product Concept- holds that consumers will favour products that offer the most in quality, performance, and innovative features. Selling Concept- the idea that consumers will not buy enough of the firm’s product unless it undertakes a large-scale selling and promotion effort. -is typically practiced with unsought goods—those that buyer do not normally think of buying, such as insurance or blood donations. Societal market concept- the idea that a company’s marketing decisions should consider consumer’s wants the company’s requirements,...
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...Marketing and product strategies for growth --Enterprise Rent - A - Car as a case Why did we choose this case? According to the material, we want to know how the Enterprises from the initial small company into the industry leader's.So we start with research from the following question. What is a marketing strategy? Marketing strategy is the fundamental goal of increasing sales and achieving a sustainable competitive advantage.Marketing strategy includes all basic, short-term, and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives. Marketing strategy includes: product strategy, price strategy, marketing channel strategy, promotion strategy, etc. Marketing strategy planning is a process of interaction and a process of creation and repeatedly. Ansoff’s Matrix(Explain how the diversification strategy within the Ansoff matrix differs from the other three strategies.): The Ansoff Matrix is a strategic planning tool that provides a framework to help executives, senior managers, and marketers devise strategies for future growth. Ansoff's matrix has four main growth strategies. Market penetration In market penetration strategy, the organization tries to grow using its existing offerings in existing markets. In other words, it tries...
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...• Be competent in discussing the major concepts underpinning business level strategy and applying these in business case settings. • Be capable of applying a series of fundamental business strategy tools (including industry analysis, competitive strategy and resource and capability tools) and techniques to the formulation and analysis of value creation and capture at a strategic level. Porter 5 Force analysis Porter framework assumes: 1. industry structure drives competitive behaviour 2. Industry structure is (fairly) stable. [pic] Case: Airline Industry …. Porter’s 5 forces – purpose: Identifying the different stakeholders, or ‘forces’, which affect: • The level of competition in an industry. • The ability of a company to become powerful in that industry. Threat of New Entrants : • Company’s Point of view • Industry Point of view • Huge Capital Required • High Maintenance Cost • Brand Identity. • Govt. Policy Supplier’s Bargaining Power • Aircraft Manufacturers • Fuel Companies Buyer’s Bargaining Power • Travel Agents • Business Travelers Threat Of Substitute • Railway service • Bus service • Water Transport • Video conferences (for business flyers) Competitive Rivalry • Highly Competitive Industry. • Can work as growth driver for Industry. External Analysis: Porter’s Five Forces...
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