...Executive Summary 2. Company Overview and Project Focus - Company Background - Company Mission - Sources of Competitive Advantage - Course Project Focus - Market Opportunity/Problem Statement 3. Situational Analysis - Industry Analysis o Market Size o Market Growth o Market Trends - Strengths, Weaknesses, Opportunities and Threats (SWOT) Analysis - Competition - Customer Analysis - Product (AND 4 P )Analysis – WHAT IS the current marketing mix 4. Segmentation, Targeting and Positioning (STP) – WHAT IS it currently - Market Segments - Target Market Identification - Positioning 5. Marketing Strategy & Marketing Mix Recommendations (THIS IS YOUR PLAN) Marketing Strategy (What should it BE?) - Market Segments - Target Market Identification - Positioning If it is the same, then you just need to explain that and justify it. (For example, if you are suggesting improving the current product to sell more to the current customer (market penetration) or if you are suggesting launching a new product for current customers (product development), then your segment would be the same. Else, it might change. Marketing Mix (What should it BE? ) ...
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...Segmentation and Target Market Week 3 MKT 571 12/10/14 Professor William Wider Segmentation and Target Market Proper marketing management is one of the major determinants of a company success. Amongst the practices of marketing management, segmentation, target marketing, and positioning are of utmost importance. Market segmentation deals with the identification of the market constituents into several groups or segments based on specific profiles (Kotler and Keller, 2012). Target marketing deals with the selection of segments and development of the measures to attract the selected consumer groups (Kotler and Keller, 2012). Ultimately, market positioning deals with the ways in which the market remembers and distinguishes the brand of the company with the competing products by means of unique attributes and benefits (Kotler and Keller, 2012). Although there are some associated drawbacks related to target marketing, segmentation, and positioning such as ethical issues, inhibited popularity due to cynicism to discrimination practices in these strategies, as well as waste of resources, most firms still utilize these mechanisms due to the benefits offered such as improved operation efficiencies, better product positioning accuracy, and increased possibilities for opportunity identification (Kotler and Keller, 2012). Procter and Gamble (P&G), which was formed on October 31, 1987, is one of the leading fast moving consumer good (FMCG) companies in the world. The portfolio...
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...advertising, also known as commercial advertising, refers to the profit for the purpose of advertising, usually is an important means of information communication between commodity producers, operators and consumers, or an important form of enterprises to occupy the market, selling products, providing services. American association of advertising give a definition of advertising: advertising is the definition of mass communication fee, its final purpose is to transmit information, changing attitudes to the advertising of goods or items, induced by their actions and make advertisers benefit. In the commercial competition intense today, the product quality has not become the key factor for enterprise to defeat their opponent, because of the differences in various enterprises in this area becomes smaller, this is represented by the corporate image and brand awareness on the competition, but in the era of information overload, information transmission channel is becoming more and more crowded, to establish a corporate image and increase brand awareness is very difficult. Therefore, to enhance the dissemination of information quality and efficiency, first of all requires an accurate product advertising positioning, and can make the public gifted with an...
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...Advertising positioning strategy in the competition between Coca-Cola and Pepsi Cola during 1960s in the USA. To what extent is this important to current marketing strategy? Given Name: LANGQIONG Family Name: ZHANG Tutor: Matthew Group 22 Index Page ntroduction Introduction ntroduction............................................................................................. 3 Section 1: Advertising positioning strategy in competition between Coca-Cola and Pepsi Cola in 1960s in the USA................................ 3 Section 2: Functions of advertising positioning strategy in current market........................................................................................................ 5 2.1 Importance of advertising positioning strategy.......................5 2.2 Evaluation..................................................................................... 6 Conclusion Conclusion...............................................................................................6 List of References.................................................................................... 7 Introduction: On account of dramastic development in economy, only the advertisements which exactly meet the demands of consumers can stimulate their interests, in other words, advertisements may contribute to increase in sales. Furthermore, by building up an unique association with a brand in consumers’ mind via analyzing tis own product as well as competitors’ product and...
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...designing a customer-driven marketing strategy. a. Segmenting Consumer Markets which is to divide the total market into smaller segments. b. Targeting which is to select the segment or segments to enter. c. Differentiation which is to differentiate the market offering to create superior customer value. d. Positioning which is to position the market offering in the minds of target customers. 2. Name and describe the four major sets of variables that might be used in segmenting consumer markets. Which segmenting variables does Starbucks use? a. The four variables that segment and make it possible to identify consumer markets are defined below: A. Geographic segmentation: Consumer markets are identified based on their geographical unit of identification such as: nations, regions, states, counties, cities and neighborhoods. The ability to identify such geographic specifics allows a company to penetrate specific demographics for their particular marketing and advertising strategies; their strategies may target specific locales or more general markets in whole according to the determination of their needs and wants. B. Demographic segmentation: The most commonly utilized base and easiest to measure for identifying customer groups is demographic segmentation which correlates consumer needs, wants and usage/frequency rates with demographic variables. Consumer markets are segmented based on identifying...
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...Royal Business College Determine Market Segmentation, Targeting and Positioning Decisions Unit 2934 Version 4 | Level 6 | Credits 10 Year 2015 National Diploma in Business Level Name: Lucy ID: A1234 Table of Contents | Page | 1. Introduction | 3 | 1.1 Introduction to market segmentation | 3 | 1.2 Background of the Case Study | 3 | 1.3 The company Marketing Objectives | 4 | 1.4 The benefits that company receive by segmenting the market | 4 | 1.5 Brand Name of the soft drink | 4 | 2. Part one: Potential Market Segmentation Assessment | 4 | 2.1 Resource implications | 4 | 2.2 Understanding and meeting customer needs | 5 | 2.3 Identification of the competitor activities | 5 | 2.4 Evaluation of market performance | 6 | 2.5 Segment viability and attractiveness | 6 | 2.6 Any other implications directly relevant to the company | 6 | 3. Part two; Apply Market segmentation Processes | 7 | 3.1 Identify potential market segments | 7 | 3.1.1 Geographic | 7 | 3.1.2Demographic | 7 | 3.1.3Psychographic | 8 | 3.1.4 Behavioral Usage | 8 | 4.2 Evaluate the potential of each market segment | 9 | 3.3 Evaluate the potential of each market segment | 10 | 3.3.1 Product usage and potential | 10 | 3.3...
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...Market - the place where offer and demand meet. Marketing - set of actions used by organizations to influence public behaviour they depend on. The value of a product is linked to consumer perception: the consumer believes he will get an experience that is worth the money. Perceived value -> Experience -> Satisfaction -> Preference Understand the market –> Adapt to the market -> Better influence the market Types of Market: Company, Reference, Generic, Induced (print ink), Captive (limited competition) Market Analysis: Size of the market, Demand analysis, Competitor Analysis, Environment Analysis (political, economic, social, technological), SWOT Consumer behavior is made of i) consumer needs and expectations, ii) consumer purchasing process. Knowing consumers’ needs and expectations is the best way to successfully market products (demand and supply meet). Knowing the purchasing process they follow and the way they make choices in a given situation is the best way to make them purchase a product. Variables that influence purchasing process: * Risk analysis (financial, psychological, physical, functional) * Implication: importance given by consumer to the purchasing decision * Experience: is consumer used to buying this product * Situation/environment Purchasing Process: Problem Identification ->Information Research ->Evaluation-> Decision Most of the markets are heterogeneous: expectations and behaviours of...
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...to marketing strategies, most people spontaneously think about the 4P (Product, Price, Place, Promotion) – maybe extended by three more Ps for marketing services (People, Processes, Physical Evidence). Market segmentation and the identification of target markets, however, are an important element of each marketing strategy. They are the basis for determining any particular marketing mix. Literature suggests the following steps: Market Segmentation 1. Identification of customers‘ needs and market segments 2. Develop profiles of resulting market segments Positioning 5. Identification of differential advantages in each segment 6. Development and selection of positioning concepts Identification of Target Markets 3. Evaluation of attracti vity of each segment 4. Selection of target segments Marketing Planning 7. Development of a marketing mix for each segment according to the chosen position Adapted from Kotler and Doyle The importance of market segmentation results from the fact that the buyers of a product or a service are no homogenous group. Actually, every buyer has individual needs, preferences, resources and behaviors. Since it is virtually impossible to cater for every customer’s individual characteristics, marketers group customers to market segments by variables they have in common. These common characteristics allow developing a standardized marketing mix for all customers in this segment. Definition: Market segmentation is the segmentation of markets into homogenous...
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...and celebrity spokespeople to promote their sports and clothing products. Under Armour is engaged in: A. integrated marketing communications B. a centralized market strategy C. a concentrated market strategy D. an undifferentiated market strategy E. lifestyle segmentation based on sports See opening vignette. 2. (p. 41) According to the marketing and promotions process model, which of the following is NOT a stage in the target marketing process? A. market identification B. promotional decisions C. market segmentation D. positioning through marketing strategies E. target market selection 3. (p. 41) The marketing promotion model includes all of the following major components EXCEPT: A. the organization's marketing strategy and analysis B. the marketing planning program development C. the target marketing process D. the marketing management hierarchy plan E. the target market 4. (p. 41) According to the marketing and promotions process model, the marketing process begins with the: A. development of the marketing mix B. development of a marketing strategy and analysis C. development of the promotional mix D. determination of the target market E. establishment of marketing objectives 5. (p. 42) A(n) _____ is a document that evolves from an organization's overall corporate strategy and serves as a guide for specific marketing programs and policies. A. strategic marketing plan B. integrated marketing communications plan C. situation analysis ...
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...MARKET SEGMENTATION Market Segmentation is known as the process of defining and subdividing a large homogenous market into clear segments where each segment has clear wants, needs and demands. The objective is to create a marketing mix that matches the expectations of consumers in that particular segment. Four factors that affect market segmentation are : 1. Clear identification of the sector 2. Measurability of its effective size 3. How accessible it is through promotional efforts 4. Its accuracy regarding company policies The four basic market segmentation strategies are based on : 1. Geographical 2. Demographic 3. Psychographic 4. Geographical differences (BusinessDictionary.com, 2016) GEOGRAPHIC 1. CLIMATE 2. LOCATION 3. CULTURE 4. RELIGION 5. POPULATION Grand Union has several locations all over London, they have a branch in Camden and in Brixton as well to name a few. The Paddington branch is the one our assignment is focusing on. It is centrally located and is situated on the ground floor of a high rise building containing numerous offices. It is also a few steps away from Edgware road, thus their location is extremely good. Through a survey that we conducted with the customers at the venue we learned that, the primary reason for their visit was the location and many people that visited the place were either students or people who worked near by. Currently these are Grand Union’s primary targets...
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...Confirming Proofs Chapter 3 Strategic Market Segmentation Segmenting markets is a foundation for superior performance. Understanding how buyers’ needs and wants vary is essential to designing effective marketing strategies. Effective approaches to segmenting markets may be one of the most critical factors in developing and implementing market-driven strategy. The need to improve an organization’s understanding of buyers is escalating because of buyers’ demands for uniqueness and the growing array of technology available to generate products to satisfy these demands. Companies are responding to the opportunities to provide unique customer value with products ranging from customized phone pagers for business users to self-designed, individualized greeting cards for consumers. Indeed, McKinsey research underlines the weakness of thinking about markets only in general terms—talking of market trends, growth markets, mass markets, declining markets, and so on—and collecting information that describes only broad trends, where differences within markets are averaged-out. They point to the identification of opportunities from a deeper understanding of markets at a “granular” level. Market fragmentation and increasing granularity characterize a growing number of markets. The compelling logic of market granularity is that effective strategy can emerge only from a much finer understanding of market segments, their needs, and the capabilities required to serve them.1 Best Buy provides an interesting...
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...BRAND POSITIONING EVOLUTION—Positioning is the last step in the marketing strategy formulation. Marketing strategy begins with identification of market segmentation and later choosing a target for marketing activity. The term ‘position’ in a physical sense is used to refer to or specify the place or location of an object. The marketing battle is not fought for acquiring a geographical unit but to win customers or market share. Retailers or the end users are usually the targets of the marketing battles. In marketing, the soldiers are typically the sales people, and other value creating tools like advertising, sales promotions, demonstrations, product, after sales care, price, reputation etc, are the tools used to fight the marketing battles. Brands are the ultimate fighters used to fight marketing battles. Marketing battles are fought with competitors in the industry who stake claim to or chase the same customers or markets. A marketing battle is fought in the minds of prospects for their purchase preference. When a brand is sold in the mind of the customer, the marketing battle is won. In the marketing context, victory is dictated by superior value delivery. Brands that deliver better value than rivals usually win the customer’s purchase vote. ADVERTISING PERSUASION— In the early years, marketers relied upon the powers of communication tools like advertising to win customers. The belief that dominated this era was that customers could be sold anything on the basis of persuasive...
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...Executive Summary Climate change and concerns related to the environment are evident in the increasingly ecologically conscious marketplace in New Zealand. In this context, the new environmental friendly products called Standard Eco-Shack and Urban Eco-Shack invented by Doug and Paul will be launched to penetrate the market. The challenges of marketing strategy will be faced by Doug and Paul because these two owners have no experience on marketing. In order to attract the customer attention and preference, brand positioning and value-based pricing strategy will be used to implement as marketing programs. In the long-run sustainability and growth, Doug and Paul will consider using the loyalty program to keep long term relationship with customers. Table of Contents Executive Summary 1 1.0. Introduction 3 1.1. Purpose 3 1.2. Case Summary 3 1.3. Relevant marketing theory definition and explanation 4 2.0. Problem/Issues Identification 5 3.0. Issue Analysis 6 3.1. Market Segmentation 6 3.2. Targeting consumers 7 3.3. Product positioning and branding strategy 8 3.4. Marketing mix (only pricing strategy focus) 8 3.5. SWOT Analysis 9 4.0. Recommendations/Choices of Solution 10 5.0. Conclusion 11 List of Reference 13 1.0. Introduction 2.1. Purpose Many organizations spend a lot of time, resources, and energy setting up the new business from sustainability to growth. Festus M Epetimehin (2011) stated that although...
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...5 Marketing Objective To build a brand image as the most stylish, creative yet affordable timepiece To lead the market as a global brand To increase its brand awareness as the most innovative watch of its time 6 Market Segmentation Market segmentation is the process of dividing a market into distinct groups of buyers with similar requirements. Goods can no longer be produced or sold without considering and understanding customer requirements and recognizing the heterogeneity of those needs.(Michel Wedel 2000). Steps involved in market segmentation, targeting market and market positioning are as follows; 6.1 Segmentation in the B2C Market Socio-demographic, behaviouristic, and psychographic variables are used to identify the market segment. 6.2 Socio-demographic Variables This divides the group into age, sex, gender, geography, family life cycle, income, education, events, religion and social class. Swatch product line is for both men and women between the age of 15-19, 20-24 and 25-34 who belongs to and income group varying from £12000 to £45000. It could be students, professional, homemakers and set of stylish people who like a creative and innovative approach. Figures from Kidd 2007 suggest that the group from 24-35 have the highest spending power in the market. And also women in UK are increasingly purchasing watches for them selves and for their partners. 6.3 Behaviouristic Variables These variables reflect the behaviour of the customer towards a specific product...
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...MARKET SEGMENTATION, TARGETING AND POSITIONING MARKET SEGMENTATION INTRODUCTION: - The market for any product is normally made up of several segments. A ‘market’ after all is the aggregate of consumers of a given product. And, consumer (the end user), who makes a market, are of varying characteristics user and buying behavior. There are different factors contributing for varying mind set of consumers. It is thus natural that many differing segments occur within a market. In order to capture this heterogeneous market for any product, marketers usually divide or disintegrate the market into a number of sub-markets/segments and the process is known as market segmentation. segmentation Thus we can say that market segmentation is the segmentation of markets into homogenous groups of customers, each of them reacting differently to promotion, communication, pricing and other variables of the marketing mix. Market segments should be formed in that way that difference between buyers within each segment is as small as possible. Thus, every segment can be addressed with an individually targeted marketing mix. The importance of market segmentation results from the fact that the buyers of a product or a service are no homogenous group. Actually, every buyer has individual needs, preferences, resources and behaviors. Since it is virtually impossible to cater for every customer’s individual characteristics, marketers group customers to market segments by variables they have in common. These...
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