Essentials of Marketing MKT 333. Chapter 3: Market Segmentation, Targeting, and Positioning Strategies. What is a Market?. A group of actual or potential customers for a particular product. A market has: Purchasing power Willingness to spend money Authority to spend money. - PowerPoint PPT Presentation
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A group of actual or potential customers A group of actual or potential customers for a particular product.for a particular product.
A market has:A market has: Purchasing powerPurchasing power Willingness to spend moneyWillingness to spend money Authority to spend moneyAuthority to spend money
A group of actual or potential customers A group of actual or potential customers for a particular product.for a particular product.
A market has:A market has: Purchasing powerPurchasing power Willingness to spend moneyWillingness to spend money Authority to spend moneyAuthority to spend money
Superiority to or favorable difference from Superiority to or favorable difference from competitors along some dimension competitors along some dimension
Superiority to or favorable difference from Superiority to or favorable difference from competitors along some dimension competitors along some dimension
Emphasizes underpricing all competitorsEmphasizes underpricing all competitors
A price leader:A price leader: Has the lowest per unit costsHas the lowest per unit costs Generates large volume salesGenerates large volume sales Examples: Wal-Mart, Southwest Airlines, Examples: Wal-Mart, Southwest Airlines,
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Emphasizes underpricing all competitorsEmphasizes underpricing all competitors
A price leader:A price leader: Has the lowest per unit costsHas the lowest per unit costs Generates large volume salesGenerates large volume sales Examples: Wal-Mart, Southwest Airlines, Examples: Wal-Mart, Southwest Airlines,
Product is unique and offers distinct Product is unique and offers distinct advantage or is set apart in ways other advantage or is set apart in ways other
Product is unique and offers distinct Product is unique and offers distinct advantage or is set apart in ways other advantage or is set apart in ways other
To identify groups of To identify groups of people who will people who will respond similarly to respond similarly to a marketing strategya marketing strategy
To identify groups of To identify groups of people who will people who will respond similarly to respond similarly to a marketing strategya marketing strategy
Men and Women Differ in their Responses to Marketing CommunicationMen and Women Differ in their Responses to Marketing Communication
Insurance: You would feel more Insurance: You would feel more comfortable knowing you will comfortable knowing you will have the security of an income have the security of an income within 30 days of your injury, within 30 days of your injury, don’t you think?don’t you think?
Cars: You have the safety of Cars: You have the safety of knowing that this car was rated knowing that this car was rated as one of the most reliable as one of the most reliable performers.performers.
Computers: I recommend a Computers: I recommend a faster machine so you don’t faster machine so you don’t have to wait a long rime for the have to wait a long rime for the information to appear on the information to appear on the screen and enough capacity for screen and enough capacity for your graphic displays.your graphic displays.
Insurance: You would feel more Insurance: You would feel more comfortable knowing you will comfortable knowing you will have the security of an income have the security of an income within 30 days of your injury, within 30 days of your injury, don’t you think?don’t you think?
Cars: You have the safety of Cars: You have the safety of knowing that this car was rated knowing that this car was rated as one of the most reliable as one of the most reliable performers.performers.
Computers: I recommend a Computers: I recommend a faster machine so you don’t faster machine so you don’t have to wait a long rime for the have to wait a long rime for the information to appear on the information to appear on the screen and enough capacity for screen and enough capacity for your graphic displays.your graphic displays.
Insurance: For only $36 Insurance: For only $36 dollars a month, a fraction dollars a month, a fraction more than a dollar a day, you more than a dollar a day, you can be guaranteed an income can be guaranteed an income for the rest of your life if you for the rest of your life if you become injured.become injured.
Cars: The sleek aerodynamic Cars: The sleek aerodynamic design make this car an design make this car an outstanding performer.outstanding performer.
Computers: In order to get Computers: In order to get real performance, you’ll want real performance, you’ll want at least a Pentium 150 with 16 at least a Pentium 150 with 16 megs of RAM and a 1.6 gig megs of RAM and a 1.6 gig hard drive.hard drive.
Insurance: For only $36 Insurance: For only $36 dollars a month, a fraction dollars a month, a fraction more than a dollar a day, you more than a dollar a day, you can be guaranteed an income can be guaranteed an income for the rest of your life if you for the rest of your life if you become injured.become injured.
Cars: The sleek aerodynamic Cars: The sleek aerodynamic design make this car an design make this car an outstanding performer.outstanding performer.
Computers: In order to get Computers: In order to get real performance, you’ll want real performance, you’ll want at least a Pentium 150 with 16 at least a Pentium 150 with 16 megs of RAM and a 1.6 gig megs of RAM and a 1.6 gig hard drive.hard drive.
Men and Women Differ (cont.)Men and Women Differ (cont.)
Financial Services: Let’s work Financial Services: Let’s work together to develop a plan together to develop a plan that will make you feel that will make you feel comfortable if you decide to comfortable if you decide to retire at age 65retire at age 65
Newsletters: This newsletter Newsletters: This newsletter will facilitate a better will facilitate a better understanding and understanding and communication between you communication between you and your staff.and your staff.
Financial Services: Let’s work Financial Services: Let’s work together to develop a plan together to develop a plan that will make you feel that will make you feel comfortable if you decide to comfortable if you decide to retire at age 65retire at age 65
Newsletters: This newsletter Newsletters: This newsletter will facilitate a better will facilitate a better understanding and understanding and communication between you communication between you and your staff.and your staff.
Financial Services: You will Financial Services: You will need to set aside X amount of need to set aside X amount of money a year in order to money a year in order to retire to a comfortable retire to a comfortable lifestyle.lifestyle.
Newsletter: The information Newsletter: The information in this newsletter will make in this newsletter will make you an expert in your field, so you an expert in your field, so you can more easily direct you can more easily direct your staff.your staff.
Financial Services: You will Financial Services: You will need to set aside X amount of need to set aside X amount of money a year in order to money a year in order to retire to a comfortable retire to a comfortable lifestyle.lifestyle.
Newsletter: The information Newsletter: The information in this newsletter will make in this newsletter will make you an expert in your field, so you an expert in your field, so you can more easily direct you can more easily direct your staff.your staff.
ContinentContinent Political boundariesPolitical boundaries Cultural regionsCultural regions Metropolitan areasMetropolitan areas Climatic regionsClimatic regions
Geographic Geographic Segmentation:Segmentation:
ContinentContinent Political boundariesPolitical boundaries Cultural regionsCultural regions Metropolitan areasMetropolitan areas Climatic regionsClimatic regions
Select more than one target market and Select more than one target market and develop a separate marketing mix for develop a separate marketing mix for
each.each.
Select more than one target market and Select more than one target market and develop a separate marketing mix for develop a separate marketing mix for
Graphically Graphically displaying displaying consumers’ consumers’ perceptions of perceptions of product attributes product attributes across two or more across two or more dimensionsdimensions
Graphically Graphically displaying displaying consumers’ consumers’ perceptions of perceptions of product attributes product attributes across two or more across two or more dimensionsdimensions
Uses:Uses: to analyze current to analyze current
positionposition to select a position for to select a position for
a new producta new product to identify untapped to identify untapped
marketsmarkets
Uses:Uses: to analyze current to analyze current
positionposition to select a position for to select a position for
a new producta new product to identify untapped to identify untapped