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Four type of oppurtunities
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Four Basic Types of Opportunities
Examples of Different Types of Opportunities
• Market Penetration – Arm & Hammer promotes new uses of its baking
soda• Market Development
– Marriott Hotels target families for weekend to rent rooms filled by business travelers during the week
• Product Development– Microsoft develops a new version of its Windows
operating system to appeal to the people who bought an earlier version but now want more features
• Diversification– Reliance entering in to Telecom
Marketing Strategy and the Marketing Mix
Market segmentation is the division of a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes
Market segment is a group of consumers who respond in a similar way to a given set of marketing efforts
Market targeting is the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
Market positioning is the arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of the target consumer
Marketing mix is the set of controllable tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market
Marketing Mix
MASS MARKETSTRATEGY
MULTISEGMENTSTRATEGY
CONCENTRATIONSTRATEGY
Organization’s Single
Marketing Mix
Mass Market
Organization’s Single
Marketing Mix
Se
gmen
t
A B C D E
Organization’s Several
Marketing Mixes
A D F
Se
gmen
t
Se
gmen
t
Se
gmen
t
A B C D E F
MARKETING STRATEGY
Target Markets
Targeting:Selecting which segments in a market
are appropriate to focus on and designing the means of reaching them.
Criteria for Effective Segmentation
1. Measurability
2. Accessibility
3. Durability
4. Differential Responsiveness
Stages in Developing Market Segmentation Strategies
Develop a market segmentation strategy
Define overall product marketin whichcompanyoperates
Identifydistinguishingcharacteristicsof segments orbases forsegmentation
Describesegments
Evaluateapproaches forpotential &likely success
Select targetmarket
Determinedesiredpositioning andthen developmarketing mixto achievedesired position
1 2 3 4 5 6
Bases for Segmentation
Demographics Geographic Psychographics & Lifestyles Behavioral Segmentation
Demographics Geographic Psychographics & Lifestyles Behavioral Segmentation
Behavioral
Geographics
De
mo
gra
phic
s
Psy
cho
gra
phic
s
Personality
Lifestyle
Age
Gender
Income
Buying Power
Expenditure patterns
Occupation
Education
Race or nationality
Family life cycle
Social class Decisions
Amount of usage
Type of usage
Brand loyalty
Nation/Region State/Region City/Neighborhood
Climate/Population density Market density
Segmentation Variables
Potential
Consumer
Segments
Demographic Dimensions
• Important operational dimensions for understanding market segments and developing marketing mixes– Much good data is available
• Important for determining size of consumer target markets – Is the market substantial?
• Seeing demographic trends helps identify opportunities– Shifts in age distribution– Geographic growth/decline
Income Distribution
• Growth in real income has slowed down• Higher income groups still have much of
the spending power
• DISPOSABLE INCOME– Income that is left after taxes
• DISCRETIONARY INCOME– What is left of disposable income after
paying for "necessities"
Characteristics and Attitudes of Middle and Lower Classes
• Middle classes– Plan and save for the
future– Analyze alternatives– Understand how the
world works– Feel they have
opportunities– Willing to take risks– Confident about decision
making– Want long-run quality
or value
• Lower classes– Live for the present– Have simplistic ideas
about how things work– Feel controlled by the
world– Want help with decision
making– Want short-run
satisfaction