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MARKETING II (MARKET SEGMENTATION (Levels of segmentation, Segmenting…
MARKETING II
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PRODUCT LIFE CYCLE
Product development
- begins when the company finds and develops a new product idea.
Introduction
- a period of sales growth as the product is introduced in the market.
- Profits are nonexistent because of the heavy expenses of product introduction
Growth
- a period of rapid market acceptance and increasing profits
Maturity
- Period of slowing down in sales growth as the product has achieved acceptance by most potential buyers.
- Profits level off or decline because of increased marketing outlays (expenditure) to defend the product against competition.
Decline
- period when sales fail off and profits drop.
MICRO MARKETING
- Is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations #
LOCAL marketing
- Involves tailoring brands and promotions to the needs and wants of local customer groups – cities, neighborhoods, and even specific stores
INDIVIDUAL marketing
- Tailoring products and marketing programs to the needs and preferences of individual customers
Market Segmentation
- Identify bases for
segmenting the market
- Develop segment
profiles
Dividing markets into
- needs
- characteristics
- behaviors who might require separate product and marketing mix
Market targeting
- Develop measure of
segment attractiveness
- Select target
segment
Market Positioning
- Develop positioning
for target segment
- Setting the competitive positioning for the product
- Develop a marketing
mix for each segment
- creating a detailed marketing mix
MASS MARKETING
- Mass producing
- Mass distributing and
- Mass promoting
NICHE MARKETING
- Market segments are normally large, identifiable groups within a market.
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