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Topic 7: Market Scoping and Strategy (Marketing (Price, Product, Place,…
Topic 7: Market Scoping and Strategy
Marketing
Price
Product
Place
Promotion
Segmentation of Market
Portion of the market with common attribute
User Characteristics
Product Characteristics
Sizing of the market
Understand the market segment to get the right Product-Market fit
Positioning and Branding
Positioning
Consumer can be clear on what service the company is selling and have that association
Branding
Benefits of Branding:
Release new product easier
Able to ask for a higher price for product
Less susceptible to price competition
Marketing Methods
B2B
B2C
Requires more procedures than B2B:
Product Specification
Supplier Search
Purchase Order
Performance Review
ETC..
Usually fewer but large buyer
Demand is driven by the need of its business
Public Relation Tools
Seminars
Speeches
Sponsorship
News Media
Direct Marketing
Consumer-direct channel without any intermediaries, easier with the use of internet
Other methods:
Emails
Face to face
SMS/Telemarketing
Steps
Set Objectives
Identify Target Segments
Define offer
Test
Measure
Measures
ROI
Impression to Clicks
Visitor Conversions
Purchase Funnel
Marketing Marketplaces
Development a platform for different groups of users to come together to benefit one another
Examples
Facebook
AirBnB
Grab
Methods
Slow and Steady
Slowly expand territory (e.g. Facebook)
Big Bang
Leverage on other big players
Uni-dimensional
Start with one group of the users first before expanding to other groups
Marketing Strategy
Blue and Red Ocean
Blue Ocean:
Startups want to be in this category
Taps on unchallenged market
Red Ocean
Competing in existing market
Four Action Framework
Reduce
Eliminate
Raise
Create
Buyer Experience Cycle
Purchase
Delivery
Use
Supplement
Maintain
Dispose
Buyer Utility Map
Competitive Forces
Porter's Five Forces
Threat for Substitutes
Buyer's Power
Supplier Power
Competitive Rivalry
Threat for new entry