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Focusing an offering (Reading 4), Pg. 37 (book 1) "The process of…
Focusing an offering (Reading 4)
Markets
Are: :check:
willingness & authority to make the purchase
business, government and non-profit organisations are also a type of consumer
need & have the ability to purchase a product in a product class
encompass a large number of people
are consumers or part of an organisation
have similar needs but may be diverse in their demographic or geographic characteristics
Are not: :green_cross:
consumers who would like something that may be out of their price range
Segmentation
Demographic (e.g. age, gender, ethnicity, religion, education, income, occupation, social class, life stage, family size)
Geographic (e.g. country, region, county/state/province, city, neighbourhood, population density, urban/suburban/rural, climate)
Psychographic (e.g. personality, lifestyle, motivations)
Behavioural (e.g. usage (volume, rate), benefits, price sensitivity, loyalty)
Business markets:
buyers personal & operating characteristics
buying approaches
situation factors
Segmentation
variables
need to be:
measurable
(e.g. size, buying power & profiles)
accessible
(e.g. reached & served)
substantial
(e.g. large & profitable to serve)
differentiable
(e.g distinguishable & respond differently)
actionable
(e.g. targeted through tailored marketing programmes)
Targeting
Targeting strategies:
differentiated
(making different offers to separate market segments e.g. Clarks shoes))
concentrated
(focusing on one or a few market segments (e.g. racehorse studs))
undifferentiated
(making the same offer to the whole market (e.g. BBC News))
customised
(one-to-one marketing often in combination with a segment strategy (e.g. Mini cars - customisation features))
Considerations:
competitors
the organisation's competencies & resources
customers' needs and wants
Positioning
standard positioning formula
Brand X is
......(competitive set & subjective category)
Which gives the most
.....(promise or customer benefit)
For
.....(target customer)
Because of
.....(reason to believe)
Successful positioning
factors
:
competitiveness
(differential advantage over competitors)
credibility
(believable)
consistency
(PS - enduring and becomes associated with an organisations offerings)
clarity
(positioning statement (PS): clear, identify the target segment, the differential advantage offered)
Pg. 37 (book 1)
"
The process of grouping customers in markets with some heterogeneity into smaller, more similar or homogeneous segments. The identification of target customer groups in which customers are aggregated into groups with similar requirements and buying characteristic
s"
Refer to pg. 38 & 39 (book 1 - figure 2 & table 1)
- Defra's seven population segments - great example of the breakdown :!!:
Pg. 40 (book 1)
"
A target market is "a particular portion of the total population which is identified (i.e. targeted) by the marketer or retailer to be the most likely to purchase its products or service
s"
Pg. 41 (book 1)
"
Positioning is arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers
"
Refer to pg. 42 (book 1 - figures 4 & 5))
- examples of perceptual positioning maps