Chapter 3 - Marketing Strategy with Segmentation and Positoning

Chapter 3 - Marketing Strategy with Segmentation and Positoning

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Chapter 3: Marketing Strategy with Segmentation and Positioning 28/01/2008 13:08:00 Focusing Marketing Strategy with Segmentation and Positioning (Exhibit 3-1) Taking Advantage of Opportunities     Glad plastic bags Health conscious people o Target this specific market in Austin o Whole Foods o Central Market Naming Product Markets and Generic Markets Product-Market Definition o Product Type Type of good or service offered that should meet the customers  needs o Customer Needs Needs of the customer or the user that needs to be met o Customer Type Identifies who, specifically, is using the product o Geographic Area Areas which identify where the market is actually located
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o No product type in generic market definition Video: Banks segmented the market place     Created an economic debacle that will have to be dealt with in the next few  years People were given loans even if they did not qualify Search for Opportunities Can Begin by Understanding Markets (Exhibit 3-3) Narrowing down to specific product-market o All customer needs o Some generic market o One broad product-market Segmenting into possible target markets o Homogeneous (narrow) product-markets Selecting target marketing approach o Single target market approach o Multiple target market approach o Combined target market approach Segmentation Clustering people with several needs into individual marketing segments
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Market Segment o A relatively homogenous who will respond to a marketing mix in a  similar way Market Segmentation Defines Possible Target Markets (Exhibit 3-4)     Broad product-market (or generic market) name goes here (The bicycle-riders  product-market) o Submarket 1 (Exercisers) o Submarket 2 (Off-road adventurers) o Submarket 3 (Transportation riders) o Submarket 4 (Socializers) o Submarket 5 (Environmentalists) What Dimensions Are Used to Segment Markets?     Qualifying Dimensions o Relevant to including a customer type in a product-market o Help identify “core benefits” Determining Dimensions o Affect the customer’s purchase of a product or brand o Can be further segmented
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Video: Smart Car     Base price – $12,000 36 miles per gallon Created a buzz Creators discovered that there was a need for them in major metropolitan  areas Video: Yum! Brands     Defining Target Markets o Must identify who its customers are o Must decide which market segment works best with customers Quick service (Fast food) Researching Market Dimensions o Taco Bell Places very high in the QSR’s top 25 quick service
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This note was uploaded on 04/22/2009 for the course MKT 320F taught by Professor Miller during the Spring '08 term at University of Texas at Austin.

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Chapter 3 - Marketing Strategy with Segmentation and Positoning

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