MARK4210 Session 5 Identify Target Market.pdf - MARK4210 Strategic Marketing 1 Session 5 Identify Target Market Marketing Strategy 2 Marketing strategy

MARK4210 Session 5 Identify Target Market.pdf - MARK4210...

This preview shows page 1 - 13 out of 35 pages.

MARK4210 Strategic Marketing1Session 5: Identify Target Market
Background image
Value PropositionMarketing StrategyMarketing strategy involves two key components: the target marketand the value proposition2Target MarketWhat value are we providing?Marketing StrategyDefines who are we providing value for and the environment in which we aim to create valueDefines the superior value we are providing relative to our competitors Who are our customers?
Background image
Course Roadmap3Quantitative AnalysisCommunication and PromotionTarget MarketValue PropositionProductDistributionPriceMarketing StrategyMarketing TacticsUnderstanding ConsumersPharmaSim
Background image
Identify Target MarketMarket DefinitionSegmentationTargeting
Background image
Market Definition
Background image
6
Background image
7
Background image
LevelsDescriptionBrandProducts or companies in the same product type/category, going after same segment, with same product featuresCategoryBroader view of competition to include products in slightly different categories with similar features and provide the same basic functionGenericExisting substitutable product categories; products that fulfill the same basic functional needCompetencyCompanies & products in a different category with core capabilities that can be leveraged to meet a fundamental customer needSource: Product Planning Essentials, Kahn, M.E. Sharpe, 2011Market Definition
Background image
CompetencyGenericCategory/indirectBrand/directKey Point: Broaden market definition
Background image
Market definition is determined by your goalDefine the market too narrowly could mean missing out opportunities and overlooking competitorsDefine the market too broadly could mean lacking focus and clarity Market Definition
Background image
Identify Target MarketMarket DefinitionSegmentationTargeting
Background image
Non-segmented marketNon-segmented market
Background image
Image of page 13

You've reached the end of your free preview.

Want to read all 35 pages?

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture