Ch 11 - CHAPTER 11 MARKETING ISSUES CONFRONTING NEW...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 11 MARKETING ISSUES CONFRONTING NEW VENTURES Important questions : Who are the customers? - Specifically i.d. C’s (market segments) What are their needs? - what needs can be satisfied How do we satisfy those needs? - necessary competencies to satisfy C needs Three-step process : 1. segmenting the market, 2. selecting or developing a niche within a target market, and 3. establishing a unique position in the target market. 1. Segmenting the Market - examine the industry in which the firm intends to compete, and i.d. the different potential target markets important because a new firm typically only has enough resources to target one market segment Markets can be segmented in a # of ways: age, income, geographic consumption patterns, etc Four Obj’s of Mkt Segmentation a. Identify one or more relatively homogeneous groups of prospective buyers b. Differences within the segment should be small c. The segment should be distinct enough so that its members can be easily i.d. d. Possible to determine the size of the segment so that a firm knows how large its potential market is
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2. Selecting a Target Market - a start-up doesn’t generally target an entire segment of a market, instead most target a niche market -- a segment within a market that represents a narrower group of
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

Ch 11 - CHAPTER 11 MARKETING ISSUES CONFRONTING NEW...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online