mktg1001 wk5 - Marketing Principles This week Chapter 7...

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MKTG1001: Semester 1 Marketing Principles This week… Approaches to Segmentation Selecting Target Markets Positioning Brands/Products Chapter 7 Please note : Will discuss analysis and reporting in some detail at the end, plus quickly cover mid- semester exam This will be an optional session, runs 25-30 minutes (so lecture shortened today)
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MKTG1001: Semester 1 A Mini Case Study Kellogg’s and Target Markets and Positioning
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MKTG1001: Semester 1 The Market Leader The leader in breakfast cereals throughout the world Dates back to the late 1800’s, with the Kellogg brothers Came to Australia in the mid-1920’s Australia was the first export market, where they set up operations In Australia, the breakfast cereal market is worth close to $1b pa.
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Market Shares in Australia SANITARIUM Weet-Bix 16.1 KELLOGG’S Nutri-Grain 6.9 UNCLE TOBYS Flakes Plus 6.8 KELLOGG’S Corn Flakes 4.6 KELLOGG’S Coco Pops 4.5 KELLOGG’S Just Right 4.5 UNCLE TOBYS Vita Brits 4.5 KELLOGG’S Sultana Bran 3.9 KELLOGG’S Special K 3.6 KELLOGG’S Crunchy Nut 2.6 Market share figures are from Retail World's Australasian Grocery Guide 2006 Kellogg’s have 7 of the top ten brands, which alone account for over 30% share of the market
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New Target Markets requiring new products Fairly clear eras 1920s Corn Flakes , All-Bran, Rice Bubbles 1950s Frosties, Coco Pops 1960s Variety Pack, Froot Loops, Sultana Bran, Special K 1970s Nutri-Grain 1980s Crunchy Nut Corn Flakes, Just Right, Sustain, Komplete 1990s Mini-Wheats, Guardian, LCMs 2000s K-time Twists, K-time Muffin Bars, Nutri- Grain Bars
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MKTG1001: Semester 1 Some current Target Markets Families Young kids Older kids Health conscious Heavy exercisers Busy lifestyle Older Younger Health and taste
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MKTG1001: Semester 1 Similar Products have a different market ‘positioning’ Healthy, with good taste options For active, energetic kids Women watching their figure Great taste for adults Good balance, health/taste
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MKTG1001: Semester 1 Operating in a dynamic environment: Its position within the industry and the influences of macro change Where are we? The firm (Strengths: resources, brands, products, finance, culture) Develop an appropriate strategy (Considering the 3C’s and the environment) Using its knowledge of consumers ( From consumer behaviour and market research/information) Select a target market/s and set positioning (And then proceeds to implementation 4Ps/7Ps)
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MKTG1001: Semester 1 The key model in the chapter (STP) STEP = Segment & Target Equals Positioning
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MKTG1001: Semester 1 What is market segmentation? “The process of dividing a market into groups of consumers with common needs - for the purpose of selecting one or more segments to target with a distinct marketing strategy”
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MKTG1001: Semester 1 Reasons to Segment To better understand the market To help identify best strategic fit
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mktg1001 wk5 - Marketing Principles This week Chapter 7...

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