mkt 3401 noteswap2

mkt 3401 noteswap2 - Segmentation , Marketing , and...

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Unformatted text preview: Segmentation , Marketing , and Position Marketing Analysis o Segmentation Criteria for segmentation Identification o being able to locate a distinctive population that you can focus on Substantialibility o Is it substantial enough to produce profits Accessibility o Can the product get from production to the shelves? o Can you promote the product through some kind of communication? Responsiveness Wal-mart example (targeting people) Carry good brand names Price sensitive o People with money who like deals Value-priced shoppers o People with low incomes o Targeting 3 strategies Undifferentiated o Mass marketing Multi-segmented o Appeal to multiple groups Niche marketing o Very concentrated scope o Positioning How a company places a product for consumers Mountain Dew Started like every other soda, but then it became associated with extreme sports 3 factors of positioning (ABCs) Attributes Benefits o Volvo Relied on safety to sell cars, then they emphasized sportiness and sales fell Communication of value to the customers Marketing Mix o Marketers use and manipulate these ideas 4 Ps Product/service o Product life cycle Introduction Initial entry of product into the market Must consider pricing Must also consider the type of promotion to run Growth Formed a loyal customer base and word begins to spread about your product As you gain popularity, does your pricing/promotion change? Maturity The peak of popularity and the beginning of decline Decline Product has become outdated or unnecessary Some people continue to buy because its cheap The life of the product can be extended o Technological improvements Price o Must make it attractive to the consumer o Easiest to control o Change in price=change in target audience o The price change may affect the outlook of the products quality More expensive = better quality o Pricing objective Is your objective to have good market share?...
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mkt 3401 noteswap2 - Segmentation , Marketing , and...

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