ppt_04_1 - 4 IMC Planning Process Chapter Overview Target...

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RETL369 4-1 Chapter Overview Target market Positioning Communication objectives Budgeting IMC components IMC Planning Process 4
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F I G U R E 4 . 1 The IMC Planning Process Context Customers Competitors Communication Budget Target Market Product Positioning IMC Component Objectives RETL369 4-2
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RETL369 4-3 Customers Three types of customers to study Current and former customers The competitors’ customers Potential customers who currently do not purchase the product but may become interested Understand Why they buy When they buy Where they buy How they evaluate a product after the purchase
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RETL369 4-4 Competitors Identify major competitors. Identify communication strategies and tactics of each competitor. Sources of information •Secondary data (ads, promotions, annual reports, publicity, web) •Other people (trade journals, news articles, press releases) •Primary research (store visit)
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Company communications Industry communications Competitor communications Communications RETL369 4-5
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Target Markets Selection of target markets Market segmentation approaches Product positioning strategies RETL369 4-6 To search for communication opportunities
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RETL369 4-7 Target Markets What benefits does each target market want from the product? How can each target market be reached? What appeal works best for each target market? What needs of the target market are not being met by a competing firm? What is the demographic and psychographic makeup of each target market?
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RETL369 4-8 Opportunities Are there customers that the competition is ignoring? Which markets are heavily saturated? Are the benefits of our products being clearly articulated? Are there opportunities to build relationships using a slightly different marketing approach? Are there opportunities that are not being pursued?
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RETL369 4-9 Market segmentation is the process of identifying specific purchasing groups based on their needs, attitudes, and interests. A market segment is a set of businesses or group of individual consumers with distinct characteristics. Market Segmentation
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RETL369 4-10 Advantages of Segmenting Markets Identify company strengths and weaknesses Identify opportunities Match firm’s expertise with most lucrative markets Clarify marketing objectives with target markets Focus budget on specific market segments Link strategies and tactics to specific markets
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RETL369 4-11 Tests to Determine if a Particular Market Segment Is Viable The individuals or businesses within the segment are homogeneous . The market segment is different from the population as a whole and distinct from other market segments.
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This note was uploaded on 12/13/2011 for the course RETL 369 taught by Professor Dr.kim during the Fall '10 term at South Carolina.

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ppt_04_1 - 4 IMC Planning Process Chapter Overview Target...

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