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Alison_PM_Lecture 5_S

Alison_PM_Lecture 5_S - Marketing Strategy and Mix Lecture...

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Lecture 5 Marketing Strategy and Mix
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Marketing is a Value Creation Process 10/10/2011 Alison Jing Xu ©All Rights Reserved
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Designing a Customer-Driven Strategy 10/10/2011 Alison Jing Xu ©All Rights Reserved
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Definitions Market segmentation refers to the process of dividing the total heterogeneous market for a product or service into several segments, each of which tends to be homogeneous in some significant aspects. 10/10/2011 Alison Jing Xu ©All Rights Reserved
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6 brands of laundry detergent Cheer, Dreft, Era, Gain, Ivory, Tide 6 brands of hand soap Zest, Ivory, Safeguard, Camay, Olay, Old Spice 2 brands of diapers Pampers, Luvs E.g. Procter & Gamble (in North America) 10/10/2011 Alison Jing Xu ©All Rights Reserved
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6 brands of laundry detergent Cheer, Dreft, Era, Gain, Ivory Snow, Tide E.g. Procter & Gamble (in North America) 10/10/2011 Alison Jing Xu ©All Rights Reserved
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Why Segmentation? Although there are benefits to mass marketing (economies of scale), everyone is different! Different consumers wants different things are able to pay different prices respond differently to information 10/10/2011 Alison Jing Xu ©All Rights Reserved
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Why Segmentation? In most markets, a firm cannot appeal to all customers in the same way And most firms cannot serve all potential customers profitably Most firms have abandoned mass marketing in favour of segmentation and targeting 10/10/2011 Alison Jing Xu ©All Rights Reserved
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Segmentation: When should we? Same characteristics within , different between L Peanut butter H L Chocolate H L Peanut butter H 10/10/2011 Alison Jing Xu ©All Rights Reserved
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segments--airlines Air Travel Business/Executive: Inflexible; price insensitive. Small number of people, but travel often. Leisure Traveler/Student: Flexible; very price sensitive (other methods of travel – e.g., bus, car, train – are feasible; travel may not be essential). Very large segment. Comfort Travelers: Comfort (e.g., space, food) important; willing to pay. Small segment. 10/10/2011
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Alison_PM_Lecture 5_S - Marketing Strategy and Mix Lecture...

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