Mgmt 324 Notes (Marketing Strategy pt 2)

Mgmt 324 Notes (Marketing Strategy pt 2) - Administration...

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1 Administration HW3 due 10:00 AM next Monday B&D write-up both versions (e-version and hardcopy version) due next Monday Always remember to bring your name card Two samples and a template of Marketing plan document are available on Blackboard
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2 Marketing Strategy Segmentation, Targeting, and Positioning “It’s cheaper to buy a brand on Wall Street than to build a brand on Main Street.” - Unknown Marketing Management Qiang Liu
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3 Agenda Developing Marketing Strategy: STP Introduction to STP Segmentation Targeting Positioning
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4 Integrated framework for marketing strategy Sustainable Competitive Advantage Product Price Promotion Place Appraise the Situation What business are we really in? What is the overarching problem? Propose a Strategy What is the key to success for this business? Propose Tactics to Implement the Strategy How do the tactics deliver value to the target market? Competition Company Customer Vulnerabilities Competencies & Costs Unmet needs S – T – P
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Why would anyone do this? “Walk into an Osco drugstore, and on a shelf near the ovulation testing kits you’ll find Conceive brand pregnancy tests. A cherubic infant smiles at you from the pink box… A little farther down the aisle, and near the condoms, you’ll find another pregnancy test, called RapidVue. The package features no smiling baby, just brick-red lettering against a mauve background. Both tests are products of San Diego-based Quidel Corp. -- and they are identical except for the packaging.” (Forbes, 1994)
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STP of the Pregnancy Test Market and Brand The hopefuls The fearfuls Brand Name Conceive RapidVue Price Packaging Pink box, smiling baby Mauve background, no baby Shelf Position Near ovulation-testing kits Near condoms
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Where do I want to go? MARKETING STRATEGY SEGMENTATION TARGETING POSITIONING Developing Marketing Strategy • “Slice” the market • Develop profiles of segments • Evaluate segment attractiveness • Select target segments •Deciding on a unique “position” in the minds of consumers of the target segment
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8 Agenda Developing Marketing Strategy: STP Introduction to STP Segmentation Targeting Positioning
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9 What is segmentation? Definition : The dividing of a market into sub-markets in such a way that the response to marketing variables (4Ps) varies as much as possible across segments and as little within segments. Similarity within a segment. Dissimilarity across segments
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10 Why segment? Consumers like to have things that exactly meet their needs, as opposed to things that are okay but do not precisely meet their needs. - Product People like to be talked to in ways that reflect full understanding of their needs, rather than in generalities; they also prefer different communication channel. - Promotion People tend to use different channel to get the offering (product/service). - Place People will often pay more for things that exactly meet their needs and/or talk to them in specific ways/ or deliver the offering to them in specific ways .
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Mgmt 324 Notes (Marketing Strategy pt 2) - Administration...

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