Marketing notes final .docx

Chosen target markets should be alrge enough clearly

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Chosen target markets should be alrge enough, clearly identifiable and able to be communicated with and distributed in order to be viable. personality or psychological variable might be incapable of successful implementation, particularly if no relevant and recent data are available Market Segment Profiling – - Based on Significant Market research. - Describes the typical potential customer in the segment and how the variables differ from other segments. E.g. demographics – age, income, occupation; psychographics – lifestyle - Market segments must be sufficiently different from others so a distinctive offer can be created for each segment, without risk of overlapping or sending confusing messages. - The number of possible segments multiplies with each extra variable. Market Targeting – The selection of target markets resulting from an evaluation of identified market segments.
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Sales Potential – Market Potential: The total sales of a product category that all organisations in an industry are expected to sell in a specified period of time, assuming a specific level of marketing activity. Ex - Christmas products- Trees, crackers, cakes, mince pies, pudding, turkey, seafood, alcohol, decorations, napkins, tea towels, candles Sales Revenue: Total volume of sales multiplied by the average selling price. Market Share: The proportion of the total market held by the organisation. Ex - Mcdonalds, Burger King, Crust Company Potential– Company Sales Potential: An estimate of the maximum sales revenue and market share that an organisation can expect to achieve for a specific product. E.g. Big Mac Ex – Big Mac Potential: is influenced by the market potential, the level of marketing activity in the industry and the effectiveness of an organisation’s promotional spending Ex – McCafe, Salads, Ronald McDonalds FACT BASED ASSUMPTION Positioning – Marketing Positioning: The way in which target market segments perceive an organisation’s offering (products) in relation to competing offerings.
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Company Positioning : A positioning strategy designed to create a single market perception of the entire organisation in relation to competitors. Ex – BHP Billiton, McDonalds, Estee Lauder Brand Positioning – A positioning strategy designed to create a market perception of a particular brand, usually based on product attributes. - Initially through advertising and other promotional campaigns - Then customer’s experience of brand – live up to promises
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CHAPTER 7 LECTURE – PRODUCT Product: A good, service or idea offered to the market for exchange. Potential customers want products that will satisfy functional, social and psychological needs, wants and demands. Ex – Apple Product Good: A physical (tangible) offering capable of being delivered to a customer Ownership transferred from marketer to customers.
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  • Three '16
  • Greg Elliot
  • Marketing, producer, o Review, Macquarie Uni, Market Orientated Organisations

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