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BASIC MARKETING STRATEGY
Marketing Strategy Process
Market/ customer analysis
Market segmentati
on
Market targeting
Marketing Mix
Market positioning
Model of buyer behavior in consumer markets
Marketing stimuli
• Product• Price• Place• Promotion
Other stimuli
• Economic• Technological
• Political• Cultural
Buyer’s Characteristi
cs• Cultural• Social• Personal• Psychological
Buyer’s decision process
• Problem recognition
• Information search
• Evolution• Decision• Post-purchase behavior
Buyer’s decisions
• Product choice
• Brand choice
• Retailer choice
• Purchase timing
• Purchase amount
Segmentation Methods
Geographic segmentation: geo-marketing databases. Type of household in particular post-codes. Other variables (income, ethnicity, household size, etc).
Demographic segmentation: life-stage analysis, age, gender, income and social class.
Psychographic segmentation: lifestyle, personal values and attitudes.
Behavioral segmentation: customer’s knowledge of the product, point of purchase, purchase pattern and frequency, intensity of use, benefits, loyalty, etc.
Multivariate segmentation
Multivariate analysis uses more than one variable in the development of market segmentation and examines several elements simultaneously, for example gender and age. Once these groupings are established, it becomes possible to give meaningful labels to the clusters, such as “young aspirational urbanite”.
Developing the marketing mix
Product
• Design• Features• Quality• Quantity• Variations• Packaging• Brand• Service
Price
• List Price• Discounts• Credit
terms• Repeat
purchase• Payment
terms
Promotion
• Advertising• Direct
marketing• Sales
promotion• Coupons• Bundling• Joint
promotion• Loyalty
programs• Public
relations
Place
• Geography• Channels• Retailers• Opening
times• Order
taking• Fulfillment• Delivery
Position and positioning
A product’s position ultimately depends on the attitudes of people in the target market.
Firms will seek to position their products to increase sales.
Either marketers accept customer attitudes as they are and tailor the product to fit these attitudes OR they seek to change attitudes.
Positioning indicates how a company wishes to compete in the market place.
Positioning
The process of creating an image for the product in the minds of customers.
The activity directed towards creating and maintaining an intended product concept and image in the minds of targeted customers.
Arranging for a brand or product to occupy a clear and distinctive place in the minds of target customers relative to competing products and brands.
Car model position map
Internal item position map
The role of positioning
To strengthen the power of messages directed at customers.
To target a particular segment. To ensure that the product is
differentiated in the minds of customers.
To decide on the ground on which to compete.
To analyze re-positioning possibilities.
Position in the market
The location of a product or service alongside key competitors in the mind of consumers.
The way customers perceive a product relative to competing products.
Refers to the place the product occupies in the customer’s perceptual map of the market.
Brand perception map
Inno
vatio
n
Expe
nsive
Relia
ble
Appe
als to
you
ng p
eopl
e
Easy
to u
se
Valu
e fo
r mon
ey
Good
for f
amilies
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Brand ABrand BBrand CImportance