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Launch your PollEV session: Text : UWMBUSINESS to 37607

Launch your PollEV session: Text : UWMBUSINESS to 37607. *Text LEAVE at the end of class*. Alternate #: (747) 444-3548. Quote from “Heinz”:.

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Launch your PollEV session: Text : UWMBUSINESS to 37607

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  1. Launch your PollEV session: Text: UWMBUSINESS to 37607 *Text LEAVE at the end of class* Alternate #: (747) 444-3548

  2. Quote from “Heinz”: “Many of them have made mistakes in emerging markets….they’ve rushed in with Western package sizes, pricing….Many of them have also been too impatient. They’re ready to walk away too quickly. Those markets require patience…”

  3. Hofstede’s Cultural Dimensions Cultural Values

  4. Your questions: • Aren’t single-use packets terrible for the environment?

  5. Price

  6. https://www.planetaid.org/blog/recycling-rates-around-the-world

  7. Targeting the Marketplace – Segmentation, Targeting, and Positioning Ref: Text, chapter 9

  8. Segmentation, Targeting, Positioning Process

  9. Step 2: Segmentation Methods

  10. Benefit Segmentation: • It can be a very powerful tool because it is easy to portray a product’s benefits in the firm’s communication strategies

  11. Step 2: Segmentation Methods • Behavioral segmentation • This divides customers into groups based on how they usethe product or service • Common measures are occasion and loyalty

  12. Step 2: Segmentation Methods • Behavioral segmentation • Occasion segmentation: based on when a product is purchased or consumed(Men’s Wearhouse - suit for work, a prom, or a wedding) • Loyalty segmentation:retaining a firm’s most profitable customers

  13. Step 2: Segmentation Methods • Using Multiple Segmentation Methods • a combination of segmentation methods: using demographics and geography to identify and target marketing communications to their customers, then using benefits or lifestyles to design the product and the substance of the marketing message

  14. Step 2: Segmentation Methods Example: Geodemographic segmentation: • Logic: “Birds of a feather flock together”. Consumers in the same neighborhood tend to buy the same types of cars, appliances, apparel, and shop at the same types of retailers • This segmentation scheme uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers • PRIZM (www.mybestsegments.com ), ESRI’s Tapestry (www.esri.com)

  15. Step 2: Segmentation Methods Example: Geodemographic segmentation: • Logic: “Birds of a feather flock together”. Consumers in the same neighborhood tend to buy the same types of cars, appliances, apparel, and shop at the same types of retailers • This segmentation scheme uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers • PRIZM (www.mybestsegments.com ), ESRI’s Tapestry (www.esri.com)

  16. Step 3: Evaluate Segment Attractiveness • Criteria: • Identifiable:identify who is within their market in order to be able to design products to meet their needs. • Substantial:the firm must measure the size of the potential target market. • Reachable:the market must be reachable through persuasive communications and distribution networks.

  17. Step 3: Evaluate Segment Attractiveness • Responsive: customers in the segment must react similarly and positively to the firm’s offering. • Profitable: what is the potential profitability of each segment, both current and future? Key factors include market growth, market competitiveness, and market access.

  18. Step 4. Targeting Strategies: • Undifferentiated • Differentiated • Concentrated • Micromarketing

  19. Step 4: Select Target Market • Undifferentiated Targeting Strategy, or Mass Marketing • When everyone might be considered a potential user of this product, a firm uses an undifferentiated targeting strategy • Not a common strategy. It is used for many basic commodities such as salt or sugar or gasoline.

  20. Step 4: Select Target Market • Differentiated Targeting Strategy • In this, firms target multiple market segments with a different offering for each. Example: Condé Nast magazines • helps them obtain a bigger share of the market. • helps them to spread risk and diversify the business

  21. Conde Nast magazines

  22. Step 4: Select Target Market • Concentrated Targeting Strategy • This is when a firm selects a single, primary target market and focuses all its energies on providing a product to fit that market’s needs • This strategy is useful for entrepreneurial start-up ventures - allows them to employ their limited resources more efficiently

  23. Crocs

  24. Step 4: Select Target Market • Micromarketing • When a firm tailors a product to suit an individual customer’s wants or needs, it is undertaking an extreme form of segmentation called micromarketing or one-to-one marketing • The Internet facilitates this segmentation strategy.

  25. Targeting Strategies: • Undifferentiated • Differentiated • Concentrated • Micromarketing

  26. Freestyle Coke • Dispenser • Touch-screen soda fountain • Features 165 different Coke products & custom flavors

  27. Step 4: Select Target Market • Micromarketing • When a firm tailors a product to suit an individual customer’s wants or needs, it is undertaking an extreme form of segmentation called micromarketing or one-to-one marketing

  28. Step 5: Develop Positioning Strategy • Market positioning involves a process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products

  29. Positioning: carving a unique space for your brand in consumers’ minds • From chapter 2 notes:

  30. Positioning map

  31. Circles for a Successful Value Proposition:No Overlap with Competition

  32. Circles for a Successful Value Proposition Determining the Value Proposition

  33. Circles for a Successful Value Proposition Determining the Value Proposition

  34. Step 5: Develop Positioning Strategy • Value proposition: The unique VALUE that a product provides to its customers • (Value does not necessarily mean low priced though)

  35. Product attributes: another common positioning strategy focuses on the product attributes that are most important to the target market • Symbols: a well-known symbol can also be used as a positioning tool.

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