COMPETITION IS EVERYWHERE. 7.1 Targeting Market Segments 7.2 Positioning for Competitive Advantage 7.3 Competing for Market Segments 7.4 Learning About the Competition. TARGETING MARKET SEGMENTS. GOALS for Lesson 7.1
7.1 Targeting Market Segments
7.2 Positioning for Competitive Advantage
7.3 Competing for Market Segments
7.4 Learning About the Competition
GOALSfor Lesson 7.1
1. Number of potential consumers
2. Interest in the product or service and other mix elements
3. Money available to make the purchase
4. Ability to communicate with consumers through the promotional mix
Market potential is the total revenue that can be obtained from the market segment.
Market share is the portion of the total market potential that each company expects to get in relation to its competitors.
GOALS for Lesson 7.2
Laundry Product ALaundry Product B
Cleans quickly and easily Leaves fresh scent
Price and Quality
Low price, good value Higher price for highest quality
Use or Application
Use as pre-wash on tough stains Use for hand-washing delicates
Homemaker’s reliable friend New generation’s discovery
Used by Olympic athletes Used by professional laundries
Gets out dirt Product B can’t Gentler on clothing than Product A
If you were a business owner, which positioning technique would be best for each product or service? Why?
GOALS for Lesson 7.3
Price competition – emphasis on price when companies compete.
Ex – restaurants, grocery stores, airlines
Non-price competition – emphasis on non price factors, quality, brand, location, or service
Ex – insurance companies, high end products.
Competition Analysis – 7.2 and 7.3
Who are your competitors?
How are you going to position your product, what are the bases for the positioning, why?
GOALS for Lesson 7.4