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Applied Mareking What is a market segment? A market segment consists of a group of customers who share a similar set of needs and wants. Segmenting consumer markets 1. Geographic 2. Demographic 3. Psychographic 4. Behavioural Geographic segmentation Region of the world Country Region of a country City Demographic segmentation Age and life cycle Life Stage Gender Income Generation Social class Psychographic segmentation Psychographic segmentation divides buyers into different groups on the basis of traits, lifestyles or values. AIO Factors that describe individual lifestyles Activities Interests Opinions Behavioral segmentation: decision roles Initiator Influencer Decider Buyer User Behavioural segmentation: behavioural variables Occasions Benefits User status Usage rate Buyer-readiness Loyalty status Attitude Behavioral segmentation breakdown Figure 10.4 Behavioural segmentation breakdown Figure 10.3 Brand funnel Relationship Ladder The conversion model Convertible Shallow Users Strongly unavailable Weakly unavailable Average Entrenched Nonusers Ambivalent Available Purchase decision Process AIDA Model Attention Interest Desire Action Three Product Levels What is positioning? Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market. Examples of Value propositions Table 10.8 Examples of value propositions Source : M. R. V. Goodman, Durham University Defining associations Points-of-difference (PODs) Attributes or benefits consumers strongly associate with a brand, positively evaluate and believe they could not find to the same extent with a competitive brand. Points-of-parity (POPs) Associations that are not necessarily unique to the brand but may be shared with other brands. Necessary but not sufficient Negatively correlated attributes and benefits Table 10.10 Examples of negatively correlated attributes and benefits Understanding competitive structure of a market How do customers view the brand? Which competitive brands do customers perceive to be their closest competitors? What market offering and company attributes are most responsible for these perceived differences? What is perceptual mapping? Perceptual (or positioning) mapping is a marketing tool that enables marketers to plot the position of their offering against those of the competition? Figure 10.7 Example positioning map of the UK chocolate block sector market Source : M. R. V. Goodman, Durham University Product differentiation Product form Features Performance Conformance Durability Reliability Reparability Style Design Ordering ease Delivery Installation Customer training Customer consulting Maintenance Slide 15.25 Lessons from product life cycles Products (market offerings) have a limited life. Sales pass through distinct stages, each posing different challenges, opportunities and problems to the seller. Profits rise and fall at different stages of the product life cycle. Products require different marketing, financial, manufacturing, purchasing and human resource strategies at each stage. Kotler, Keller, Brady, Goodman and Hansen, Marketing Management, 1st Edition © Pearson Education Limited 2009 Slide 15.26 Long-range product life cycle Kotler, Keller, Brady, Goodman and Hansen, Marketing Management, 1st Edition © Pearson Education Limited 2009 Introduction Growth Maturity Decline Slide 15.29 Kotler, Keller, Brady, Goodman and Hansen, Marketing Management, 1st Edition © Pearson Education Limited 2009 Slide 15.30 Kotler, Keller, Brady, Goodman and Hansen, Marketing Management, 1st Edition © Pearson Education Limited 2009 Slide 15.31 PLC Style, Fashion, Fad Kotler, Keller, Brady, Goodman and Hansen, Marketing Management, 1st Edition © Pearson Education Limited 2009 Where do these fall on the PLC FAX TABLET PC DESKTOP PC MOBILE PHONE SMART PHONE CALCULATOR ULTRABOOK E-READER What about these? CRT TV LCD TV LED TV PLASMA TV 3-D TV WINDOWS 98 WINDOW XP WINDOWS VISTA WINDOWS 7 WINDOWS 8 Ansoff’s Matrix Current Products New Products Current Markets Market penetration strategy Product development strategy New Markets Market development strategy Diversification strategy