Week 3 MKT (In-class & Lectorial) Notes PDF
Document Details
Uploaded by FairIndianapolis
Monash University
Tags
Summary
This document provides notes on segmentation, market targeting, and positioning in marketing. It includes a discussion of various segmentation variables like geographic, demographic, psychographic, and behavioral, along with considerations for market targeting strategies, such as undifferentiated, differentiated, and concentrated marketing. The notes also cover the concept of micromarketing and positioning.
Full Transcript
Week 3 P.S. \- assignment: use all 4 segmentation variables ; choose one single segment profile that is applicable to the topic s Segmentation - allows the market to target the customers more efficiently - Resources are limited so it needs to be allocated properly - Differentiation of se...
Week 3 P.S. \- assignment: use all 4 segmentation variables ; choose one single segment profile that is applicable to the topic s Segmentation - allows the market to target the customers more efficiently - Resources are limited so it needs to be allocated properly - Differentiation of segmentation: - Geographic - Based on location (where customers are located) - Locations of customers influences their needs and wants - Ex: Melbourne has weathers, ppl can wear jackets today and shorts tmrw - Demographic - Population statistics of a region - Collected from resources (ex: Australian bureau statistics) - Multivariate segmentation: age & lifestyle stage, income (what brand and products they choose), gender (insurance and bank companies choose) - Psychographic - Used to understand someone's lifestyle - By looking at the Activities, Interests, Opinions (AIO) - People from the same geographic and demographic group -\> can have different lifestyles and interests - Behavioural - Closest segmentation essence to marketing - Looking at how consumers: - use the product - why they buy it - when do they use it - how often they use it - Common variables: - Benefit sought -\> why customers buy a product - Ex: buying skim milk and cream milk (bcs it's low fat) - User status -\> how well the customers know - Ex: first time or regular users - Usage rate -\> how much the customers use a product - Ex: sunlight with 150ml or 500ml - Buyer-readiness stage -\> how ready the customers are to buy a product - Ex: some want to buy, some just want to look - Attitude towards the product -\> how do they react to the product - Ex: some are positive, negative, neutral Requirements of an effective segmentation: - Measurable - Accessible - Substantial - Differentiable - Actionable \*Profitable Market Targeting -\> how many segment profiles should be focused on (1,2 or 3) Market Segments: - Segment size and growth (like substantial) - Segment structural attractiveness (current and potential competitors, threat of substitute products, the power of buyers and suppliers -\> all 3 needs to align with the company's objectives and resources) - Company objectives and resources Market Targeting Strategies - Undifferentiated targeting strategy -\> everyone in the market wants and needs that; without any segmentation, ex: water - Differentiated (Segmented) Targeting Strategy -\> target several market segments and designs, ex: for families (7 seater car); for couples (cars that have 2 seaters) ; coke (energy drinks, fizzy, etc) - Concentrated (Niche) Marketing -\> a large share of one (or few) submarkets, ex: Ferrari; smiggles (kids, parents), computers - Micromarketing -\> looking at a single customer, personalizing it, a company customises an offer for a single customer ex: tailor; custom-made cake - Where the product is placed - What the product is valued and perceived as - See where you are in the market, and opportunities to grow - To do positioning map/perceptual map -\> must do research - Ex : Use price (high price, low price) and safety (high safety, low safety)
