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Market Targeting:
Evaluating Market Segments
Segment Size and Growth Analyze current sales, growth rates and expected profitability for various segments. Segment Structural Attractiveness Consider effects of: competitors, availability of substitute products and, the power of buyers & suppliers. Company Objectives and Resources Company skills & resources needed to succeed in that segment(s). Look for Competitive Advantages
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Market Targeting
Organization Differentiated Marketing The organization pursues several different market segments simultaneously
Market
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Identify or create market segments desiring different product benefits and target each segment with a different brand and different marketing strategies Example: Procter & Gamble
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Coconut-based cleaning and food products Laundry and personal cleansing products Health care Hair care and laundry categories Dishwashing and fabric care Laundry personal care and hair care
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Aim the product at the market with a single strategy regardless of the number of market segments strategy that ignores market segment differences and attempts to appeal to all prospective customers with a single, basic product line through mass advertising and distribution. Also called mass marketing. See also concentrated marketing and differentiated marketing. Example: milk, beans 4-6
Market Targeting
segment
Market
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Select only one market segment and target it with a single brand Example: Mont Blanc pens
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Company Marketing Mix Company Marketing Mix 1 Company Marketing Mix 2 Company Marketing Mix 3
A. Undifferentiated Marketing
Market
B. Differentiated Marketing
Segment 1 Segment 2
Segment 3
C. Concentrated Marketing
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Micromarketing is the practice of tailoring products and marketing strategies locally within a smaller region such as city and/or county. This practice of marketing is common with small business establishments that cater to a local audience. Micromarketing includes the practice of individual marketing where a marketing message is crafted more personally to a buyer.
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Local Micromarketing
Local marketing involves tailoring marketing programs to the needs and wants of local customer groups-cities, neighborhoods and even specific stores
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Individual Micromarketing
The individual marketing concept holds that the key to effective marketing is to use interactive communications to develop individual relationships with consumers based on providing superior value through personalised products and services. It is also called customized marketing, markets-ofone marketing, and one-to-one marketing. .
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Target Marketing may generate controversy and concern. Targeting of vulnerable or disadvantaged consumers with controversial or potentially harmful products. E.g. cigarette, beer, fast food ads Sometimes Marketing of adult products spills over onto the kids segment.
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References:
Principles of Marketing - Philip Kotler http://www.learnmarketing.net/segmentation.htm http://www.thequickten.com http://pn2media.com http://wikipedia.com http://populationcommission.nic.in/facts1.htm http://www.marketingcharts.com http://www.crmtrends.com/analytics.html Kimberly Clark Professional
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Thank You!!!