...customers are many and they all are diverse according to their demand and buying requirements. This is why, each company needs to identify its market segmentation, market segmentation procedure, pattern of segmentation, basis of segmenting consumers and business market. Many companies use to be target oriented and they develop a target-marketing. They first identify their segments, and then set targets for each segment. After this, they manufacture their products according to their targeted market . Target marketing requires marketers to take three major steps: Identify and profile distinct groups of buyers who might require separate products or market mixes which is known as “market segmentation.”Select one or more market segments to enter which is known as “market targeting.”Establish and communicate the product’s key distinctive benefits in the market which is known as “market positioning.”In my research, I have taken Toyota at my company to apply all the Maktering Principles and to know about the market segmentation, market targeting and market positioning done by this company. In this paper, I will discuss how important is marketing strategy and segmentation for a successful company, like Toyota, to achieve what it wants. Toyota’s segmentation and target market are based upon the philosophy it believes and that is, “Right Car in the Right Place” and also for the right person. Toyota using, not only Demographic...
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...ACKNOWLEDGEMENT We express our deepest sense of gratitude to the respected course instructor, Kashfia Ahmed, faculty of Business Administration, East West University, who assigned our group to prepare this report. Her helpful suggestions and important guidelines on this analysis preparation helped us a lot in preparing this report. Her valuable instructions, constant inspiration, enormous patience and affectionate guidance contributed a lot to our academic experience throughout the course work. Finally, we would like to offer our thanks to our group members for providing various facilities, help and the moral support to accomplish the work properly. Letter of Transmittal 7th August, 2014 Kashfia Ahmed Department of Business Administration East West University Subject: Submission of a Term paper on the STP and Marketing mix of Toyota Honorable instructor, We would like to draw your kind attention to the fact, that it is a great pleasure for us to submit this assignment about ‘Term paper on the STP and Marketing mix of Toyota ’. Six of us have worked together on this paper and tried our best to make this term paper up to the ideal standard. We have enjoyed at every instant of doing this assignment. However, if some of the aspects are unintentionally disregarded, we hope that you would ignore discrepancies considering our limitations. It would be very kind of you if you can give us further suggestions for the future...
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...1. For each of the following products, identify the segmentation base that you consider to be the best one for targeting consumers: (Explain your choices) 1. - coffee ~ Behavioural- Attitudes and Preferences regarding the product 2. - soups ~ Behavioural- Attitudes and preferences regarding the product 3. - home exercise equipment~ Psychographic and Demographic personality, lifestyle and sociocultural values 4. - mobile phones ~ Demographic- Lifestyle usage and purchase behaviors, empiricial personal features 5. - Non-fat frozen yogurt~ Behavioural- Attitudes and Preferences regarding the product, usage and purchase behaviors, lifestyle 2. Why are the following segmentation approaches not successful? 1. - Segmenting a market on the basis of personality-~because people’s personality will most likely change over time. A person with the same personality doesn’t usually have the same interest in a certain product thus buy the same product. 2. - Advertising Ski boards in Time Magazine~ Time magazine are usually for people that are in the financial world or economic world not in the sport world so they’re most likely wouldn’t interest in the sport products. 3. - Developing an insurance plan for all quadruplets born in Hong Kong~ Quadruplets are very rare in Hongkong thus very small market so therefore it would not be profitable. 4. 5. 3. Under what circumstances and for what types of products should a marketer segment the market on the basis of : ...
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...SEGMENTATION, TARGETING & POSITIONING SHUBHAM JOSHI ROLL No. 60 MBA 1st SEMESTER Markets are not homogeneous. A company cannot connect with all customers in large, broad, or diverse markets. Consumers vary on many dimensions and often can be grouped according to one or more characteristics. A company needs to identify which market segments it can serve effectively. Such decisions require a keen understanding of consumer behavior and careful strategic thinking. LEVELS OF MARKET SEGMENTATION The starting point for market segmentation is mass marketing, in which the seller engages in the mass production, mass distribution, and mass promotion of one product for all buyers. It is believed that mass marketing creates the largest potential market, which leads to the lowest costs, which in turn can lead to lower prices or higher margins. But, many critics point to the increasing splintering of the market, which makes this process difficult. Some claim that mass marketing is dying. Most companies are turning to micromarketing at one of 4 levels: (1) Segment Marketing: A market segment consists of a group of customers who share a similar set of needs and wants. The marketer does not create the segments; his task is to identify the segments and decide which one to target. Segment marketing offers key benefits over mass marketing. The company can deliver better design, price, and deliver the product or service to satisfy the target market. (2) Niche Marketing: A niche is a more...
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...MARKET SEGMENTATION, TARGETING AND POSITIONING MARKET SEGMENTATION INTRODUCTION: - The market for any product is normally made up of several segments. A ‘market’ after all is the aggregate of consumers of a given product. And, consumer (the end user), who makes a market, are of varying characteristics user and buying behavior. There are different factors contributing for varying mind set of consumers. It is thus natural that many differing segments occur within a market. In order to capture this heterogeneous market for any product, marketers usually divide or disintegrate the market into a number of sub-markets/segments and the process is known as market segmentation. segmentation Thus we can say that market segmentation is the segmentation of markets into homogenous groups of customers, each of them reacting differently to promotion, communication, pricing and other variables of the marketing mix. Market segments should be formed in that way that difference between buyers within each segment is as small as possible. Thus, every segment can be addressed with an individually targeted marketing mix. The importance of market segmentation results from the fact that the buyers of a product or a service are no homogenous group. Actually, every buyer has individual needs, preferences, resources and behaviors. Since it is virtually impossible to cater for every customer’s individual characteristics, marketers group customers to market segments by variables they have in common. These...
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...CHAPTER 8 IDENTIFYING MARKET SEGMENTS AND TARGETS LEARNING OBJECTIVES In this chapter, we will address the following questions: 1. What are the different levels of market segmentation? 2. In what ways can a company divide a market into segments? 3. What are the requirements for effective segmentation? 4. How should business markets be segmented? 5. How should a company choose the most attractive target markets? CHAPTER SUMMARY 1. Target marketing includes three activities: market segmentation, market targeting, and market positioning. Market segments are large, identifiable groups within a market. 2. Two bases for segmenting consumer markets are consumer characteristics and consumer responses. The major segmentation variables for consumer markets are geographic, demographic, psychographic, and behavioral. Marketers use them singly or in combination. 3. Business marketers use all these variables along with operating variables, purchasing approaches, and situational factors. 4. To be useful, market segments must be measurable, substantial, accessible, differentiable, and actionable. 5. We can target markets at four main levels: mass, multiple segments, single (or niche) segment, and individuals. 6. A mass market targeting approach is adopted only by the biggest companies. Many companies target multiple segments defined in various ways such as various demographic groups who seek the same product benefit. 7. A niche is a more narrowly defined group...
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...Consumer Behavior, 10e (Schiffman/Kanuk) Chapter 1 Consumer Behavior: Meeting Changes and Challenges 1) The behavior that consumers display in searching for, purchasing, using, evaluating, and disposing of products and services that they expect will satisfy their needs is known as ________. A) the production orientation B) consumer behavior C) narrowcasting D) positioning E) the marketing mix Answer: B Diff: 1 Page Ref: 5 Skill: Concept Objective: 1.1: Understand what consumer behavior is and the different types of consumers 2) Which of the following is considered an example of consumer behavior? A) Janice prefers to buy name-brand pain relievers like Tylenol and Advil, rather than the store brand. B) Javier generally gets gas on Monday mornings on his way to work. C) Jessica prefers to buy her produce from the farmer's market instead of the grocery store. D) Jeremy generally recycles his old newspapers and cardboard boxes. E) All of the above are examples of consumer behavior. Answer: E Diff: 2 Page Ref: 5 Skill: Application Objective: 1.1: Understand what consumer behavior is and the different types of consumers 3) When Bill orders five movie tickets online for himself and his friends for a Friday night showing of the latest action thriller, he is acting as a(n) A) organizational consumer B) team consumer C) non-profit consumer D) market consumer E) personal consumer Answer: E Diff: 2 Page Ref: 5 Skill: Application Objective: 1...
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...Chapter 02 The Role of IMC in the Marketing Process Multiple Choice Questions 1. According to the marketing and promotions process model, the marketing process begins with the: A. development of the marketing mix. B. development of a marketing strategy and analysis. C. development of the promotional mix. D. determination of the target market. E. establishment of marketing objectives. 2. A(n) _____ is a document that evolves from an organization's overall corporate strategy and serves as a guide for specific marketing programs and policies. A. strategic marketing plan B. integrated marketing communications plan C. situation analysis D. opportunity analysis E. competitive plan 3. _____ is a detailed assessment of the current marketing conditions facing the company, its product lines, or its individual brands. A. Strategic marketing plan B. Integrated marketing communications plan C. Situation analysis D. Opportunity analysis E. Competitive plan 4. _____ are defined as external areas where there are favorable demand trends, customer needs and wants are not being satisfied, and where a company thinks it can compete effectively. A. Market opportunities B. Market segments C. Competitive advantages D. Market strengths E. Market plans 5. To reach tweens (8-12 year olds), Jell-O brand gelatin marketers introduced X-treme Jell-O in wild berry, green apple, and watermelon flavors. The ads describe the gelatin flavors as...
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...Chapter 02 The Role of IMC in the Marketing Process Multiple Choice Questions 1. (p. 39-40) Under Armour developed dynamic advertising, sponsorships of sports leagues, a creative Web site and celebrity spokespeople to promote their sports and clothing products. Under Armour is engaged in: A. integrated marketing communications B. a centralized market strategy C. a concentrated market strategy D. an undifferentiated market strategy E. lifestyle segmentation based on sports See opening vignette. 2. (p. 41) According to the marketing and promotions process model, which of the following is NOT a stage in the target marketing process? A. market identification B. promotional decisions C. market segmentation D. positioning through marketing strategies E. target market selection 3. (p. 41) The marketing promotion model includes all of the following major components EXCEPT: A. the organization's marketing strategy and analysis B. the marketing planning program development C. the target marketing process D. the marketing management hierarchy plan E. the target market 4. (p. 41) According to the marketing and promotions process model, the marketing process begins with the: A. development of the marketing mix B. development of a marketing strategy and analysis C. development of the promotional mix D. determination of the target market E. establishment of marketing objectives 5. (p. 42) A(n) _____ is a document that evolves from an...
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...the market segmentation within that industry along with the target market for the company and the selection process for that target market. Required Elements: * No more than 2100 words * Include demographic, psychographic, geographic, and behavioral characteristics for the selected company. * A positioning statement for the company with careful consideration of their brand and strategy * Paper is consistent with APA guidelines. http://wps.pearsoned.co.uk/ema_uk_he_kotler_euromm_1/126/32286/8265285.cw/content/index.html I. Introduction BMW stands for Bayerische Motoren Werke AG, translated means Bavarian Motor Works (BMW). It was founded by Karl Rapp and Gustav Otto. In 1916, the Flugmaschinenefabrik Gustav Otto Company merged into Bayerische Flugzeug-Werke AG (BFW). In 1917, the Rapp Motorenwerke Company merged with Bayerische Motoren Werke. In 1922, BMW AG transferred engine construction operations, company name and brand names to BFW. March 6, 1916 is known as the birth date of Bayerische Motoren Werke AG (BMW) (“Bmw Group”, 2014). BMW is synonymous for luxury, the ultimate driving machine. In the past BMW only targeted the elite, wealthy, successful businessman. BMW has stepped out of the box to target other segments of the market to increase profits and gain an even bigger share of the industry. II. Market segmentation within the industry The market segmentation within the automobile industry that belongs to BMW is the luxury car segment. To...
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...Study of Promotional Strategies for Cars in India 1 Table of Contents 1. Objective 2. Scope of Work 3. Rationale 4. Theoretical Framework and Review of Literature i. ii. iii. iv. Promotional Strategy Promotional Mix Message and Media Strategy Communication Model- AIDA 5. Promotion Process For Cars i. ii. iii. iv. v. vi. vii. viii. ix. Selecting the target market Product and Brand Positioning Promotional Decisions Advertising Direct Marketing Interactive/Interactive Marketing Sales Promotion Publicity/Public Relation Personal Selling 6. Ford Fiesta and its Promotions i. Target Market 2 ii. Adopting offer to suit target segment iii. iv. Market Competition Strategic Promotion of Ford 7. Questionnaire 8. Analyzed Survey Report of the Questionnaire 9. SWOT Analysis 10. SWOT Analysis of Ford Fiesta 11. Conclusion 12. Bibliography 3 Chapter 1 Introduction 4 Objective To study and analyze the elements of Promotional Strategies. Study and analysis of promotional strategies of Ford India for its product Ford Fiesta. Study the customer response regarding the promotions of cars in India. Scope of the Project Study the basic aspects of Promotional Strategies such as Sales Promotion, Personal Selling, Advertising and Publicity. Studying the customer response regarding promotions of cars in India through a questionnaire. Study the promotional strategies of Ford Fiesta with all the tools of promotion. Analyze and interpret the...
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...fiscal year 2012, Honda sold 15.7 million cars and motorcycles; automobiles constitute a little more than 70% of the company's revenue (Whiston, 2012). Honda has developed over the years. There are a wide varity of products avalialabe that serve many different purposes from the small general purpose engines to specialty custom made sport cars and now scooters. Honda has a earned the company a very good reputation from customers all over the world. From when the company was established until now, Honda has be on the leading edge by creating new value and offering many different products of high quality at a family friendly price, for its worldwide customer satisfaction. Honda is certainly on the list of many consumers, especially as we'll see in this paper, consumers are interested in reliability, quality and fuel efficiency. The problem Honda faces, however, is that it's seen as a "practical" car, one that someone will buy to save gas or to ensure safety in a crash This is something that has been pounded into consumers' heads, as many Honda ads in the past have touted its high quality ratings in crash tests. What Honda is missing, however, is the "coolness" factor. It can't even embrace the "tree-hugging" picture which would be a natural with its fuel efficiency, as Toyota's Prius and the electric cars (think Chevy Volt and Nissan Leaf) have already taken on that visual. The trick here is to brand Honda as an up-and-coming, gotta-have car, while...
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...Section 3, Group 30: Sang Min (121063), Roland Xing(121171) , Tis Xiang(121168), Jolie Zhu(121213) , Sky Xie(121169), Talha Khan(121059) Tata Nano background The country The market The Car • 1.21B Population • GDP +8% • Private Consumption +8% • Middle class growing Tata Nano • Market +17% • 76% 2-wheelers • Fuel-Efficient • Safe • Inexpensive • India car market have huge potentials due to growing GDP and middle class • Tata Nano is known for its low-price Sales Forecast |Q1: Sales Goal for 5 years New Passenger car Buyer Probability of purchasing Nano Compute method 2009 2010 2011 2012 2013 2,058,896 2,305,596 2,581,856 2,891,218 3,237,648 0.0020 0.0020 0.0020 0.0020 0.0020 Sales of Nano Probability of purchasing Nano New 2 wheeler buyer Product limit 50000 2009 2010 2011 2012 2013 51,261 57,403 64,281 71,984 80,609 2009 2010 2011 2012 2013 9,428,664 10,558,421 11,823,547 13,240,263 14,826,731 0.0050 0.0050 0.0050 0.0050 0.0050 Assumption: • Tata Nano buyer comes form new passenger car buyers and 2-wheelers buyers • Market research indicate that Probability of those who initially want to purchase Passenger car turn out to purchase Nano is 0.2% , from 2-wheelers to Nano is 0.5% Segmentation|Q2: How to position Young rural • Pragmatic • Entrepreneurial • Cost sensitive y o u n g Young Urban • Fashionable • High income • High education Young rural • Relatively rich • Entrepreneurism • Fashionable y o u n g ...
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...Consumer Behavior Consumer Behavior: Contrast Jet Blue vs. Southwest Airlines Trident University MKT501 CS1 Identify key external factors that affect the passenger airline industry and explain how that impact occurs There are several external factors that affect the passenger airline industry. Some of the factors that affect the industry are economic crisis, instability in aviation fuel price, and environmental factors. I will elaborate more in detail in the following paragraphs on these factors. The first area I want to talk about is our countries current Economic Crisis, and in my opinion drives all the other factors that affect airline industry’s the most. The current economic situation is not good and therefore will have an effect on what a customer will or will not do. Air travel is very expensive as it is, in my opinion, so a sluggish economy will add more pressure on an individual or family thinking of flying anywhere. The second area that affects the airline industry is the cost of aviation fuel. If fuel prices are high, the airline will have to charge more for tickets. As I mentioned earlier, higher ticket prices is not what the public wants in our current economy. The airline industry is a business and in order to make money and continue to provide the service, the company has a breakeven price, approximately 66% of their operating cost (Airline Economics Break Even Load Factors Paragraph). If the company doesn’t...
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...CHAP TER Market Segmenting, Targeting, and Positioning C O M P E T E N C Y O B J E C T I V E S F O R M A S T E R Y 1. Identify the role of market segmentation in developing a marketing strategy. 2. Identify criteria for market segmentation. 3. Identify common types of positioning strategies. 5 Suppose you’ve created a great new offering you hope will become a hot seller. Before you quit your day job to market it, you’ll need to ask yourself, “Who’s going to buy my product?” and “Will there be enough of these people to make it worth my while?” Certain people will be more interested in what you have to offer than others. Not everyone needs homeowners’ insurance, not everyone needs physical therapy services, and not every organization needs to purchase vertical lathes or CT scanners. Among those that do, some will buy a few, and a few will buy many. In other words, in terms of your potential buyers, not all of them are “created equal.” Some customers are more equal than others, however. A number of people might be interested in your product if it’s priced right. Other people might be interested if they simply are aware of the fact that your product exists. Your goal is to figure out who these people and organizations are. To do this you will need to divide them up into different categories. The process of breaking down all consumers into groups of potential buyers with similar characteristics is called market segmentation. The key question you have to ask yourself when segmenting...
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