...To what extent do you agree that one-to-one marketing will replace traditional market segmentation methods. Market segmentation may be defined as the identification of individuals or organizations with similar characteristics that have significant implications for the determination of marketing strategy. Its object is to identify groups of customers with similar requirements so that they can be served effectively while being of a sufficient size for the product or service to be supplied efficiently. Traditional segmentation methods have been based around identifying a sizeable group of the potential market within similar needs and characteristics. The Internet and advanced technology allow for segmentation strategies to be taken a step further, to a level of individual attention; and one-to-one marketing approach which permits businesses to customize offerings on the basis of individual requirements is developed. However, although new technology has changed the shopping behavior of many customers to an extent, traditional segmentation methods still play an important role in marketing strategy. One to one marketing is more likely to act as a complement of traditional segmentation method at present. Market diversity is increasing in both business and consumer markets and is generating market fragmentation. (importance of customer rentention) Consequently, mass marketing and segment marketing may become less effective and efficient. One-to-one marketing, therefore, is greatly in...
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...Confirming Proofs Chapter 3 Strategic Market Segmentation Segmenting markets is a foundation for superior performance. Understanding how buyers’ needs and wants vary is essential to designing effective marketing strategies. Effective approaches to segmenting markets may be one of the most critical factors in developing and implementing market-driven strategy. The need to improve an organization’s understanding of buyers is escalating because of buyers’ demands for uniqueness and the growing array of technology available to generate products to satisfy these demands. Companies are responding to the opportunities to provide unique customer value with products ranging from customized phone pagers for business users to self-designed, individualized greeting cards for consumers. Indeed, McKinsey research underlines the weakness of thinking about markets only in general terms—talking of market trends, growth markets, mass markets, declining markets, and so on—and collecting information that describes only broad trends, where differences within markets are averaged-out. They point to the identification of opportunities from a deeper understanding of markets at a “granular” level. Market fragmentation and increasing granularity characterize a growing number of markets. The compelling logic of market granularity is that effective strategy can emerge only from a much finer understanding of market segments, their needs, and the capabilities required to serve them.1 Best Buy provides an interesting...
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...and Competitive Environment (c) Social Cultural Environments (d) Technological Environment 2.2 Micro Environment 2.3 Competition (a) Competitors of Bosch Kettle 3. Critical analysis of relevant theories 3.1 SWOT Analysis 3.2 Portfolio Analysis 3.3 Porter’s Matrix 3.4 The Boston Matrix (The Product Portfolio) 3.5 Response Hierarchy Model (a) The AIDA Model (b) The innovation – adoption Model (c) The DAGMAR Model Market Attractiveness Model: the GE matrix 3.6 Critical Analysis 4. Critical Analysis of Buyer Behaviour 4.1 Consumer as Buyer 4.2 Conclusion and Analysis 5.0 Buyer Behaviour 5.1 Buyer Behaviour Role in Marketing 5.2 Consumer as Buyer 5.3 Why People Buy 5.4 How people choose (a) what influence Buyers? 6.0 Segmentation Targeting and Positioning Strategies 6.1 Segment Identification 6.2 Consumer basis 6.3 Physiographic 6.4 Geodemographics 6.5 Psychographics 6.6 Segmentation Techniques 6.7 Targeting Through Marketing Mix 6.8 Positioning 6.9 Practical Approaches 7.0 Marketing Mix 7.1 Product 7.2 Price 7.3 Place 7.4 Promotion 8.0 BIBLIOGRAPHY 1. Introduction The kettle assigned for marketing is Bosch TWK 6831. We have analyzed marketing environment and the key issues that are related to...
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...organisations, not without structural relationship to one another, but serving a clientele from which individuals seek service very infrequently." (Jepson & Nicholson, 1972: p.1) Although times have and are changing the above statement despite being written over twenty five years ago is still to some extent very true. The subject of this assignment is a construction firm that has recently designed and implemented a marketing management strategy. The objective of this assignment is fourfold, firstly the company’s approach to marketing management will be documented this will then be related to marketing management theory Then by analysing data collected through research the effectiveness of the strategy will be discussed. Finally using marketing management theory as a foundation recommendations will be made to identify where the initial strategy could be improved in order to promote future business development and success, in line with the strategic mission of the company. The organisation in question has strong foundations, since it’s incorporation in the mid fifties turnover has grown in line with inflation. In 1984 the Company was purchased by the son of the original managing director, he took up the role of new managing director. By the beginning of the 1990’s it became apparent that the company had reached a stage where it was no longer a small "hands-on" enterprise. The level of turnover and number of employees had increased at such a rate that the organisation now employed a...
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...category * Significance * Creates value * Brand loyalty Differentiation creates a perceived value amongst consumers and also potential consumers. For example, Apple’s focuses on the cost value of getting an iPhone versus other phones within the market. If differentiation is done well by an organization, it helps to deliver quality and value to consumers which leads to brand loyalty on the part of the consumer. Apple has consistently delivered on providing iPhones which are high in value and of value to the consumer. This has helped build a high loyal customer base that will always pick an IPhone over any other product any time. Differentiation creates a perceived value amongst consumers and also potential consumers. For example, Apple’s focuses on the cost value of getting an iPhone versus other phones within the market. If differentiation is done well by an organization, it helps to deliver quality and value to consumers which leads to brand loyalty on the part of the consumer. Apple has consistently delivered on providing iPhones which are high in value and of value to the consumer. This has helped build a high loyal customer base that will always pick an IPhone over any other product any time. IMPORTANCE OF BRANDING IN RELATION TO EXPERIENCE * Product quality * Consistency in product performance IMPORTANCE OF BRANDING IN RELATION TO EXPERIENCE * Product quality * Consistency in product performance...
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...What makes the Samsung brand successful? Marketing has been defined by The Chartered Institute of Marketing (2001) as …“the management process responsible for identifying, anticipating, and satisfying customer requirements profitably”… This essay will focus on the technology sector and attempt to uncover what makes the Samsung brand successful. Using key marketing theories of branding concept, brand equity and brand positioning in a logical order it will critically evaluate these concepts in the context of the chosen brand. Supporting academic theories, relevant brand examples and critical evaluation will be offered throughout each of the theories explored. In conclusion, a summary of these theories will be discussed in relation to the success of the brand. Founded in Suwon , Korea in 1969, Samsung electronics has arguably grown to become one of the most successful companies of modern times. In 1993 chairman Lee Kun Hee laid out his vision for the future and what the company had to do to achieve success. It was to become a global leader in consumer electronics by focusing on creating high quality premium products. By 2012 Samsung had established itself as the world’s largest information technology company for revenues standing at $200 billion with 236,000 employees in 79 countries. It currently holds No.1 global market share for 13 of its products. Its marketing spend for 2012 was $4 billion - 4 times that of its nearest competitor, Apple. Branding is used by companies...
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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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...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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...(SEM) or e-Marketing, is the marketing of products or services over the Internet. The Internet has brought media to a global audience. The interactive nature of Internet marketing in terms of providing instant response and eliciting responses is a unique quality of the medium. Internet marketing is sometimes considered to have a broader scope because it not only refers to the Internet, e-mail, and wireless media, but it includes management of digital customer data and electronic customer relationship management (ECRM) systems. Internet marketing ties together creative and technical aspects of the Internet, including: design, development, advertising, and sales. Internet marketing also refers to the placement of media along many different stages of the customer engagement cycle through search engine marketing(SEM), search engine optimization (SEO), banner ads on specific websites, e-mail marketing, and Web 2.0 strategies. In 2008 The New York Times, working with comScore, published an initial estimate to quantify the user data collected by large Internet-based companies. Counting four types of interactions with company websites in addition to the hits from advertisements served from advertising networks, the authors found the potential for collecting data upward of 2,500 times on average per user per month. ...
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... |DETAILS |MARKS | |Assignment A |Five Subjective Questions |10 | |Assignment B |Three Subjective Questions + Case Study |10 | |Assignment C |45 Objective Questions |10 | Total weightage given to these assignments is 30%. OR 30 Marks All assignments are to be completed as typed in word/pdf. All questions are required to be attempted. All the three assignments are to be completed by due dates (specified from time to time) and need to be...
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...background description of Precise Pest Control, identification of potential audiences for a marketing plan, identification of the chosen market segment, target market, SWOT analysis, and the desired product positioning. It will also provide you with detailed information on the company’s mission statement, marketing position, and a foreign market. Introduction This paper will be covering the early stages of the marketing plan for Precise Pest Control. Here we will discuss the type of product the company will offer and identify its primary characteristics. It will also briefly discuss the service component of the product. Explain how the product could be expanded to a product line, and depth and breadth of the line. Then we will determine how the core business may change in response to industry or market changes. Introduction This paper will be covering the early stages of the marketing plan for Precise Pest Control. Here we will create the domestic and global branding strategy, Determine and detail the optimum pricing strategy, and examine how the pricing strategy supports our branding strategy. We will also prepare a distribution channel analysis identifying the wholesaler, distributor, and retailer relationships. Discuss whether a push or pull strategy will be used. Lastly, we will discuss how the distribution strategy fits the product/service, target market, and overall marketing strategy for the company. Introduction This paper will be covering...
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...customer benefit provided. Having created the value for its customers, the firm is then entitled to capture a portion of it through pricing. To remain a viable concern, the firm must sustain this process of creating and capturing value over time. Within this framework, the plan by which value is created on a sustained basis is the firm’s Marketing Strategy. Marketing Strategy involves two major activities: (i) selecting a target market and determining the desired positioning of product in target customers’ minds and (ii) specifying the plan for the marketing activities to achieve the desired positioning. Figure A presents a schematic describing a general process of marketing strategy development. As shown, five major areas of analysis underlie marketing decision making. We begin with analysis of the 5 C’s— customers, company, competitors, collaborators, and context. We ask: Customer Needs Company Skills Competition Collaborators Context What needs do we seek to satisfy? What special competence do we possess to meet those needs? Who competes with us in meeting those needs? Who should we enlist to help us and how do we motivate them? What cultural, technological and legal factors limit what is possible? This leads first to specification of a target market and desired positioning and then to the marketing mix. This results in customer acquisition and retention...
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...customer benefit provided. Having created the value for its customers, the firm is then entitled to capture a portion of it through pricing. To remain a viable concern, the firm must sustain this process of creating and capturing value over time. Within this framework, the plan by which value is created on a sustained basis is the firm’s Marketing Strategy. Marketing Strategy involves two major activities: (i) selecting a target market and determining the desired positioning of product in target customers’ minds and (ii) specifying the plan for the marketing activities to achieve the desired positioning. Figure A presents a schematic describing a general process of marketing strategy development. As shown, five major areas of analysis underlie marketing decision making. We begin with analysis of the 5 C’s— customers, company, competitors, collaborators, and context. We ask: Customer Needs Company Skills Competition Collaborators Context What needs do we seek to satisfy? What special competence do we possess to meet those needs? Who competes with us in meeting those needs? Who should we enlist to help us and how do we motivate them? What cultural, technological and legal factors limit what is possible? This leads first to specification of a target market and desired positioning and then to the marketing mix. This results in customer acquisition and retention...
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...the competitiveness and the survival of almost every organisation cannot be over emphasis in today’s business environment. Marketing is a broad topic that covers a range of aspects, including advertising, public relations, sales, and promotions and the strategies and approach adopted in implementing such tasks can be a deciding factor in the competitiveness and survival of the organisation. According to the American Marketing Association (AMA), marketing is defined as “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”[i] It is important because the world has become globalised and from a national stand point economic isolationism has become impossible. Failure to participate in the global market assured a nation of declining economic capability and its citizen of decrease in their standard of living.[ii] Marketing has been and will continue to be a function for the survival of any organisation. Most businesses are expanding and getting into new market areas for economic and strategic reasons and it is becoming increasingly difficult, if not possible, for companies to insulate themselves from the effect of international marketing environment, even if their products are designed for purely local environment. The biggest companies in the biggest home market cannot survive on domestic sales alone if they are in global industries such...
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...PAPER 3.5: MARKETING MANAGEMENT – M.B.A. III Sem UNIT 1 Modern Marketing Concept: Social Marketing concept – Approaches to the study of marketing – Marketing segmentation – Meaning – Bases for segmentation, benefits – Systems approach – Features of industrial, consumer and services marketing. UNIT 2 Marketing Environment: External factor – Demographic factors – Internal factors – Marketing mix – Four P’s marketing. Consumer Behaviour: Meaning and importance – Consumer buying process – Determinants and theories of consumer behaviour – Psychological, sociological determinants – Theories and their relevance to marketing. Marketing Research: Meaning – Objectives – Procedure. UNIT 3 Product Mix Management: Product planning and development – Meaning and process – Test marketing – Product failures – Product life cycles – Meaning and Stages – Strategies – Meaning PLC. Product-Market Integration: Strategies – Product positioning – Diversification – Product line simplification –Planned obsolescence – Branding Policies and Strategies – Packing. UNIT 4 Price Mix Management: Pricing and pricing policies – Objectives – Procedures – Methods of price fixing – Administered and regulated prices – Pricing and product life cycle – Government control of pricing. UNIT 5 Physical Distribution Mix: Distribution channel policy – Choice of channel – Channel management – Conflict and cooperation in channels – Middlemen functions. UNIT...
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