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C HOOSING V ALUE MBA 649 : Marketing Management M Wahidul Islam Fall 2014 LECTURE 6.

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Presentation on theme: "C HOOSING V ALUE MBA 649 : Marketing Management M Wahidul Islam Fall 2014 LECTURE 6."— Presentation transcript:

1 C HOOSING V ALUE MBA 649 : Marketing Management M Wahidul Islam Fall 2014 LECTURE 6

2 PART 1 SEGMENTATION

3 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-3 B ABY B OOMERS : A L UCRATIVE M ARKET

4 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-4 E FFECTIVE T ARGETING R EQUIRES … Identify and profile distinct groups of buyers who differ in their needs and preferences Select one or more market segments to enter Establish and communicate the distinctive benefits of the market offering

5 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-5 F ORD ’ S M ODEL T F OLLOWED A M ASS M ARKET A PPROACH

6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-6 F OUR LEVELS OF M ICROMARKETING Segments Local areasIndividuals Niches

7 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-7 W HAT IS A M ARKET S EGMENT ? A market segment consists of a group of customers who share a similar set of needs ad wants.

8 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-8 P REFERENCE S EGMENTS Homogeneous preferences exist when consumers want the same things Diffused preferences exist when consumers want very different things Clustered preferences reveal natural segments from groups with shared preferences

9 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-9 N ICHE M ARKETERS Enterprise Rent-A-Car targets the insurance- replacement market

10 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-10 B ASKIN R OBBINS F OCUSES ON L OCAL M ARKETING

11 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-11 W HAT IS C USTOMERIZATION ? Customerization combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product and service offering of their choice.

12 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-12 S EGMENTING C ONSUMER M ARKETS Geographic Demographic Psychographic Behavioral

13 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-13 D EMOGRAPHIC S EGMENTATION Age and Life Cycle Life Stage Gender Income Generation Social Class

14 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-14 T OYOTA S CION T ARGETS G EN Y C ONSUMERS

15 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-15 D OVE T ARGETS W OMEN

16 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-16 B EHAVIORAL S EGMENTATION Decision Roles Initiator Influencer Decider Buyer User Behavioral Variables Occasions Benefits User Status Usage Rate Buyer-Readiness Loyalty Status Attitude

17 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-17 T HE B RAND F UNNEL I LLUSTRATES V ARIATIONS IN THE B UYER -R EADINESS S TAGE Aware Ever tried Recent trial Occasional user Regular user Most often used

18 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-18 L OYALTY S TATUS Switchers Shifting loyals Split loyals Hard-core

19 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-19 F IGURE 8.3 B EHAVIORAL S EGMENTATION B REAKDOWN

20 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-20 T HE C ONVERSION M ODEL ConvertibleShallowAverageEntrenched Strongly unavailable AmbivalentAvailable Weakly unavailable Users Nonusers

21 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-21 S EGMENTING FOR B USINESS M ARKETS Demographic Operating Variable Purchasing Approaches Situational Factors Personal Characteristics Personal Characteristics

22 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-22 S TEPS IN S EGMENTATION P ROCESS Needs-based segmentation Segment identification Segment attractiveness Segment profitability Segment positioning Segment acid test Marketing-Mix Strategy

23 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-23 E FFECTIVE S EGMENTATION C RITERIA Measurable Substantial Accessible Differentiable Actionable

24 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-24 F IGURE 8.4 P ATTERNS OF T ARGET M ARKET S ELECTION

25 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-25 F IGURE 8.4 P ATTERNS OF T ARGET M ARKET S ELECTION

26 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-26 F IGURE 8.4 P ATTERNS OF T ARGET M ARKET S ELECTION

27 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 8-27 C REST W HITESTRIPS F OLLOWS A M ULTISEGMENT S TRATEGY

28 R EFERENCES Chapter – 4 Creating Customer Value, Satisfaction, and Loyalty Kotler, Philip, Keller, Kevin L., Koshy, Abraham and Jha, Mithileshwar (2013-14) Marketing Management: A South Asian Perspective (14 th Edition) Pearson Education Inc

29 PART 2 Dealing with Competition

30 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 11-30 F IGURE 1.1 F IVE F ORCES D ETERMINING S EGMENT S TRUCTURAL A TTRACTIVENESS

31 5-31 C OMPETITOR A NALYSIS What is a Competitor Analysis? A competitor analysis is a detailed analysis of a firm’s competition. It helps a firm understand the positions of its major competitors and the opportunities that are available. A competitive analysis grid is a tool for organizing the information a firm collects about its competitors.

32 5-32 I DENTIFYING C OMPETITORS Types of Competitors New Ventures Face

33 5-33 S OURCES OF C OMPETITIVE I NTELLIGENCE 1 OF 3 Collecting Competitive Intelligence To complete a competitive analysis grid, a firm must first understand the strategies and behaviors of its competitors. The information that is gathered by a firm to learn about its competitors is referred to as competitive intelligence. A new venture should take care that it collects competitive intelligence in a professional and ethical manner.

34 5-34 S OURCES OF C OMPETITIVE I NTELLIGENCE 2 OF 3 Ethical ways to obtain information about competitors Attend conferences and trade shows. Purchase competitor’s products. Study competitors’ Web sites. Set up Google and Yahoo! e-mail alerts. Read industry-related books, magazines, and Web sites. Talk to customers about what motivated them to buy your product as opposed to your competitor’s product.

35 5-35 S OURCES OF C OMPETITIVE I NTELLIGENCE 3 OF 3 Many companies attend trade shows to not only display their products, but to see what their competitors are up to. This is a photo of the the 2008 Consumer Electronics Trade Show in Las Vegas.

36 5-36 C OMPLETING A C OMPETITIVE A NALYSIS G RID Competitive Analysis Grid A tool for organizing the information a firm collects about its competitors A competitive analysis grid can help a firm see how it stakes up against its competitors, provide ideas for markets to pursue, and identify its primary sources of competitive advantage.

37 5-37 C OMPETITIVE A A NALYSIS G RID FOR E XPRESSO F ITNESS

38 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 11-38 F IGURE 11.6 S IX T YPES OF D EFENSE S TRATEGIES

39 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 11-39 F IGURE 11.7 O PTIMAL M ARKET S HARE

40 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 11-40 O THER C OMPETITIVE S TRATEGIES Market Challengers Market Nichers Market Followers

41 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 11-41 M ARKET C HALLENGER S TRATEGIES Define the strategic objective and opponents Choose a general attack strategy Choose a specific attack strategy

42 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 11-42 M ARKET F OLLOWER S TRATEGIES Counterfeiter Cloner Imitator Adapter

43 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 11-43 N ICHE S PECIALIST R OLES End-User Specialist Vertical-Level Specialist Customer-Size Specialist Specific-Customer Specialist Geographic Specialist Product-Line Specialist Job-Shop Specialist Quality-Price Specialist Service-Specialist Channel Specialist

44 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 11-44 B ALANCING O RIENTATIONS Competitor- Centered Customer- Centered

45 R EFERENCES Chapter – 4 Creating Customer Value, Satisfaction, and Loyalty Kotler, Philip, Keller, Kevin L., Koshy, Abraham and Jha, Mithileshwar (2013-14) Marketing Management: A South Asian Perspective (14 th Edition) Pearson Education Inc

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