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Lecture 3 Faheem Azam

Agenda
Competitors analysis Market Segmentation Target market Positioning

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From the Environmental Audit


Once we are done with The SWOT, PESTEL and Porter, we have a fair picture of the industry and ourselves.

Next step is to translate our learning into strategies Lets see how we do that
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Learning -> Strategy


What to do with the knowledge that you get from SWOT?
Strengths -> maintain and maximize Weakness -> act quickly and invest to minimize Opportunities-> Address with your strategies and grasp Threats -> address with your strategies and avoid
Strength Weakness

Important

Maintain Review

Act quickly Monitor

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Less Important

The Ansoff Matrix


Products

A marketing model which captures in one grid the only strategic alternatives open to any organizations

Existing
Existing

New

Markets

Market Penetration

Product Development

New

Market Development

Diversification

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The Marketing Process

The Marketing Mix Marketing team Resources Objectives Environmental factors The Marketing Planning and Process Product Price Promotion Place

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BCG Revisited

Product Life Cycle


for strategy formulation

PLC knowledge helps understand the way each product must be treated strategically

Relative Market Share how do we plot it and toss it?? (Calculated w.r.t largest competitor)

The BCG can be used to evaluate competitors as well as your own portfolio.
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Next Step Finding and Knowing Customers


Once you have decided the Product Strategy and the market, your next task is to understand your customer and their buying behavior- only then can you develop the marketing mix

Hence from here onwards we are going to talk about the market Segmentation and targeting along with positioning- the final ingredients for a good marketing mix
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Segmentation
Division of market into many homogeneous customer groups Makes it possible for firms to tailor their marketing mix for different type of customers

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Criteria for Segmentation


Substantial Identifiable & Measurable Accessible Responsive

Segment must be large enough to warrant a special marketing mix.


Segments must be identifiable and their size measurable. Members of targeted segments must be reachable with marketing mix. Unless segment responds to a marketing mix differently, no separate treatment is needed.

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Bases for Segmentation


Geography

Bases Used to Segment Consumer Markets

Demographics Psychographics Benefits Sought Usage Rate

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Geographic Segmentation
Segmenting markets by region of the country or world, market size, market density, or climate.

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Demographic Segmentation
Segmenting markets by age, gender, income, ethnic background, and family life cycle

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Psychographic Segmentation

Market segmentation on the basis of personality, motives, lifestyles, and geodemographics.

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Geodemographic Segmentation
Segmenting potential customers into neighborhood lifestyle categories. Combines geographic, demographic, and lifestyle segmentation.
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Benefit Segmentation

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Usage-Rate Segmentation
Dividing a market by the amount of product bought or consumed.

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The Target Market

Segments you decide to serve

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Positioning

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THE END

Any more Questions?


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