Marketing 3010 Week 7 Notes
Marketing 3010 Week 7 Notes Mkt 3010-001
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This 4 page Class Notes was uploaded by Hannah Stephens on Sunday February 21, 2016. The Class Notes belongs to Mkt 3010-001 at Clemson University taught by Carter Willis McElveen in Spring 2016. Since its upload, it has received 43 views. For similar materials see Principles of Marketing in Marketing at Clemson University.
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Date Created: 02/21/16
Chapter 9 Amazon: • Segments of One: Micro segmenting • Personalization to increase Conversion Rates (email, website, etc.) o Individual leverage o Group leverage—what your also likely to buy • How do they do this? o Track everything you do o Email is an extension of their store ▯ Keep email content and templates consistent ▯ Don’t just send discounts and offers o Take advantage of Mobile Platform and make it easy to buy o Use psychology, but keep it subtle ▯ Sense of urgency The STP Process 1. Strategy or Objectives 2. Describe Segments 3. Evaluate Segment Attractiveness 4. Select Target Market 5. Identify & Develop Positioning Strategy • 1 & 2 are segmentation • 3 &4 are targeting • 5 is positioning 1. Establish overall strategy or objectives • Check yourself • Derived from mission and current state 2. Describe Segments a. Ways that you can divide the market i. Geographic Segmentation 1. Region of the country or world 2. Market size 3. Market density 4. Climate ii. Benefits of regional marketing 1. New ways to generate sales in sluggish and competitive markets 2. Scanner data allow assessment of best selling brands in region 3. Region brands appeal to local preferences 4. Quicker reaction to competition iii. Demographic segmentation 1. Age 2. Gender 3. Income 4. Ethnic background 5. Family life cycle iv. Psychographic Segmentation 1. Social class (lower, middle, upper) 2. Lifestyles (what is valued by the segment) 3. Personality (adventure seekers) v. Benefit Segmentation 1. Process of grouping customers into market segments according to the benefits they seek from the product vi. Loyalty Segmentation 1. Much cheaper to keep an existing customer 2. Lifetime value vii. Geodemographic segmentation 1. Segmentation potential customers in neighborhood, lifestyle, categories… 2. Combines geographic, demographic, and lifestyle segmentation 3. Identifiable a. Who is in their Market? b. Are the segments unique? c. Does each segment require a unique marketing mix? Substantial a) Too small or insignificant b) Too big it might need its own store Reachable a) Know the product exists b) What can it do? c) Recognize how to buy it Responsive a) React positively to firms offering b) Move toward the firms product/services c) Accept the firms value prepositioning Profitable a) =(Segment size x segment adoption percentage x purchase behavior x profit margin percentage) – fixed cost 4. Selecting Target Market a. Determining which segments they can serve best b. Should only enter segments where company can i. Create superior customer value ii. Gain advantage over competitors c. Market: people or organizations of needs or want and the ability to buy d. Segmentation Strategy: i. Undifferentiated or mass marketing: No change in anything ii. Differentiated: creating different strategy iii. Concentrated: going after 1 segment. Put all money into 1 market iv. Micromarketing (one-‐to-‐one): individualized, information intensive, customer loyalty 5. Positioning a. Positioning: the place the product occupies in a customers mind relative to company products b. Effective Positioning i. Determine consumers’ perceptions and evaluations ii. Identify consumers’ positions iii. Determine consumer preferences iv. Select the position v. Monitor the positioning strategy c. Perceptual Morphing i. Displaying or graphing the location of products, brands, or groups of products in consumers’ minds d. Positioning Bases: attribute, price and quality, application, uses, competitor e. Repositioning Chapter 10: Market Research & Information Systems • Acxiom o Largest data broker • Market Research o Data collecting + Recording + Analyzing + Interpreting= Decision Making • The Role of Market Research o Descriptive: gathering and presenting factual statements o Diagnostic: explaining data o Predictive: “what if” • The importance of Market Research o Improve quality of decision making o Trace problems o Focus on keeping existing customers o Understand changes in marketplace • Marketing Research Process 1. Defining the objectives and research needs a. What information is needed to answer specific research questions? b. How should that information be obtained? c. What you need and how are you going to get it* 2. Designing the research a. Type of data b. Type of research 3. Data collection process a. Secondary data: received from another source and try to make it apply. Usually bought. b. Primary data: data collected for the first time for the specific problem at hand 4. Analyzing data and developing insights a. Converting data into information to explain, predict and/or evaluate a particular situation b. Habits matter! 5. Presenting the data a. Executive summary b. Body c. Conclusions d. Limitations e. Supplements, including tables, figures, and appendixes
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