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Marketing 3010 Week 7 Notes

by: Hannah Stephens

Marketing 3010 Week 7 Notes Mkt 3010-001

Marketplace > Clemson University > Marketing > Mkt 3010-001 > Marketing 3010 Week 7 Notes
Hannah Stephens

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About this Document

These notes covered what we went over in class.
Principles of Marketing
Carter Willis McElveen
Class Notes
Marketing, Marketing 3010, Clemson University
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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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