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Chapter 6 and 7

by: Samantha Bressler

Chapter 6 and 7 MKT 423 Market Strategy

Samantha Bressler

GPA 3.6

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In class notes
Market Strategy
Mrs. Emily Emery
Class Notes
Marketing, marketingstrategy
25 ?




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This 3 page Class Notes was uploaded by Samantha Bressler on Friday October 7, 2016. The Class Notes belongs to MKT 423 Market Strategy at College of the Ozarks taught by Mrs. Emily Emery in Fall 2016. Since its upload, it has received 5 views. For similar materials see Market Strategy in Business Administration at College of the Ozarks.

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Date Created: 10/07/16
Forecasting:      Statistical Method: uses past history to predict things that will happen in the future.           Not good for new products, have to keep up with changing products      Observation­based: observing directly and record buying behaviors.      Surveys or focus groups: showing a consumer a product and asking them how much they  would want to buy this product      Analogy: good for when there are no statistics or observation analysis to pick up on      Judgement: forecast based solely on experience or knows a lot about the area.      Market Test: utilized when its a new product and under a controlled environment. Adoption Process:      It always takes time for people to accept a new product Five steps: pg 159      Risk      Relative Advantage      Relative Simplicity      Compatibility with current behavior      Ease of small­scale trial Innovation Curve: pg 158      innovators      early adopters      early majority      late majority      laggards Segmenting and target marketing      Segmentation: grouping based on product choice      target marketing: how companies go after those groups three steps in the market segmentation process      identify a homogeneous segment that differs from other segments           price, product, promotion, and place      specify criteria that define the segment      determine segment size and potential Segmenting demographically      age      gender      income      occupation          education      race and ethic origin Segmenting geographically      different locations vary in:           sales potential           growth rates           customer needs           cultures           climates           service needs           competitive structures           purchase rates for a variety of goods      trade area: the area included within such a geographically defined region Geodemographic segmentation      marketers targeting emerging markets in the developing world must pay particular attention to market segmentation within the geographic regions they target.      do not assume that every person in the community is lower class. Behavioral segmentation      consumer needs      product usage and purchase influence           product usage is important because in many markets a small proportion of potential  customers makes a high percentage of all purchases.           market segmentation based on sources of purchase influence for the product category is  relevant for both consumer and organizational markets.      lifestyle 5 steps of targeting:      Step 1: Select Market­attractiveness and competitive­position factors           Market­attractiveness factors:                customer needs and behavior                market or market segment size and growth rate                macro trends:                     demographic                     sociocultural                     economic                     political/legal                     technological                     natural           Competitive­position factors:                opportunity for competitive advantage                firm and competitor capabilities and resources                attractiveness of industry which we would compete      Step 2: Weight Each Factor           Exhibit 7.9           Measured through weight and rating (0­10) then multiply= total market attractiveness and  competitive position factors      Step 3: Rate segments on each factor, plot results on matrices           Exhibit 7.10      Step 4: Project future position for each segment           make sure to improve as your segment changes      Step 5: Choose segments to target, allocate resources Different targeting strategies suit different opportunities:      Niche­market strategy           serving one or more segments that, while not the largest, consist of a sufficient number of  customers seeking somewhat­specialized benefits from a good or service      Mass­market strategy           design a single product­and­marketing program that will appeal to the largest number of  consumers.      growth­market strategy           develop for emerging users


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