COE Session 1
COE Session 1 Business 1000
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This 2 page Class Notes was uploaded by Madeline Mei Lewis on Thursday September 17, 2015. The Class Notes belongs to Business 1000 at University of Denver taught by Dr Stephen Haag in Fall 2015. Since its upload, it has received 47 views. For similar materials see Gateway to Business in Business at University of Denver.
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Date Created: 09/17/15
Maddy Lewis Business 1000 September 15 2015 Marketing 1 Segmentation the process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs wants or demand characteristics 1 Clear identification of the segment What makes a group unique 2 Measurability of the segments size Is there a way to determine how many potential customers there are 3 Accessibility of the segment through promotional efforts How difficult is it to connect with your potential customers 4 Its appropriateness to the policies and resources of the company Does it make sense for the company to deliver the productsservice gain their strengths Segmentation Strategies Along with the four segmentation factors businesses also need to consider four segmentation strategies The strategies are ways of uniquely identifying potential customers 1 Behavioral segmentation strategies attempt to group potential customers based on specific behavioral patterns such as spending consumption and lifestyle How much you spend What you buy What activities you enjoy 2 Demographic segmentation strategies attempt to group potential customers based on age race religion gender family size ethnicity income and education 3 Psychographic segmentation strategies attempt to group potential customers based on consumers Strategies that attempt to group potential customers based on personality traits values and interests 4 Location segmentation strategies attempt to group potential customers based on location Targeting 1 Undifferentiated targeting an option that treats all potential customers as one big group this strategy is good for businesses with very little competition 2 Concentrated targeting the process of selecting a specific group of potential customers and working to understand their wants and needs Groups that share common wants and needs that are unique to them Concentrated marketing may also not be the best for your client The groups of potential customers are two distinct groups even though they have similar wants and needs because they are all DIFFERENT 3 Marketers can use multi segment targeting Multi segment targeting used to focus on two or more well defined market segments and want to develop different strategies for them Professionals Students These three strategies also apply to businesses that sell productsservices to other businesses That business model is called businesses to business B2B while selling to consumers is called business to consumers B2C Positioning creating a marketing strategy that helps your target market identify your business offering as being unique It s how your potential customers perceive you If your potential customers don t recognize your company as providing productsservices they want than your positioning isn t working Positioning Statement the heart of the marketing strategy it helps frame the strategy and the tactics that will be used to create the marketing plan Its an internal tool that ensures every decision is an alignment with your brand A brand is the visual experiential and cultural representation of your business A company s brand is one of the first thing that a target market will become aware of This awareness is the first step for businesses when they re building relationships with their target market first step in the purchase funnel Purchase Funnel 1 9593 Awareness the measure of how well known a business brand or productservice is Consideration refers to the process of comparing options between competing brands Evaluation comes after you ve reviewed your options and are ready to make a decision Purchase is when someone purchases the product or service Loyalty the goal of every business not guaranteed and simply means businesses want customers to return to buy more products services Marketing 2 Marketing Mix
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