Pre-activities
- Reading the following hyperlinked article and make note taking for your online diary:
Live - in person learning - 4 hour workshop:
BMM3013 Week 4.pdf (leedstrinity.net)
Learning objectives:
- The four steps in designing a customer-driven market strategy: market segmentation, market targeting, differentiation, and market positioning
- The major bases for segmenting consumer and business markets (S)
- How companies identify attractive consumer and business markets (T)
- How companies position their products for maximum competitive advantage in the marketplace (P)
Post-activities:
- Team meeting – start developing a structure for your poster assignment due in December. You can do this virtually on Microsoft Teams (Bespoke Weblog) or on campus. Please take meeting minutes (meeting notes).
Quest 2: What are the major bases for segmenting consumer and business markets (S)?
ReplyDeleteAlso, provide an example suitable for your group poster business.
Market segmentation is the process of dividing the market into subsets of customers who share common characteristics. The four pillars of segmentation marketers use to define their ideal customer profile (ICP) are demographic, psychographic, geographic and behavioral
DeleteWhat are the major bases for segmenting consumer and business markets (S)?
DeleteMarket segmentation is the process of dividing the market into subsets of customers who share common characteristics. The four pillars of segmentation marketers use to define their ideal customer profile (ICP) are demographic, psychographic, geographic and behavioral
Question 3: Describe how companies identify attractive consumer and business markets (T).
ReplyDeleteAlso, provide an example suitable for your group's poster business.
A good market segment should be: Identifiable (or differentiable). It should be possible to describe a segment according to descriptive characteristics (geographic, demographic and psychographic) or behavioral considerations (consumer responses to benefits, usage occasions or brands)
DeleteIdentifying the market according to what they need and want. Analyse their usage pattern
DeleteQuestion 4: Illustrate, how companies position their products for maximum competitive advantage in the marketplace (P)
ReplyDeleteAlso, provide an example suitable for your group's poster business.
Illustrate, how companies position their products for maximum competitive advantage in the marketplace (P)
DeleteDefine your target audience.
Identify the key benefits of your product.
Establish brand credibility.
Offer a unique value proposition.
Consider audience segmentation.
Craft your messaging.
Do a competitive analysis.
Demonstrate your expertise.
MARKET SEGMENTATION Age.
ReplyDeleteGender.
Income.
Level of education.
Religion.
Profession/role in a company.
MARKET TARGETING What is market targeting with example?
ReplyDelete6 Key Target Market Examples (+How to Find & Reach Yours ...
For example, if you're a daycare center, your target market is children and their parents. Those are the people who will use your services. But your target audience could also include local schools and churches, your community, businesses near your center, grandparents, and more.
DIFFERENTIATION What is differentiation in the market?
ReplyDeleteProduct Differentiation: What It Is, How Businesses Do It ...
Product differentiation is fundamentally a marketing strategy to encourage the consumer to choose one brand or product over another in a crowded field of competitors. It identifies the qualities that set one product apart from other similar products and uses those differences to drive consumer choice.
MARKET POSITIONING
ReplyDeleteMarket Positioning refers to the ability to influence consumer perception regarding a brand or product relative to competitors. The objective of market positioning is to establish the image or identity of a brand or product so that consumers perceive it in a certain way.
Product price: Associating your brand/product with competitive pricing. Product quality: Associating your brand/product with high quality.
ReplyDeleteMarket segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments....
ReplyDeleteA target market is a specific group of people with shared characteristics that a business markets its to product or services to.
Product Differentiation or characteristics that make your product or service stand out to your target audience
Market positioning is to establish the image or identity or a brand or product .
Market segmentation is the process of dividing up the total market (all the people the organisation can sell its products or services to) into identifiable, measurable and discrete groups who share some common characteristics or needs and whose attitudes or reactions towards communications messages about products or services might be similar.
ReplyDeleteMarket Targeting
ReplyDeleteOnce an organisation has identified a range of possible segments within the market, it begins the targeting process. As highlighted in the modified Figure 6.1 , this consists of developing measures of the attractiveness of the segments and selection of the segments to target. This process is a re-evaluation of the segments and the profiles matched against the core competencies and resources (what the organisation actually offers from the service or the experience) to identify which are the most attractive segments to target.
Differentiation
ReplyDeleteRegards to differentiation, there are a few strategy example product differentiation, Service differentiation, channel differentiation, people differentiation and image differentiation. The difference to promote can be important, distinctive, Superior, communicable, pre-emptive, affordable and profitable.
Positioning
ReplyDeleteThe product positioning process consist of making any fine adjustments to the service offering in the light of research conducted in the marketing planning process and then the creation of an “image” of the service which meets the target market values. This position can be made up of the core competencies or the specific value requirements of the target group. For each target segment, adjustments are made in the marketing mix.
Group: Diana-Andreea Dragan,Mihai Nedelea ,Stelian Barzu
ReplyDeleteMarket segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments....
A target market is a specific group of people with shared characteristics that a business markets its to product or services to.
Product Differentiation or characteristics that make your product or service stand out to your target audience
Market positioning is to establish the image or identity or a brand or product .
Regards to differentiation, there are a few strategy example product differentiation, Service differentiation, channel differentiation, people differentiation and image differentiation. The difference to promote can be important, distinctive, Superior, communicable, pre-emptive, affordable and profitable.
ReplyDeletePositioning your product in a competitive market demands strategic thinking. Here are top practices: USPs: Identify unique selling points to set your product apart. Audience: Understand customer needs & preferences for tailored messaging. Value: Focus on benefits, not features.
ReplyDelete