Market Segmentation and Targeting
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Market Segmentation, Targeting and Positioning
CHAPTER 9 Market Segmentation, Targeting and Positioning 9.1 LEARNING OBJECTIVES When you have read this chapter you should be able to understand: (a) the nature and purpose of market segmentation; (b) the contribution of segmentation to effective marketing planning; (c) how markets can be segmented, and the criteria that need to be applied if segmentation is to prove cost-effective; (d) how product positioning follows from the segmentation process; (e) the bases by which products and brands can be positioned effectively. 9.2 INTRODUCTION In Chapters 5 –7 we focused on approaches to environmental, customer and competitor analysis, and the frameworks within which strategic mar- keting planning can best take place. Against this background we now turn to the question of market segmentation, and to the ways in which compa- nies need to position themselves in order to maximize their competitive advantage and serve their target markets in the most effective manner. It does need to be recognized, however, that for many organizations the stra- tegic issues of market segmentation, market targeting and positioning often take on only a minimal role. A variety of authors (see, for example, Saunders, 1987; Solomon et al., 2006) have all pointed to the way in which approaches to segmentation are often poorly thought out and then poorly implemented. Strategic Marketing Planning Copyright © 2009 Colin Gilligan and Richard M.S. Wilson. All rights reserved. 339 340 CHAPTER 9: Market Segmentation, Targeting and Positioning There are several possible reasons for views such as these, although, in the case of companies with a broadly reactive culture, it is often due largely to a degree of organizational inertia, which leads to the fi rm being content to stay in the same sector of the market for some considerable time. -
Competitive Analysis for a Growth Mindset
Competitive Analysis for a Growth Mindset Competitive Analysis for a Growth Mindset 1 Building a Growth Marketing Plan with Competitive Analysis: What Every Marketer Needs to Know Building and scaling marketing is hard work—from creating content to launching campaigns to analyzing and optimizing channels, there’s work to be done in every corner. While you’re trying to attract and engage your personas, it turns out, so are your competitors. Your competitors’ content, campaigns, and solutions are affecting how those target customers perceive you, and affect the impact of all of your marketing efforts. So how do you fuel your growth in light of all of the market changes around you? The key is understanding and analyzing your competitors’ moves and incorporating those lessons into your growth marketing plans. In this guide, we’ll dive into the how-to of completing a full competitive analysis, outline a methodology for incorporating competitive analysis into each area of your marketing plan, and dig into the details of turning competitive insights into marketing wins across product marketing, demand gen, content marketing, and branding and PR. Businesses report having an average of 25 competitors in their market, and 87% say that their market has become more competitive in the last three years. Crayon State of Competitive Intelligence 2019 Competitive Analysis for a Growth Mindset 2 What is Competitive Analysis? Competitive analysis is the process of studying your market landscape and each player in that market to uncover patterns and trends. In a business context, this means digging deep into the solutions, marketing, teams, and more of each of your rivals to understand their strengths, weaknesses, and strategies in order to determine your own plan of action to grow and win. -
Michael E. Porter
COMPETITIVE Books by Michael E. Porter The Competitive Advantage of Nations ( 1990) Competitive Advantage: Creating and Sustaining Superior Pe$ormance (1985) Cases in Competitive Strategy (1982) Competition in the Open Economy (with R.E. Caves and A.M. Spence) (1 980) Interbrand Choice, Strategy and Bilateral Market Power (1976) COMPETITIVE STRATEGY Techniques for Analyzing Industries and Competitors With a new Introduction Michael E. Porter THE FREE PRESS THE FREE PRESS A Division of Simon & Schuster Inc 1230 Avenue of the Americas New York, NY 10020 Copyright O 1980 by The Free Press New introduction copyright O 1998 by The Free Press All rights reserved, including the right of reproduction in whole or in part in any form. First Free Press Edition 1980 THE FREE PRESS and colophon are trademarks of Simon & Schuster Inc. Manufactured in the United States of America 62 61 60 Library of Congress Cataloging-in-Publication Data Porter, Michael E. Competitive strategy: techniques for analyzing industries and competitors: with a new introduction1 Michael E. Porter. p. cm. .. Originallypublished: New York: Free Press, c I980 Includes bibliographical references and index. I. Competition. 2. Industrial management. I. Title. HD4 1 .P67 1998 658dc21 98-9580 CIP ISBN 0-684-84148-7 Contents Introduction Preface xvii Introduction, 1980 xxi PART I General Analytical Techniques CHAPTER 1 THE STRUCTURAL ANALYSIS OF INDUSTRIES 3 Structural Determinants of the Intensity of Competition 5 Structural Analysis and Competitive Strategy 29 Structural Analysis -
Using Market Segmentation Theory to Select Target Markets for Sun Protection Campaigns
University of Wollongong Research Online Faculty of Health and Behavioural Sciences - Papers (Archive) Faculty of Science, Medicine and Health 2005 Using market segmentation theory to select target markets for sun protection campaigns Sandra C. Jones University of Wollongong, [email protected] L. Rees University of Wollongong Danika Hall University of Wollongong, [email protected] A. Tang Cancer Council of New South Wales Follow this and additional works at: https://ro.uow.edu.au/hbspapers Part of the Arts and Humanities Commons, Life Sciences Commons, Medicine and Health Sciences Commons, and the Social and Behavioral Sciences Commons Recommended Citation Jones, Sandra C.; Rees, L.; Hall, Danika; and Tang, A.: Using market segmentation theory to select target markets for sun protection campaigns 2005. https://ro.uow.edu.au/hbspapers/66 Research Online is the open access institutional repository for the University of Wollongong. For further information contact the UOW Library: [email protected] Using market segmentation theory to select target markets for sun protection campaigns Abstract This paper describes the initial steps in target market segmentation and evaluation as part of an industry- linked research project to develop a social marketing program for sun protection. The Project Reference Group developed a set of segmentation evaluation criteria based on recommendations from marketing and health promotion literature, as well as adding criteria specifically eler vant to the industry partner. The process enabled an informed, representative and defensible selection of a primary target market as an initial starting point for further target market research and segmentation. It also demonstrated that bridging terminology from the fields of marketing and health promotion as well as including context- specific ve aluation criteria can enhance target market segmentation in social marketing. -
The Importance and Level of Adaptation of STP Strategies for Growth in Foreign Markets: in the Case of Soft Drinks Company
Asian Journal of Economics, Business and Accounting 19(2): 13-23, 2020; Article no.AJEBA.61566 ISSN: 2456-639X The Importance and Level of Adaptation of STP Strategies for Growth in Foreign Markets: In the Case of Soft Drinks Company Md. Mahathy Hasan Jewel1 and Kh Khaled Kalam2* 1Department of Marketing, Jagannath University, Bangladesh. 2Economics and Business School, Shandong Xiehe University, China. Authors’ contributions This work was carried out in collaboration between both authors. Both authors read and approved the final manuscript. Article Information DOI: 10.9734/AJEBA/2020/v19i230299 Editor(s): (1) Dr. Fang Xiang, University of International and Business Economics, China. (2) Dr. Chan Sok Gee, University of Malaya, Malaysia. Reviewers: (1) Getie Andualem Imiru, Addis Ababa University, Ethiopia. (2) Najah Hassan Salamah, King Abdulaziz University, Saudi Arabia. (3) Huseyin Altay, Inonu University, Turkey. (4) Ibajanaishisha M. Kharbudon, Fazl Ali College, India. (5) M. Beulah Viji Christiana, Anna University, India. Complete Peer review History: http://www.sdiarticle4.com/review-history/61566 Received 10 August 2020 Accepted 15 October 2020 Case Study Published 12 November 2020 ABSTRACT STP denotes Segmentation, Targeting, and Positioning. This study's main purpose is to demonstrate the STP concept's understanding and its importance in the success or failure of a Soft Drinks company. Examines the competitive role of Soft Drinks in the global soft beverage industry. Since they operate in over 200 countries, they have a simple choice as to whether their products are standardized worldwide and whether they can benefit from economies of magnitude and adapt their products to a given market. -
Strategic Analysis Tools
Topic Gateway Series Strategic Analysis Tools Strategic Analysis Tools Topic Gateway Series No. 34 1 Prepared by Jim Downey and Technical Information Service October 2007 Topic Gateway Series Strategic Analysis Tools About Topic Gateways Topic Gateways are intended as a refresher or introduction to topics of interest to CIMA members. They include a basic definition, a brief overview and a fuller explanation of practical application. Finally they signpost some further resources for detailed understanding and research. Topic Gateways are available electronically to CIMA Members only in the CPD Centre on the CIMA website, along with a number of electronic resources. About the Technical Information Service CIMA supports its members and students with its Technical Information Service (TIS) for their work and CPD needs. Our information specialists and accounting specialists work closely together to identify or create authoritative resources to help members resolve their work related information needs. Additionally, our accounting specialists can help CIMA members and students with the interpretation of guidance on financial reporting, financial management and performance management, as defined in the CIMA Official Terminology 2005 edition. CIMA members and students should sign into My CIMA to access these services and resources. The Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0)20 7663 5441 F. +44 (0)20 7663 5442 E. [email protected] www.cimaglobal.com 2 Topic Gateway Series Strategic -
PRA405 Week4 Identifying Target Audience 10
PRA405 - Identifying the Target Campaign Design in IMC Audience Who are we talking to?... Steps in Designing IMC Campaign Step 1. Situational analysis Step 2. Identifying the target audiences Step 3. Setting objectives Step 4. Strategic decision-making Step 5. Operational decision-making Step 6. Setting the budget Step 7. Implemantation Step 8. Campaign evaluation. Identify Target Audience Includes assessing the audience’s perceptions of the company, product, and competitors’ company/product image Affects decisions related to what, how, when, and where message will be said, as well as to whom will say it Identify Target Audience 1. Who exactly are the consumers most likely to become users of a brand? 2. What do they like? 3. Where are they located? 4. How can they be reached most efficiently with marketing communications tools? 5. When is the best time in the consumer’s life to apply the tools? Target Audience Women between 25-54 years old Working Salary 30.000$ + Having a child above 12 years old Watching channel ATV Determined Target Audience Target Audience • A, B1, B2, C1, C2 SES mothers with 0-5 age child and who really cares the baby care. • Pediatricians • Experts (Pharmacist, pregnancy consultants...) • Youngs between 12-18 ages who are trend followers in parfume world. The Target Marketing Process IdentifyIdentify marketsmarkets withwith unfulfilledunfulfilled needsneeds DeterminingDeterminingDeterminingDetermining market market marketmarket ____________ ____________ segmentationsegmentation SelectingSelectingSelectingSelecting marketmarket marketmarket toto _________to_________to targettarget _________through_________through marketingmarketing strategiesstrategies Related concepts Market Segmentation : The process of dividing a market into homogeneous segments using one or two range of possible alternative segmentation method, each segment being composed of customers or consumers sharing similar characteristics. -
Competitor Analysis Topic Gateway Series No.21
Topic Gateway Series Competitor Analysis Competitor Analysis Topic Gateway Series No.21 1 Prepared by Ray Perry, Michelle Ross and Technical Information Service Revised November 2008 Topic Gateway Series Competitor Analysis About Topic Gateways Topic Gateways are intended as a refresher or introduction to topics of interest to CIMA members. They include a basic definition, a brief overview and a fuller explanation of practical application. Finally they signpost some further resources for detailed understanding and research. Topic Gateways are available electronically to CIMA members only in the CPD Centre on the CIMA website, along with a number of electronic resources. About the Technical Information Service CIMA supports its members and students with its Technical Information Service (TIS) for their work and CPD needs. Our information and accounting specialists work closely together to identify or create authoritative resources to help members resolve their work related information needs. Additionally, our accounting specialists can help CIMA members and students with the interpretation of guidance on financial reporting, financial management and performance management, as defined in the CIMA Official Terminology 2005 edition. CIMA members and students should sign into My CIMA to access these services and resources. The Chartered Institute of Management Accountants 26 Chapter Street London SW1P 4NP United Kingdom T. +44 (0)20 7663 5441 F. +44 (0)20 7663 5442 E. [email protected] www.cimaglobal.com 2 Topic Gateway Series Competitor Analysis Competitor Analysis Definition Competitor analysis is defined as the: ‘Identification and quantification of the relative strengths and weaknesses (compared with competitors or potential competitors), which could be of significance in the development of a successful competitive strategy.’ CIMA Official Terminology Guide 2005 Competitor analysis involves understanding and analysing businesses which compete directly or indirectly with your business in at least one market, product category or service. -
Advertising Media Planning
Advertising Media Planning FOURTH EDITION The planning and placement of advertising media is a multibillion dollar business that critically impacts advertising effectiveness. The new edition of this acclaimed and widely adopted text offers practical guidance for those who practice media planning on a daily basis, as well as those who must ultimately approve strategic media decisions. Full of current brand examples, the book is a “must-read” for all who will be involved in the media decision process on both the agency and client side. Its easy-to-read style and logical format make it ideal for class- room adoption, and students will benefi t from the down-to-earth approach, and real-world business examples. Several new chapters have been added to the fourth edition, including: • International advertising • Campaign evaluation • The changing role of media planning in agencies, to give the reader a better grounding in the role of media in an advertising and marketing plan today • Evaluating media vehicles, fi lled with up-to-date examples • Search engine marketing, and a thorough revision of the chapter on online display advertising to address the increased emphasis on digital media • Gaming, and many new examples of the latest digital media with an emphasis on social media, and a new framework for analyzing current and future social media • Increased coverage of communication planning • Added focus on the importance of media strategy early on in the book • Separate chapters for video and audio media (instead of lumping them together in broadcast). This creates a more in-depth discussion of radio in particular. -
Marketing Module 4: Competitor Analysis
June 2013 EB 2013-05 MARKETING MODULES SERIES Marketing Module 4: Competitor Analysis Sandra Cuellar-Healey, MFS MA Miguel Gomez, PhD Charles S. Dyson School of Applied Economics & Management College of Agriculture and Life Sciences Cornell University, Ithaca NY 14853-7801 Table of Contents Page Foreword……………………………………………………………………………………...4 1. Introduction……………………………………………………………………………....5 2. Competitor Analysis Defined…………………………………………………………...5 3. Identifying Current and Potential Competitors……………………………………….5 3.1 Industry-Based Analysis……………………………………………………………...6 3.2 Market-based Analysis……………………………………………………………….7 4. Competitor Profiling…………………………………………………………………….8 5. Assessing Market Attractiveness……………………………………………………….10 6. Designing Competitive Strategies ……………………………………………………..12 6.1 Market Leader………………………………………………………………………..12 6.1.1 Expanding total market………………………………………………………12 6.1.2 Defending market share……………………………………………………...13 6.1.3 Expanding market share……………………………………………………...13 6.2 Market Challenger…………………………………………………………………...13 6.3 Market Follower……………………………………………………………………...14 6.4 Market Nicher………………………………………………………………………..15 References…………………………………………………………………………………...16 Supplement No. 1 – Example of a SWOT Analysis for Whole Foods………………………..17 Supplement No. 2 - Example of a SWOT Analysis for Mc Donald’s………………………...18 Foreword A marketing strategy is something that every single food and agriculture-related business (farms, wholesalers, retailers, etc.), no matter how big or small, needs to have in place in order to succeed in the marketplace. Many business owners in the food and agriculture sector in New York State and elsewhere are hesitant to set up an actual marketing strategy because they simply do not know how to go about developing it. How to better market their products and services remains a primary concern among New York State food businesses as a result. In response to this need, we offer this Marketing Modules Series of eight modules which constitute a comprehensive training course in marketing management. -
Competitor Analysis and Accounting (Relevant to Paper II -- PBE Management Accounting and Finance) Dr Fong Chun Cheong, Steve S
Competitor analysis and accounting (Relevant to Paper II -- PBE Management Accounting and Finance) Dr Fong Chun Cheong, Steve School of Business, Macao Polytechnic Institute Every day we see competition in products and services in a modern business society. Competitor analysis and accounting is a central issue in strategic management accounting. These techniques help companies analyze and master the competitive situation. Competitor analysis and accounting is also called competitor-focused accounting or accounting for the competition. Key benefits of competitor analysis and accounting Competitor analysis and accounting is regarded as a central element in business planning and control. There are four key benefits of competitor analysis and accounting: 1. Industry benchmarking. Companies compare themselves with similar companies in the same industry to identify their strengths and weaknesses. For example, Bank of East Asia sets Hang Seng Bank as its benchmark for comparison, as both are local banks in Hong Kong. 2. Learning from competitors. Companies study their similar market experiments to those which they are planning. For example, mobile phone service companies compare plans of other mobile companies when planning a new promotion of phone services. 3. Positioning. Companies try to identify their competitors’ strengths when choosing competition methods, either by cutting the product price to exercise cost leadership or by launching a new product or service to achieve product specialization. 4. Identifying opportunities and threats. Competitor analysis and accounting links with the traditional strengths, weaknesses, opportunities and threats (SWOT) analysis for handling both business opportunities and threats. Some query why competitor analysis is critical for identifying opportunities and threats. To answer this, think about what questions an organization should ask to identify these. -
Mini Cooper: Marketing Strategy, Digital Marketing, Brand & Ethics
MINI COOPER: MARKETING STRATEGY, DIGITAL MARKETING, BRAND & ETHICS 10.2478/cris-2013-0005 MINI COOPER: MARKETING STRATEGY, DIGITAL MARKETING, BRAND & ETHICS MARIIA MOISEIEVA The report is designed to examine, analyse, and evaluate where appropriately the current Mini Cooper’s marketing strategy, its digital marketing initiative, branding, and the importance of ethical values in Mini Cooper as well as other organisations. That is important for understanding of the practical applications of marketing is achieved by applying theory to them. It is determined that Mini’s marketing strategy has shifted in terms of targeting and brand positioning. As previously it was an affordable iconic British car, now it has become a cool luxury car dominantly for a young segment. Its inter- national marketing strategy is differentiated in a way that a brand is built up on the historical iconic image of Mini for the UK and associated market, but it is not associated with any values in the past for the US customers. Overall, Mini’s marketing strategy is considered to be innovative, creative, and sometimes ‘silly’, which is of great value for its young energetic target audience. Digital marketing initiative also corresponds to the latest IT and social trends worldwide by ‘digitalising’ marketing initiatives and active social networking with the consumers. Brand is a core competence and ‘everything’ for Mini. Marketing is centered on its brand, not vice versa. An analysis of the Mini’s strategy shows that it is efficient in terms of its branding strategy. Ethical values also play an important role for Mini as well as the other organisations.