200086 Lecture Notes - Lecture 28: Niche Market

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amberhippopotamus661

27 Apr 2019

School

UWS

Department

University of Western Sydney

Course

200086

Professor

anon

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Document Summary

Brand positioning refers to target consumer"s reason to buy your brand in preference to others. It is ensures that all brand activity has a common aim; is guided, directed and delivered by the brand"s benefits/reasons to buy; and it focusses at all points of contact with the consumer. In order to create a distinctive place in the market, a niche market has to be carefully chosen and a differential advantage must be created in their mind. Brand positioning is a medium through which an organization can portray it"s customers what it wants to achieve for them and what it wants to mean to them. Brand positioning can be defined as an activity of creating a brand offer in such a manner that it occupies a distinctive place and value in the target customer"s mind. Mahindra positions itself in the customer"s mind as one entity- Kotak - which can provide customized and one-stop solution for all their financial services needs.

Related Questions

The purpose behind much of advertising is to influence each of the five Consumer Decision Making process (Problem Recognition, Information Search, Evaluation of Alternatives, Product Choice (i.e. Purchase) and Outcomes (i.e. Postpurchase). Each stage of the Consumer Decision Making process has techniques that help consumers to manage the stage and then move onto the next one successfully. Eventually, the consumer moves to purchase (where we get excited to make the sale) but don't underestimate how important the last stage (post purchase) is to making additional sales in the future. Below are guidelines that show basic techiniques used to target and manipulate each Consumer Decision Stage through advertising.

Below are some issues that you will want to consider as you evaluate each of the five chosen advertisements. Please remember that your goal is not simply to answer these questions, but to provide insights into the consumerâs decision making process that you feel would be useful to a marketing manager (e.g., if an ad triggered the consumerâs decision to purchase the product). Other areas to comment on would be level of involvement, etc.

Consumer Decision Making Stage:	Considerations for Stage:	Common Ad Techniques:
Problem Recognition	What problems does this product solve for the consumer? â¢ What triggered the decision to purchase this product? â¢ Was this the first time the consumer purchased such a product? Define and discern the Actual and Desired States	Ask a question (Whatâs for dinner tonight?) Show before (actual state) and after (desired state) Use the word ânewâ or âintroducingâ to initiate curiosity.
Information Search	â¢ Did the consumer seek information about the product and about various brands? How was this information collected, and how much information was collected? â¢ Was the consumer searching for any advertisements for the product? What was the consumerâs reaction to these advertisements?	Match amount of information with type of product. Direct consumers to website, free kit or other information venues. Show role models that âlookâ like the target market. Show the entire line of product offerings (all the flavors and colors, etc.) Testimonials, etc.
Evaluation of Alternatives	â¢ How many alternatives were considered? How were they selected?â¢ What features and characteristics of the product were most important to the consumer? Salient and Determinant defined attributes. â¢ How important was the brand of the product to the consumer?	Featuring specific variables that the product is known for (ex. Volvo=Safety). This is known as âpositioningâ a product. Competitive method (brand compares themselves to âleading brand or categoryâ) Comparative method (brand compares themselves to another brand by name (Coke vs. Pepsi)
Product Choice	â¢ Did any other people play a role in the decision process? Describe theroles that each person played. â¢ How was the final choice determined? How carefully was the decision made? â¢ Where did the consumer make the purchase? Why? â¢ Did the consumer pay full price for the product?	Tell consumers where and how the product is sold. Offer many ways to pay for the product. Divide payments. Offer sales promotion (coupons, rebates)
Post-Purchase Evaluation	â¢ How is the product used and consumed? How does the consumer feel when he or she uses the product? â¢ What is the meaning of this product to the consumer? Does it merely serve a function for the consumer, or does it say something about who the consumer is? Does the Ad encourage repeat purchase or loyalty to the brand- how?	Show awards the brand has won. Show how a brand should be consumed. Allow consumers many ways to return the product. Allow consumers to easily provide feedback. Reward consumers loyalty

This assignment asks you to find one ad that addresses each of the needs of the five stages (in other words five different ads). This means that there must be five different ads for the total project, one for each stage (all ads are different from one another). Create a Power Point Presentation that shows how the advertiser is addressing the needs of the consumer for the specific Consumer Decision Making stage.

*Be aware that there is a helpful power point demonstration in a conference opened this week marked as "Advertising and the Consumer Decision Process (Ad Examples)". This is informative only and does not need to be commented on.

First, show the ad in a slide and then follow-up with a slide which explains (bullet form) why the ad slide targets the Consumer Decision Making process stage. ALL ADS MUST BE STILL ADS (NO VIDEOS or LINKS). Therefore the ad MUST be able to be copied and pasted within the power point slide (NO LINKS). Here is the format of the presentation:

Slide 1: Name, date

Slide 2: Problem Recognition Ad

Slide 3: Explanation why it addresses this stage

Slide 4: Information Search Ad

Slide 5: Explanation why it addresses this stage

Slide 6: Evaluation of Alternatives Ad

Slide 7: Explanation why it addresses this stage

Slide 8: Product Choice (Purchase) Ad

Slide 9: Explanation why it addresses this stage

Slide 10: Outcomes (Postpurchase) Ad

Slide 11: Explanation why it addresses this stage

Slide 12: Conclusion

In the conclusion of the slide presentation choose which ad is most effective (overall) and why.

Logistics Run Down:

-No more than 18 slides in length (includes cover page and bibliography)

-Include a cover page and bibliography of sources. Outside sources (esp. learning resources from weeks covered) are encouraged to be cited and used.

-Organize and utilize the headings given above.

-No more than 2 grammatical/spelling errors are allowed (please proof before submitting).

-Text is required to be in Times Roman, 12 pt font, double space the text.

- Keep voice in business third person. Do not include visuals in text analysis, if need to add create an appendix and refer your reader to such.

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________.

Answers:	micromarketing
	segmented marketing
	undifferentiated marketing
	niche marketing
	global marketing

Â· Question 2

Cupcake Gourmet, a high-end bakery in Manhattan, segments its customers according to those who frequent their store regularly, those who visit infrequently, and those who have never visited. This is an example of usage-rate segmentation.

Answers:	True
	False

Â· Question 3

A segment is more attractive if it is easy for new competitors to enter the market.

Answers:	True
	False

Â· Question 4

Demographic factors are the most popular bases for segmenting customer groups.

Answers:	True
	False

Â· Question 5

Argonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through ________ differentiation.

Answers:	services
	product
	image
	channel
	people

Â· Question 6

Bass Pro Shops recognizes that outdoors enthusiasts are a diverse group. Likely segments include hunters, campers, and boaters. What is this segmentation method called?

Answers:	user status
	usage rate
	psychographic
	behavioral
	benefit

Â· Question 7

Which of the following is an approach where firms target a whole market based on common consumer needs?

Answers:	micromarketing
	geographic segmentation
	concentrated marketing
	undifferentiated marketing
	demographic segmentation

Â· Question 8

A company or brand image should convey a product's distinctive benefits and position.

Answers:	True
	False

Â· Question 9

Marketers must be careful to guard against stereotypes when using age and life-cycle segmentation.

Answers:	True
	False

Â· Question 10

A brand difference is said to be preemptive if ________.

Answers:	the difference is communicable
	the difference can be introduced profitably
	buyers can afford to pay for the difference
	the difference is beneficial to customers
	competitors cannot easily copy the difference

sangriahedgehog208

Match the definitions or complete the statements in the first part of the quiz with the appropriate terms found in the second part.

Definitions/Statements

1. _____ refers to marketersâ focus on a product rather than on the needs of the market.

2. _____ companies do not try to persuade consumers to buy what the firm has already produced, but rather to produce only products that they know they can sell, thereby satisfying consumersâ needs and turning them into loyal customers.

3. The impact of technology on buyer behavior relates to factors such as ____; the use of technology to engage customers and build relationships; customization of products and promotional messages; and better prices and distribution.

4. In the case of situational influences, this relates to the situation in which or the occasion on which the product will be used, e.g., special occasion or everyday use.

5. In the case of situational influences, this relates to the fact if we are in a store, point-of-purchase displays could influence us to buy something. We could also make unplanned purchases because we remembered something from seeing the brand while we are in the store.

6. This discipline on which consumer researchers draw focuses on society and large groups in society such as family and social class.

7. This discipline on which consumer researchers draw focuses on cultures and differences among cultures.

8. These are temporary circumstances that affect consumer purchase decisions.

9. In the case of situational influences, this refers to the fact that the person and the occasion for which we are buying something influence our purchase decisions.

10. According to the simple model of consumer decision making, reference groups, family, social class, culture, and subculture are among the _____ on buyer behavior.

11. According to the simple model of consumer decision making, motivation, personality trait, perception, and attitudes are among the _____ on buyer behavior.

12. According to the simple model of consumer decision making, advertising, buzz agents, customized messages, social media, and word-of-mouth are examples of ____.

13. This discipline on which consumer researchers draw focuses on behavior in small groups and helps consumer researchers to understand issues such as opinion leadership, diffusion of innovations, and communication.

14. In the case of situational influences, ______ are consumer mood states or physiological state (for example, hunger, thirst) that influence consumer decision-making.

15. The selection of one or more segments by a marketer to serve.

16. Developing a distinct image for a brand in the mind of consumers.

17. This is an effort by a marketer to change the existing perception that consumers have of a brand.

19. ___ segmentation involves segmenting based on variables such as urban, rural, suburb, state, cities, counties, and regions.

20. ____ segmentation is based on variables such as consumersâ lifestyles as indicated by their activities, interests, and opinions.

21. This criterion for effective targeting says that marketers should have some way of deciding which consumers fall into which segments.

22. This criterion for effective targeting says that marketers should be able to reach segments with appropriate media and distribution channels.

23. This is the most popular segmentation system combining lifestyles and values of consumers.

24. This household segmentation model is based on a combination of geographic and demographic information and the principle that âBirds of a feather flock together.â

25. ______ is defined as âsending consumers personalized and prompt offers and promotional messages designed to reach the right consumers and deliver to them highly relevant messages at the right time and more accurately than when using conventional segmentation techniques.â

Terms

A. Positioning

B. Accessibility

C. Anthropology

D. Situational influences

E. Consumption situation

F. Task definition

G. Identification

H. Marketing-oriented

I. Targeting

J. Psychographic

K. Marketing myopia

L. PRIZM

M. Interactive and novel communication channels

N. Sociology

O. Demographic

P. Purchase situation

Q. Behavioral targeting

R. Antecedent states

S. Communication sources

T. Geographic

U. Sociocultural influences

V. VALS

W. Psychological influences

X. Social psychology

Y. Repositioning

200086 Lecture Notes - Lecture 28: Niche Market

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