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Lecture

LAW 122 Lecture Notes - Brainstorming, Swot Analysis, Brand


Department
Law and Business
Course Code
LAW 122
Professor
Jeffrey Boase

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Chapter 7: Segmentation, Targeting and Positioning
Segmentation – identifying meaningfully different groups of customers.
Targeting – selecting which segment(s) to serve.
Positioning – implementing chosen image and appeal to chosen segment.
Market Segment – a group of customers who share a similar set of needs and wants
within an overall market.
Market Segmentation – the process of identifying and categorizing the overall market
into groups of customers with similar needs and wants.
Target Market – the qualified available market segment that the company pursues.
Step 1: Establish Overall Strategy or Objectives
Articulate the mission and the objectives of the companys marketing strategy
clearly.
Derived from its strengths, weaknesses, opportunities and threats (SWOT).
Step 2: Segmentation Bases
Formal approach to segment the market.
Develops descriptions of the different segments, their needs, wants and
characteristics.
Geographic Segmentation: organizes consumers into groups of where they live.
Demographic Segmentation: groups consumers according to easily measured objective
characteristics (mentioned in graph).
Psychographic Segmentation: explores into how consumers describe themselves by
using characteristics that help them choose how they occupy their time (behaviour) and
what reasons determine their choices.
Self-values life goals
Self-concept how one sees oneself in the context of the goals
Lifestyles the ways that one lives

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Behavioural Segmentation: groups consumers on the basis of the benefits they derive
from products/services, their usage rates of products/services, their user status, and their
loyalty.
Benefit Segmentation: based on the benefits consumers derive from products/services.
Step 3: Evaluate Segment Attractiveness
Involves evaluating the attractiveness of the various segments.
Identifiable who is within their market to be able to design products or services to meet
their needs
Reachable accessed through persuasive communications and product distribution
Responsive consumers in the segment must react similarly and positively to offerings
through distinctive competencies
Substantial and Profitable measure the target markets size and growth potential
Step 4: Select Target Market
The marketer’s ability to pursue such an opportunity or target segment.
Selecting which segment(s) to serve.
Undifferentiated Segmentation Strategy (Mass Marketing): if the product or service
is perceived to provide the same benefits to everyone with no need to develop separate
strategies for different groups.
Differentiated Segmentation Strategy: target several market segments with a different
offering for each.
Concentrated (Niche) Segmentation Strategy: selecting a single, primary target
market and focusing all energies on providing a product to fit that markets needs.
Micromarketing (one-to-one): extreme form of segmentation that tailors a
product/service to suit an individual customer’s wants or needs.
Mass Customization: interacting one-to-one basis with many people to create custom-
made products/services.
Step 5: Identify and Develop Positioning Strategy
Positioning is the mental picture that people have about a company and its
products/services relative to competitors and involves a process of defining the
marketing mix variables.
Positioning statement is how the company wants to be perceived, includes target
market characteristics, customer need & benefit, point of differentiation or unique
selling proposition (USP).
Types of Positioning Strategies:

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Value
Product Attributes
Benefits and Symbolism
Competition
Market Leadership
Perceptual Map
Brand Repositioning: refers to a strategy in which marketers change a brands focus to
target new markets or realign the brand’s core emphasis with changing market
preferences.
Chapter 8: Developing New Products
Product: anything that is of value to a consumer and can be offered through a marketing
exchange.
Innovation: the process by which ideas are transformed into new products and services
that will help firms grow.
Changing consumer needs create and deliver value effectively by adding new products
and satisfying the changing needs
Market Saturation the longer a product exists in the marketplace; the more likely the
market will become saturated (the decline stage)
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