Marketing Takeaways
::MARKETING TAKEAWAYS::
Market Segmentation, Targeting and Positioning The first takeaway is the concept of Segmentation-Targeting-Positioning. Once the production is set up, the characteristics of the product are well clear, the company needs to find the customer. We might be the best in the production or design of the coolest music player on the market, but if nobody is going to buy our product, we are going bankrupt. Market segmentation is that process through which the company decides where to sell the product. In which country are we able to reap the largest market share? What do customer need that we satisfy? Where is this need stronger? Market targeting is the actual choice of tailored market selected as outlet for our product. How do we address the customer in that market? Which is our pricing strategy? Which features do we want to underline? To which extent do we apply this specification of marketing is subject to our willingness to fit our image to each single market. Market positioning instead focuses on price. Look at competitors, where do we locate us? We have the right product but then will the right consumer for us value our good more then competitors’? What has struck me during the course and what I will carry in my bag to the office is the comprehensive approach to this issues. Having the right product is rather easy, every industry has thousands different perfectly working products, yet only four to five are able to conquer the market. It all boils down to these steps. In many companies this approach to the market is just messy and in the end consumers are not even able to give the product a good evaluation. An example of a correct strategy is Starbucks, who upon entering the Chinese market chose which segment of the market to target and how to position its brand among competitors. The lesson to learn here is one of the important ones. Integrated Marketing Communication The second takeaway is the concept of an Integrated Marketing communication. You
Market Segmentation, Targeting and Positioning The first takeaway is the concept of Segmentation-Targeting-Positioning. Once the production is set up, the characteristics of the product are well clear, the company needs to find the customer. We might be the best in the production or design of the coolest music player on the market, but if nobody is going to buy our product, we are going bankrupt. Market segmentation is that process through which the company decides where to sell the product. In which country are we able to reap the largest market share? What do customer need that we satisfy? Where is this need stronger? Market targeting is the actual choice of tailored market selected as outlet for our product. How do we address the customer in that market? Which is our pricing strategy? Which features do we want to underline? To which extent do we apply this specification of marketing is subject to our willingness to fit our image to each single market. Market positioning instead focuses on price. Look at competitors, where do we locate us? We have the right product but then will the right consumer for us value our good more then competitors’? What has struck me during the course and what I will carry in my bag to the office is the comprehensive approach to this issues. Having the right product is rather easy, every industry has thousands different perfectly working products, yet only four to five are able to conquer the market. It all boils down to these steps. In many companies this approach to the market is just messy and in the end consumers are not even able to give the product a good evaluation. An example of a correct strategy is Starbucks, who upon entering the Chinese market chose which segment of the market to target and how to position its brand among competitors. The lesson to learn here is one of the important ones. Integrated Marketing Communication The second takeaway is the concept of an Integrated Marketing communication. You