UNIT 6: DEMONSTRATE AND UNDERSTANDING OF PRODUCT POSITIONING INTRODUCTION =product offering at heart of marketing effort =starting point of marketing mix = example =good product can result in good marketing mix 1. WHAT IS A PRODUCT =any favourable or unfavourable thing in exchange for money =can be tangible‚ a service‚ or an idea (examples ?) =marketing process for each is the same 2. PRODUCT LEVELS =5 levels = each level adds more customer value =constitutes the customer value
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6. Segments and Targets TREK Corp. segments the market as follows. As our service requires innovation and taste from the customer‚ we are looking for specific purchase behavior of a customer that has an innovative spirit but that is also brand loyal. Our target customers are people that believe in their innovative and creative spirit. With our service‚ they will be able to fulfill their trendsetter-lifestyle‚ as well as having high-quality and personal furniture. We are aware that our products will
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TARGET MARKET JUGOS DEL VALLE The target market of Jugos Del Valle is the group of customers that we will specifically‚ careful selection will be crucial for an effective marketing mix. It has had four main guidelines based on our market research. 1. The target market must be matched to achieve the goals of Jugos del Valle and must go outside with the image of it. You will not be able to sell juice to people who are not looking for a healthy life to reach a mass market for this is
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1.4 explain different ways of segmenting customer groups There are many different ways for a company to segment customer groups in order to find the most ideal customers for certain products or services that they are offering. Some of these include geographic segmentation‚ demographic segmentation‚ psychographic segmentation‚ and behavioural segmentation. 1. Demographics (age‚ race‚ religion‚ gender‚ family size‚ ethnicity‚ income‚ education level). This is basically the study of population. Demographic
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It all started in 2002 when two colleagues from the marketing department of Target‚ America’s second-largest discount store retailer‚ approached Andrew Pole‚ a data and human interactions fanatic and statistician. Pole knew how to analyze and interpret any data that spurted out from his technological devices. The marketers asked him‚ “If we wanted to figure out if a customer is pregnant‚ even if she didn’t want us to know‚ can you do that?” (Duhigg). Marketers always wanted to own the shopping habits
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1. What are the strengths and weaknesses of the target costing system? Strengths: ● Target cost system is ideal for assembly-oriented industries with great involvement in the diversification of product lines‚ usage of technologies of factory automation‚ development of systems for reducing cost during all the stages of product’s life cycle such as is the case of Nissan Motor 1 . ● Since Nissan cost system is continuously undergoing modification and improving processes to ensure high productivity
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MKT: 715 Case Study No. 9-591-111 Harvard Business School. (2003). Avon.com David B. Godes 1) Women are the target market for Avon. Avon is “the company for Women”. Harvard Business School. (2003) p. 8. Since the company began in 1886‚ the company has promoted building relationship and it seems natural for women to embrace the power of the Web to help women forge relationships beyond their geographic confines. Andrea Jung‚ CEO. Avon’s market
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Competency at the best with Target store Stores are in large numbers in the consumer market where you might be searching for to avail your goods or items. Target is the second largest store after Walmart in consumer business that is spreading around in the US presently. Consequently looking to be in competition to get to the top this store has been performing as one of the best institutions that one would ever think of. As there are consumer demands that usually keep increasing at a very fast pace
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Central Theme: In Positioning: The Battle for your Mind‚ the authors Al Ries and Jack Trout develop on the idea of communication. In marketing‚ communication is the key factor to advertise the product or brand to the consumer base‚ and the effectiveness of that communication will determined whether or not the message has been heard by the prospective consumers. The authors approach idea of communication with the goal of establishing the image or identity of a product so that consumers perceive it
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Article review :What is Strategy?(Michael E. Porter) We know ‚ Operational effectiveness means performing the activities required for producing a product or delivering a service better—that is‚ faster‚ or with fewer inputs and defects—than rivals. Companies can reap enormous advantages from operational effectiveness (as illustrated by the example of Japanese firms). But from a competitive standpoint‚ the problem with operational effectiveness is that best practices are easily emulated. Such
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