How does market segmentation differ from market targeting a. A Market offering occupying a clear‚ distinctive‚ and desirable place relative to competing product in the mind of target consumers 2.) Name and describe the four major sets of variables that might be used in segmenting consumer markets. Which segmenting variables does Starbucks use? a. Age b. Life cycle c. Gender d. Behavior 3.) Name and Describe the levels at which market targeting can be carried out. Give an example of a company
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Segmentation‚ targeting and positioning are interrelated activities‚ which are important to achieving a successful marketing mix. Discuss these concepts in theory and give practical example of how they can be applied to one industry of your choice. Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs‚ and then be designed and implemented to target these specific customer segments‚ addressing needs or desires that
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market segmentation‚ it is vital to go through three activities called STP process that should be undertaken‚ usually sequentially‚ if segmentation is to be successful (Baines et al.‚ 2011). STP process consists of three steps: segmentation‚ targeting‚ and positioning. In segmentation stage‚ there are various variables for identifying segments which are geography‚ demography‚ psychography and behaviour. West et al.(2006) states that geography focuses on the ‘where’ issue. The range varies from neighborhood
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NATIONAL UNIVERSITY OF SINGAPORE NUS Business School Department of Marketing MKT1003 Principles of Marketing (for Business Students) 2nd Semester 2012/2013 Co-ordinator: Assoc Professor Ang Swee Hoon Individual Assignments – Class Participation Individual Assignment 1: The Marketing Environment (1) What is the difference between a need‚ a want‚ and a demand? Describe the needs versus the wants for each of the following products: (a) Lim Chee Guan bak kwa‚ and (b) L’Oreal
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PowerPoint to accompany Chapter 7 Market segmentation‚ targeting and positioning Philip Kotler‚ Stewart Adam‚ Linden Brown & Gary Armstrong Kotler‚ Brown‚ Adam & Armstrong: International Marketing 3e © 2006 Pearson Education Australia Markets Chapter objectives 1. Explain market segmentation‚ and identify several possible bases for segmenting markets. 2. Distinguish between the requirements for effective segmentation: measurability‚ accessibility‚ substantiality‚ actionability. 3. Outline
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strategy that focuses on leveraging local assets in market segments where multinationals are weak. For example‚ when Western cosmetic giants entered the Chinese market‚ Shanghai Jahwa‚ the local cosmetic company did not compete with them head on by targeting their global product ranges. Instead they responded by developing products that would suit the local complexion and appeal to local people. Similarly Grupo Industrial Bimbo‚ a Mexican food company responded to global competition by defending their
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Consumer Behaviour Assignment Part A Q 1 – Describe the inter-relationship between consumer behavior as an academic discipline and the marketing concept Ans The study of consumer behavior enables marketers to understand and predict consumer behavior in the marketplace; it is concerned not only with what consumers buy but also with why‚ when‚ where‚ and how they buy it. Consumer research is the methodology used to study consumer behavior; it takes place at every phase of the consumption process: before
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Marketing Plan Outline and Commentary For Business Year 2014 Hybrid Brand Car Plan Contents Comments/Discussion Table of Contents List the sections and pages in a table of contents. Executive Summary 1 Page This is a summary of the key issues facing the business‚ the key objectives‚ and the important initiatives to achieve the objectives. This section is written after all the other sections of the plan are completed Background‚ Situation‚ Analysis Business Overview 2 Pages
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Market segmentation‚ targeting and positioning MARKET SEGMENTATION Definition: This is the process of dividing the total market for a good or service into several smaller‚ internally similar (or homogeneous) groups. All members in a group have similar factors that influence their demand for the particular product. 4-2 BASES FOR SEGMENTATION Geographic — The city size‚ urban/ suburban/ rural population distribution and climate. Demographic — The distribution
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------------------------------------------------- “Nutrimix” Project of Child-In-Need Institute Problem Statement: “Nutrimix” is a low-cost nutrition supplement developed by CINI to help reduce the problem of malnutrition. CINI plans to convert the NUTRIMIX arm to a for-profit social business venture to make it more sustainable. Objective: Develop a business plan for the for-profit business including exploring marketing opportunities for the newly formed business product. Intended Methodology:
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