2.1. Planning IMC Strategy Flashcards
Marketing Management Process
Situation analysis => marketing goals => Market Segmentation, Target Market Selection and Product Positioning =>Marketing Mix
Marketing Management Process - Situational analysis
Macro Environment
3C (customer, competitor, corporation)
SWOT
Market Segmentation
Dividing market into distinct groups with distinct needs, characteristics or behavior, who might require separate products or marketing mixes
Bases for Segmentation
- Geographic
- Demographic
- Psychographic
- Behavioral
for each target segment, decide/know…
- the problem
- the objective
- the strategy
Guidelines for selecting target market
- compatibility with corporate goals and image
- company resources (market opportunity must match companies resources)
- profitability prospects (look at such things as size and growth of the market)
- number and size of competitors (should not enter market already saturated with competition)
undifferentiated marketing
no segmentation
differentiated marketing
different strategies for each segment
concentrated marketing
focusing on one segment
micromarketing
customized marketing for each individual
undifferentiated marketing - advantages
low production and marketing cost
undifferentiated marketing - disadvantages
- products with to comp adv
- vulnerable to competition
differentiated marketing - advantages
- high potential profit
- market share
differentiated marketing - disadvantages
- high cost
- cannibalization
concentrated marketing - advantages
- concentrated resources
- suitable for smaller firms positioning
concentrated marketing - disadvantages
- too narrow brand image
- vulnerable to changes in consumers taste and potential competition
Micromarketing - advantages
- high consumer satisfaction
- relationship building
Micromarketing - disadvantages
- cost
- technology
Positioning
The place the product occupies in consumers’ minds relative to competing products
- involves implanting the brands unique benefits and differentiation in the customers mind
- maps that plot perceptions of brands are commonly used
Positioning strategies
- price/ quality
- attributes/ benefits
- images
- users
- usage situation
- competitors
Positioning through communication
- modify perceptions about features of the brand
- modify perceptions about features of the competing brands
- modify perceptions of the importance of specific issues
- call buyers’ attention to neglected features
