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Session 13 MG 220 BBA - 29 Sep 10
- 1. MG 220 Marketing Management BBA 09 – Sec C Fall 2010 Muhammad Talha Salam, Asst. Professor talha.salam@nu.edu.pk Access it online: www.slideshare.net/talhasalam Part 3: Connecting with Customers > Market Targeting Part 4: Building Strong Brands > Overall review of Part 4 > Discussion on Term Project Class Presentation | Session 13 | 29 Sep 2010
- 2. Access it online: www.slideshare.net/talhasalam Market Targeting • Marketers job is to identify segments and select which ones to target • Segments are identified => Now selecting which ones to target • More and more refinement helps identify smaller, more focused segments and Better target them MG 220 Marketing Management 2
- 3. Access it online: www.slideshare.net/talhasalam Market Targeting Effective Segmentation Criteria • Market segments must rate favorably on following criteria: – Measurable • Size, purchasing power, characteristics can be measured easily • It should not be vague – Substantial • Large & profitable enough to serve • Worth going after with a tailored marketing program/effort – Accessible • Can be effectively reached and served – Differentiable • Conceptually distinguishable • Respond differently to different marketing-mix elements – Actionable • Effective programs can be formulated for that particular segment MG 220 Marketing Management 3
- 4. Access it online: www.slideshare.net/talhasalam Market Targeting Evaluating and Selecting the Market Segments • Evaluation process – Based on five criteria (mentioned previously) – Vis-à-vis two factors: • Segment’s overall attractiveness • Company’s objectives and resources – A company must evaluate segments carefully by answering all criteria clearly and ensuring that it is favorable MG 220 Marketing Management 4
- 5. Access it online: www.slideshare.net/talhasalam Market Targeting Evaluating and Selecting the Market Segments • Selecting Market Segments – Selection is done based on evaluation of market segments – Five different patterns are used: 1. Single-segment concentration 2. Selective Specialization 3. Product Specialization 4. Market Specialization 5. Full Market coverage (illustrations ahead are in a grid pattern showing M-Market vs. P-Product) MG 220 Marketing Management 5
- 6. Access it online: www.slideshare.net/talhasalam Market Targeting Evaluating and Selecting the Market Segments 1. Single-segment concentration – Pick only one segment – Focus on it and achieve leadership and thus – Have high returns of investment Downside: – Too much dependency implies increased risk Generally: – Companies tend to operate in more than one segment – Helps diversify and absorb costs in a better way – Concept of Supersegments: Segments sharing exploitable similarities: Companies try to operate in supersegments too MG 220 Marketing Management 6
- 7. Access it online: www.slideshare.net/talhasalam Market Targeting Evaluating and Selecting the Market Segments 2. Selective Specialization – Pick different segments having no synergy – Each is objectively attractive and appropriate – Different approaches can be: • Different products in different markets (as in fig.) • Different segments (totally isolated from each other) picked for one product MG 220 Marketing Management 7
- 8. Access it online: www.slideshare.net/talhasalam Market Targeting Evaluating and Selecting the Market Segments 3. Product Specialization – Focus on one product – Offered across all markets (segments) – Too much focus on product alone – What if product is replaced by a better product or technology? – Example: Kodak’s camera films MG 220 Marketing Management 8
- 9. Access it online: www.slideshare.net/talhasalam Market Targeting Evaluating and Selecting the Market Segments 4. Market Specialization – Focus on one market – Focus is on serving as many needs of that market – Again, too much dependency on one area – What if this market is not able to grow? – Example: Institutes too much focused on accounting market (CA, ACCA, CAT etc.) Had to diversify into finance programs (CFA, CISA) MG 220 Marketing Management 9
- 10. Access it online: www.slideshare.net/talhasalam Market Targeting Evaluating and Selecting the Market Segments 5. Full Market Coverage – Serve all customer segments for all their needs – Very hard to do. Generally large firms can do it only • E.g. Microsoft (software market) – Two broad strategies/approaches: • Undifferentiated Marketing: Firm ignores segment differences and offers one product to all Coke’s 300 ml bottle example applies here • Differentiated Marketing: Different products for different segments – still covering all segments Microsoft targeting different segments in software market differently MG 220 Marketing Management 10
- 11. Access it online: www.slideshare.net/talhasalam Market Targeting Evaluating and Selecting the Market Segments Managing Multiple Segments • Using segment managers • Each is responsible for growth and profitability of own segments Differentiated Marketing Costs • In differentiated marketing (targeting different segments with different products), higher sales are possible than undifferentiated marketing but costs are also increased. – Product modification costs – Manufacturing costs – Administrative costs – Inventory costs – Promotion costs • Marketers need to understand the trade-off and be cautious of segmentation (particularly over-segmentation) MG 220 Marketing Management 11
- 12. Access it online: www.slideshare.net/talhasalam Market Targeting Additional Considerations Segment-by-Segment invasion plans • Recommended: enter one segment at a time • Add more with time • Segment-by-segment invasion plans should be kept as confidential as possible • Companies at times fail to develop these plans • How to enter blocked markets: Concept of megamarketing MG 220 Marketing Management 12
- 13. Access it online: www.slideshare.net/talhasalam Market Targeting Additional Considerations Updating Segmentation schemes • Market segmentation analysis should be done periodically because business environment change • How consumer attributes change and understanding of it helps update market segmentation Ethical choice of market targets • Ensuring that marketing efforts are not exploiting vulnerable groups in society • OR promoting harmful products MG 220 Marketing Management 13
- 14. MG 220 Marketing Management BBA 09 – Sec C Fall 2010 Muhammad Talha Salam, Asst. Professor talha.salam@nu.edu.pk Access it online: www.slideshare.net/talhasalam Part 4: Building Strong Brands > Overall review: Part 4 Class Presentation | Session 13 | 29 Sep 2010
- 15. Access it online: www.slideshare.net/talhasalam Part 4: Building Strong Brands Chap 9: Creating Brand Equity What is Brand Equity? Building Brand Equity Measuring Brand Equity Managing Brand Equity Devising a Branding Strategy Chap 10: Crafting the Brand Positioning Developing and Creating a Positioning Strategy Differentiation Strategies Product Life-cycle marketing strategies Market Evolution Chap 11: Dealing with Competition Competitive forces Identifying Competitors Analyzing Competitors Competitive Strategies for Market Leaders Other Competitive Strategies Balancing Customer and Competitor Orientations MG 220 Marketing Management 15
- 16. Access it online: www.slideshare.net/talhasalam Discussion on Term Project Two Projects 10% Individual Project 3% Project Report Individual Presentation (5 mins.) 2-weeks beginning Oct 5, 2010 1 x deliverable | 1 x presentation Team Project 7% Teams of 4 individuals each Project Report Team Presentation 4-weeks project beginning Oct 19,2010 3 x deliverables | 1 x presentation MG 220 Marketing Management 16
- 17. MG 220 Marketing Management BBA 09 – Sec C Fall 2010 Muhammad Talha Salam, Asst. Professor talha.salam@nu.edu.pk Access it online: www.slideshare.net/talhasalam Part 4: Building Strong Brands > What is Brand Equity? > Building Brand Equity > Measuring Brand Equity > Managing Brand Equity > Discussion on Mid-Term I Class Presentation | Session 14 | 5 Oct 2010