Marketing mix and segmentation
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Transcript of Marketing mix and segmentation
Market Segments andMarketing Mix
Christie and Ryan
Market SegmentationsMarket segmentation involves dividing a broad
target market into subsets of consumers who have common needs (and/or common desires)
Depending on the society. These subsets may be divided/segmented by criteria such as:
- Age
- Gender
- other distinctions such as location or income.
Segmentation-Geographic segmentation -> Geographic location
-Demographic segmentation -> Based on variables
-Psychographic Segmentation -> Lifestyles
-Behavioural Segmentation -> Based on responses
-Occasions -> Occasions of use
"Positive" market Segmentation -> Similar wants or needs
Marketing MixThe marketing mix is a business tool used in
marketing to determine a product or brand's offering and is often synonymous with the Four Ps:
ProductA product is seen as an item that satisfies a
consumer’s needs or wants. It can be a tangible good or an intangible service.
The product a business plan to supply must:- Satisfy the wants or needs of customers- Be of an appropriate design that fulfills its functions and appeal to customers
- Branding -> Product identification by a unique name
- Trade marks -> Registered symbol or a logo
- Packaging -> Container or wrapping of a product
- Product range -> Producing different types of product to reach different parts of market
Product Differentiation
Product Life Cycle
Priceis the amount that a customer pays for a product
it’s of utmost importance as it determines the company's profit,
There are different Pricing Strategies that can be adopted to sell a product
Competitive -> Pricing based on competitors’ prices
Penetration -> Pricing lower than competitors’ prices
Promotional -> Pricing to attract customers away from competitors
Predator -> Pricing Low enough to drive competitors out of market
Cost-Plus -> Adding a percentage for profit mark up
Loss leader -> Pricing less than its costs
Price leader -> Pricing like how others have priced
Price skimming -> Pricing high enough for new products to cover production costs
Pricing Strategies
PlaceRefers to providing the product at a place which
is convenient for consumers to access
Factors:
-Legislations
-Environment
- Workforce
- Competitors - Costs
- Access to suppliers and customers
-Infrastructures
Channels of Distribution-Manufacturer -> Produces the products
-Wholesaler -> Buys products in bulk from the manufacturer
-Retailer -> Outlet that sells products to the customers
Promotion
Represents all methods of communication that a marketer may use to provide information to different parties about the product.
Process of a successful promotion:Awareness -> Information -> Desire ->
Action
Above the line promotions-> using media to advertise product.
Tv, radios, websites
Below the line promotions -> Promoting product without a media. Special offers, sponsorships
Public relations -> keeping the product in the public eye in ways other than promotion
Types of Promotion
THANK YOU