Professional Documents
Culture Documents
Background
Marketing plans cant but put together without some form of analysis How do I match my companys assets with good business opportunities? Possibilities = markets market analysis:
finding and measuring business opportunities targeting and dividing market into niches suggesting product placement and position in mind of consumer
Market Analysis
marketing requires a great deal of information about consumer needs marketing research gives the marketing manager data needed to make decisions required because managers are often hundreds or thousands of miles distant from end users market analysis is the only way firms can stay in touch with customers and their needs
Discovering Opportunities
most large firms are moving away from mass marketing to target marketing mass marketing = production approach of looking at what most consumers want, assumes actions of all consumers are equal mass marketing = mass production (lowcost, effective, easy), disposal of production problem: always leaves someone unhappy
Discovering Opportunities
target marketing: consumer needs set the product characteristics and marketing programs production efforts change to meet needs of targeted groups of consumers example: you grow grouper, but find out that processers want a variety of different sizes, species. You then become flexible to meet their needs (same holds true for processors, their market) special needs = more sales, higher sales prices
Discovering Opportunities
target marketing more costs, difficult to manage, but profitable to producer and pleasing to customer goal: market edge because you offer what others cant from the market analysis standpoint, a market is: group of current or possible consumers with similar unmet needs and buying power defined in terms of consumer needs and not the product being sold!
Discovering Opportunities
problem: consumer needs change slowly, products come and go example: old-style TV dinners vs microwaveable grouper Florentine problem: cant please everyone on a global basis think regionally or locally! target marketing recognizes differences in needs: for seafood, there are well-defined regional likes and dislikes how can you possibly fill all the different needs in a profitable manner (you cant)
Consumer Demographics
within a defined area, the needs of consumers are often found to be similar that is, after having divided them into groups according to common descriptions (e.g., age, sex, household size, level of income, level of education, marriage status) demographics: dividing consumers into groups for easy identification
helps establish more specific consumer needs information easily obtain for smaller vs. larger areas
Consumer Demographics
by tying consumer needs to demographic info it is possible to find special groups of consumers w/special needs (i.e., the target) research begins with listing consumer needs, advantages, benefits sought, likes, dislikes must be fairly specific, but not related to a currentlyexisting product (e.g., flavor vs. texture)
Group 1 Group 2
Group 3
Consumer Demographics
The previous example indicates that three separate products might be required
products must be significantly different large enough potential customers in each group customers must be reached by promotion needs must be long-lasting to make it worthwhile
Segmentation Marketing
1) select the product and market area 2) determine all the needs that future customers might have in the product and market area 3) form at least three different market segments 4) find out what characteristics of the product of the product affect the buy decision of the consumer 5) give a name to each product market segment 6) describe each segment with demographic and other possible consumer-related information
Stars
Question Marks
10
Cash cows
0
10
Dogs
0.1
Market Dominance
SEAFOOD MARKETING