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The marketing strategy should be designed in such a way that it increases sales so that your company has a competitive advantage which is sustainable in the long run. Diversification is a high risk strategy which involves diversifying the range of products and services that you offer.
This is the process of developing your current market and could include entering new markets with your products and services. Ia€™ll briefly review each step in turn: Understand Your Customer Develop a clear picture of your target customer using market research and analysis.
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The penetration that brands and products have can be recorded by companies such as ACNielsen and TNS who offer panel measurement services to calculate this and other consumer measures. Pakistan State Oil penetrate in Pakistan market from 40% to 65% in the duration of 4 years by developing new retail outlets.
Developing a new market for the existing company product is called market development strategy.This is the process of finding new market for the new customer to increase company performance by increasing sales and profits. A marketing manager has to think about the following questions before implementing a market development strategy: Is it profitable?
Developing or modifying new products and offering to the existing market is called product development strategy. Canon diversified from a camera-making company into producing whole new range of office equipment.
During this session we shall look at segmentation techniques to understand why companies identify attractive market segments, what targeting strategies they will use and how they will position their products for maximum advantage. Business can not always effectively sell to all of their customers using the same mix so instead their will target their marketing efforts.
Firstly a company will have an understanding of the variety of customers they deal with as they will hold data and information on them. The final step will be to design a marketing mix tailor-made’ to meet the needs of the target market. Jobber (2010 p261) points out that ‘marketing segmentation is useful when spotting opportunities and threats. A very good example of the statement above has been the development of the hugely successful Innocent drinks. The article below (in the Reading box) charts the rise of this company launched by three university friends who had a very good idea which turned into a multi-million pound reality.
So Innocent noticed a gap and went for it……and who can blame them when after only a decade they now operate a multi-million pound business, albeit with a little help from Coca Cola! As identified by the success of Innocent (detailed articles above) it can help a business to identify opportunities and gaps in the market. Accessible Here, the base(s) used should ideally lead to the company being able to reach selected market targets with their individual marketing efforts. Meaningful The base(s) used must lead to segments which have different preferences or needs and show clear variations in market behaviour and response to individually designed marketing mixes. Develop an appropriate marketing mix for each chosen target segment in order to support the product positioning strategy. The first segmentation method looks at buying behaviour and this links into much of the theory and debate added in Week 2 as well as an understanding of customer value reviewed in Week 1. Benefits sought - with Innocent the benefits sought by customers were mostly concerned with pure ingredients in a tasty recipe. Purchase Occasion - customers can be segmented according to how times they purchase the product. Usage - customers are segmented on the basis of whether they are heavy users, light users or non-users. Companies can chose their segments based on the whether the consumer will take the risk and buy at the beginning of the product lifecycle.
What are the differences in pricing from the early adoption stage through to selling to laggards?
Values and Lifestyles segmentation have been researched and used in the USA to combine demographic variables with people’s needs and wants.
There are links between the personality of the buyer and the perceived personality of the brand. Demographics = the physical characteristics of a population such as age, sex, and marital status, size of family, education, geographic location, and occupation. Age is a good segmentation variable for such items as clothes where the fashion-conscious young are more susceptible to regular changes in style and older segments are perhaps more concerned with such factors as quality and comfort. Sex is a strong segment in terms of goods that are specifically targeted towards males or females and again an obvious example is clothing. Income as a segmentation base is more popular in certain countries like the USA than others who regard such matters very privately. The household is classified according to the CIE’s occupation, but social grade data are also available for the respondent themselves (if they are not the CIE). Education is often related to social class, because, as a generalisation, the better educated tend to get the better jobs.
Nationality or ethnic background now constitutes a growing and distinctive segment for potential target marketing. Family size will have an effect on the amount or size of purchases, so this is certainly a meaningful segmentation variable.
Family life cycle (FLC) is a logical follow on to the above and this will tend to determine the purchase of many consumer durable products. There are some really good acronyms relating to family lifestyle but maybe COCOON is a little unkind!! This is a relatively new method based on the classification of homes rather than individuals.
This can help you to target, acquire, manage and develop profitable relationships and improve business results. Segmentation for industrial products uses some of the bases for consumer segmentation and adds other variables.


Types of application or uses - so types of adhesives for the home, office and industrial use. Benefits - as with consumer segmentation - the benefits of using a product so for instance industrial glass for cutting or glass for our household windows.
A combination of some the segments stated above provide business will a multi-variable approach to segmentation. Occasionally, a market analysis will show no differences in customer characteristics that have implications for marketing. In comparison when a business has identified a range of customer or B2B segments they might use a differentiated marketing mix strategy.
For example, BMW promote their cars to range of identified segments moving from the 1 series as an entry-level model to the X6 which according to BMW has been designed for the well-off empty nesters! Levis jeans have identified a range of differing consumer segments and have designed for each a differentiated marketing mix.
This session started by stating some definitions of segmentation and each finished on the importance of positioning. Consistency - we received no end of messages in a day whether on the TV, reading the newspapers, posters and billboards etc, so the consistency of the message is important. Competitiveness - to remain in the minds of customers the business offering must be competitive. A useful tool for mapping the position of a brand in the market place is the perceptual map. The perceptual map below shows and plots some of the UK supermarkets based on research in to consumer preferences centred on the two dimensions of price and range of products.
Some of the publishers of recommended text books have their own learning sites on-line designed for students. There are case studies, internet exercises and concept tests for each chapter covered in the book. Consumer behaviour is a complex concept, which is influenced by many different variables and situations.
Think of a product you would like to own, it may be something that you really need or something you have always thought you would like to own. Keep a note of how many web sites you visit, how long you spend on searching for the product you would like to buy, and the criteria you use to make your selection.
Please note: The aim of this exercise is to analyse your own purchase behaviour up to the point of purchase. For most investors though, the eventual reward from successful market timing is too attractive to let the idea passes by. A market timing strategy is conceptually easy to understand — Stay invested when the market is up or flat and avoid the downturns.
Fundamental indicators are financial and economic measures that affect the overall valuation of the market. That is why most market mavens have one or two great predictions before they are hopelessly out to lunch in the forecasting wilderness.
Founded in 1996 by a group of portfolio managers, The Financial Pipeline is dedicated to providing financial knowledge and education to anyone and everyone with even a passing interest in Finance. Our aim is to provide financial information at all levels for financial consumers and investors. Your marketing strategy is therefore a set of rules which direct what you do to promote and sell your products or services. It is high risk in that it is usually a high cost strategy which medium to large sized established companies use in order to continue to grow the business. You could visualize it almost like a pyramid with your overall business aims and objectives at the bottom. Your marketing mix is very simple, it consists of your what product you are going to sell, what price you are going to sell it at and where you are going to sell it. Listen to knowledgeable speakers and participate in the discussion via question and answer. The strategy is also dependent on company objectives include increasing sales, increasing profit, enter into new market, develop new product and enter into new business. Marketing efforts of the company to offer their existing products in the current markets is called market penetration strategy. In these cases penetration is given as a percentage of a country’s households who have bought that particular brand or product at least once within a defined period of time.
Companies can develop market on geographical such as city,country,region,state etc and demographical such as age,sex,gender,class etc.
Diversification strategy is adopted by the company if the current market is saturated due to which revenues and profits are lower. I would rate this article 10 on 10 because of simple language, appropriate examples and beautiful presentation. As customers become more affluent, seek new experiences and develop new values, new segments emerge. It should also be capable of measurement in terms of the potential customers in each segment.
Jobber (2010) illustrated this point as well by giving an example of Classic FM who identified a segment based on benefits sought. Those who are heavy users of the product often link to customer loyalty and the Pareto Rule of 80:20. He started with innovators who are adventurous and eager to try new ideas to the final category of laggards, the last to adopt new products. When Sony first produced a range of plasma TVs, pricing was high and innovators wanted the products at any price. Here, fashion is a powerful element when purchasing, and a whole industry surrounds this criterion. Questions include not only what the CIE’s job is, but also details such as their qualifications and the number of people they are responsible for. Accordingly, (a generalization too!) newspapers are designed to aim their news and newspaper content towards either the upper (Sunday Times) or lower ends (The Daily Mirror) of the social spectrum, and encourage advertisers to target their advertising appropriately. Food products, clothing and hair care products are obvious examples of products that fit into this segmentation variable. An individual’s political leanings might well influence the way he or she behaves in terms of purchases made.


This is based on the notion that consumers pass through a series of quite distinct phases in their lives, each phase giving rise to different purchasing patterns and needs.
It helps you learn the who, what, where, when, how, and why of their relationship with you. They will listen to their key account customers and devise pricing, promotional campaigns to the needs of their customers. This exercise should enable you to analyse parts of the buying process in an online context. It can simply look like a bunch of strategies that involve moving between risky assets, such as stocks or bonds, and less risky short-term securities like Treasury Bills. The price of long-term financial assets such as stocks or bonds involves all components of the human condition: fear, greed, optimism, pessimism, crowd psychology, etc. If one could participate in all the +25% up years in the stock market and pass by the -25% down years by holding T-Bills with a modest 5% return, the rewards would be huge.
These techniques are a combination of technical, fundamental and quantitative indicators and measures. Let’s say a small company has very few competitors, well known product line and management, and cashflows that can be identified and assessed.
While it is possible to tie it all together a few times, it is virtually impossible to do it consistently. We have gone to great lengths to make sure our content is easily accessible and approachable. This can be achieved by finding new customers or getting your current customers to buy more of your product, instead of your competitor’s product.
Once this is established, you can write a marketing plan, which is the detail of the specific marketing activities you are going to take action in order to achieve your business aims and objectives. The best way to do this to attract competitors customer and looking for potential customer for the existing products. Marketing Manager must conduct a detailed survey whether it is feasible to introduce new product in the current market. At the corporate level, it is generally and its also very interesting entering a promising business outside of the scope of the existing business unit.
Through research they discovered that consumers were concerned about what went into their drinks and also where the materials needed for manufacture were sourced from. A group of music lovers wanted to listen to accessible ‘classical music with pleasant down-to earth presenters. The laggards will wait until pricing has reduced (social class might be important here) but on the whole laggards are suspicious of anything new and will wait until any problems are ironed out. Whereas now the same model of TV is available in supermarkets at a fraction of the original price.
Such purchases are of course reflected in the types of newspaper and other media that is read, and this, in turn, contains advertising which is aimed at people who read such media, so political leanings might be more significant than it initially seems. For example, an unmarried person living at home will probably have very different purchasing patterns from someone of the same age who has left home and is recently married.
In the example below an industrial electronics supplier sells to a range of B2B customers who all have varying needs and who operate in very different market sectors.
Have a look at the link below - Fortnum and Mason have done rather well in this very ‘well to do’ niche sector! For good measure, politics, economics, revolution, natural disaster, and technology also get mixed in. Generally, a loose monetary policy and expanding money supply indicate healthy financial markets. From a historical standpoint, when the overall dividend yield on the stock market is below 2%, independent of other factors, this indicates the stock market is expensive. In practice, the complexity of modern financial markets means that it is very, very difficult to predict the vast number of variables that can affect the markets. Whereas we can assign a value to this company, its stock might not be appropriately valued for years with its future prospects dependent on the economy in general. Even so, staying in cash until the eventual market crash gets harder and harder as the markets run ahead. From investing in bonds to managing your personal finances, Uncle Pipeline is the kindly uncle who is always there for you with great financial advice. The marketing manager uses these four groups to give more focus to the market segment decision: existing customers, competitor customers, non-buying in current segments, new segments.
This is done principally to alert advertising agencies who will place their clients’ advertising according to social class and product positioning.
When monetary policy is tightened, the price of longer-term assets such as stocks and bonds fall as money and credit become scarcer. When the dividend yield on stocks is low relative to bond yields, this generally means investors are willing to pay more for stocks relative to bonds than has been the case historically.
Who knew that Saddam Hussein planned to invade Kuwait in 1990 and the price of oil would soar?
Now assume we are to assign a valuation to a market, there are tough questions we may need to comprehend: What matters most, monetary policy or fiscal policy? Always opinionated but never boring, his insightful anecdotes and simple explanations will help you to make better decisions about your money. Ironically though, Innocent has kept where their manufacturing takes place, a well guarded secret. This was based on buying behaviour, social class, customer loyalty and usage, so a range of multi-variable segmentation options. They then set about proving this, hoping to make their insulated lives easier since they would never have to stick their necks out with market predictions. An investor predicting the unification of Germany and its resultant affect on the capital markets would have been shipped to the funny farms only a couple of years before it happened.
He’s like a stiff pull of hard liquor – a little hard to swallow, but remarkably warming and helpful in the end. The analyst might discern the depth of the fall from the length of the neck or relative height of the shoulders.



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