Market Segmentation: Strategies for Success in Unit 2
In Unit 2, explore the dynamics of market segmentation through an engaging drag-and-drop activity. Understand how businesses divide and target specific consumer groups to enhance their marketing efforts. Gain insights into effective segmentation techniques and develop a strategic approach to reaching diverse audiences. Dive into the world of market segmentation and refine your skills in identifying and catering to distinct market segments.
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Presentation Transcript
DO NOW DROP BOX Unit 2 Drag n Drop Market Segmentation
Unit 1 Review Marketing Strategy Understand the market needs, wants & buying power. Segment the Market Select a Target Market DEVELOP A VALUE PROPOSITION
Marketing Strategy THE MARKETING MIX WHAT IS THIS?
Marketing Concept Customer Lifetime Value Customer Relationships CRM
Marketing Timeline (History) Product Orientation Sales Orientation Customer Orientation Relationship Orientation
The goal is have the biggest piece of the _____________________ Hint: Highest sales volume in the same industry.
Value Proposition A company must decide how it will serve targeted customers How it will DIFFERENTIATE and POSITION itself in the market place A brand s VALUE PROPOSITION is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
Examples of Value Props Facebook YouTube BMW New Balance s Minimus
Formatting a Value Prop Format: For [target market] that is looking for [needs, wants, problems], our product provides [value, solution]. By offering: [list benefits that support the value].
Formatting a Value Prop For teenagers that want to be stylish and cool without spending a lot of money Converse provides a fun, casual shoe that will make you part of the cool crowd. It offers: A variety of colors to express your sense of style. And at only $29.99 a pair, you can afford to have a different shoe for every day!
What is your VALUE PROP? Imagine you are in a college interview. The interviewer asks: Why should we offer you a place at Ivy League University? How would you answer the question in three sentences?
FIVE WINNING VALUE PROPS #1 MORE FOR MORE Upscale = High Cost Signifies high quality and gives prestige to the buyer Ex. Mercedes, Rolex, Four Seasons
FIVE WINNING VALUE PROPS #2 MORE FOR THE SAME Attacks competitors in the more for more sector A brand with comparable quality for a lower price Ex. Lexus did a promotion with side by side comparison with Mercedes
FIVE WINNING VALUE PROPS #3 THE SAME FOR LESS Everyone likes a good deal Stores such as Walmart, Best Buy, Petsmart, David s Bridal & DSW use this positioning They offer same brands as dept. stores at discounts based on superior buying power and lower cost operations
FIVE WINNING VALUE PROPS #4 LESS FOR MUCH LESS Products that offer less and therefore cost less Consumers will gladly give up bells and whistles for a lower price Ex. Hotels with no pools, dollar store
FIVE WINNING VALUE PROPS #5 MORE FOR LESS The winning prop When Home Depot first opened they had the best product selections at the best prices compared to hardware stores Very difficult position to sustain ( cannot have the best of both worlds What happen to Home Depot when Loews opened?
Every company must design their value proposition based on their target market.
Lets take a look at the product you will be creating a marketing strategy for! WHAT IS A MAN BAG?!
