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Market: Is composed by people (consumers) or by organizations (business market). "People or organization with needs or desires, and the capacity and the willingness to buy"

Market Segment: Subgroup of people or organizations that share one or more characteristics which produce similar product necessities.

Market Segmentation: Process of dividing the market in segments.

Helps define customer needs and wants more precisely.

SEGMENTATION helps decision makers to better define marketing objectives and  allocate resources.

It helps to:

Identify groups of customers

Design marketing mixes (specially matched)

Be consistent with the market concept of satisfying customers, while meeting organization's objectives.

CRITERIA FOR A SUCCESSFUL SEGMENTATION:

Substantially:  A segment must be large enough

Identifiability and Measurability: Segments must be identifiable and their size measurable.

Accessibility: The market must be reachable.

Responsiveness: You can use as much segmentation variables as you need.

BASES OF SEGMENTATION (variables):

Geographic: Nations,

Demographic: Age, gender, incomes, ethnic, family life cycle:

Young single

Young married or divorced without children

Young married or divorced with children

Middle-aged married or divorced with or withoutchildren

Middle-aged married without depending children

Older married

Older unmarried

Psychographic: personality, lifestyle (how they make profits and their hobbits), social class.

Geodemographics

Benefit Segments: Grouping customers according to what they seek.

Use Rate Segmentation: Enables marketers to focus their efforts on heavy users or to develop multiple marketing mixes according to the segment.

STEPS:

Select a market or product category

Coches a basis or bases for segmentation

Select segmentation descirptors

Profile analyze segments

Select Taget Markets

Design, implement and maintain appropriate marketing mixes.

AMAI

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Inbound Marketing: It is a methodology that coordinates different marketing techniques, directed to increase the number of website visitors to an specific. page.

Extreme Marketing: It must be BTL. It consist on strategies to reduce costs and, at the same time, caught the consumers attention in many creative ways. You should take the consumer by surprise. To generate it you must:

Get out of the conventional

Surprise Factor

Call the Attention

Simplicity

Fun

Interaction

Low Investment

Experiencial Marketing: It is focused to provoke emotions on their consumers, to create a link or connection with them.

Ambient Marketing: It is the tendency to transform the environment elements to create an impact on the target. It is different from the street marketing (creating events on the street) because it takes common elements and it reinvents it with an advertising purpose.

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"How the plans (sequence of activities) will be executed, after having set the objectives (goals), the budget and the programs (time)"

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This is the most competitive time for most products and businesses need to invest wisely in any marketing they undertake.

They also need to consider any product modifications or improvements to the production process which might give them a competitive advantages.

STRATEGIES:

Strategies According to the Market: reduce the price, increase advertising, increase salesforce efforts, look for new markets, reposition of the product, change the current distribution channels.

Strategies According to the Product: Quality Improvement, Improve the Style of Visible Aspects, Improve the Service, Update the Product.

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"It is divided in 4 clearly defined stages, that have their own characteristics related to their different strategies to improve the product"

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Product Life cycle  - Stages of PLC explained with examples

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"Strategies are broader courses of action, that guide the jobs to be done, to achieve the objectives of the organizations and to includes the resources allocation"

CORPORATE STRATEGIES:

Strategies Related to the Production:

Type of production

Way of producing

Volume of production

Size of the Product Line

Place of the Production

Strategies related with the product:

Competitive Advantage: It is what makes an entity's goods or services superior to all of a customer ́s other choice. To create it you should be clear about: the benefit that the product offers, target market, competition.

Product Structure/value

Variability on its Presentation

Size of the Mix or Line

Flexibility in the Development

Use: What is it for

Container of the main product (envase)

Package: Integrates the container

Graphic Design

Quality: Unique Quality, Differentiated Quality by Brand, Diverse Quality Levels (price and segments), Quality in Relation to the Positioning, Quality in Function of the socio economical and socio cultural levels. There is a relation between: price paid, conformance with standards, customers expectations, relations to the comparative competition.

Durability: It should be considered the products of quick obsolesce, durability within average, greater time of the useful life, product with the capacity to be update.

Product Design

Technology

Security

Ecology: It is fundamental by, the organization conscience, ecology obligatory norms, the sales impact that a product can have.

Ergonomy

Brand

Growth of the line or product mix: contraction or reduction, expansion.

Growth of the market Share

Service

Positioning: Identify the categories that present some necessity or an unsatisfied wish.

Internal development strategy versus external: utilization of third specialized parties to study and evaluate the enterprise to generate strategies.

Strategy to identify the demand or generate the offer:

Strategies related to the Product Development:

Strategy of Capacity: It consist on the main enterprise forces, to reduce risks and optimize results, generating competitive products, it can be developed on eight factors, technology financial, distribution, salesforce, service, directive, input, production.

Strategy of the 3 "I": Imitate (followers), Innovate or Invent (innovators)

Internal Development of External Development

Proactive Strategies: Companies taking the initiative to develop new products (I+D)

Reactive Strategies: Characterized to develop new products depending on what competition does.

Strategies related to the Price:

Pricing levels during each stage.

Discounts and sales.

Price to distributor, to direct consumers, to exports.

Low prices.

Differentiated prices.

Strategies related to the Market:

Market and target segments.

Distribution Channels

Competition

Strategies related to the Promotion:

Promotional Actions

Marketing Media

Sales Force

Advertising

Strategies related to the Service:

Facility

Guarantee

Maintenance

Finantial Facilities

Trainee

Consulting

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This stage of the cycle could be the most expensive for a company launching a new product.

The size of the market for the product is small, which means sales are low, although they will be increasing.

CHALLENGES:

1. Small or no Market

2. High Costs

3. Losses, no profits

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Product Life Cycle Stage Examples in 2017

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• This stage is typically characterized by a

strong growth in sales and profits
• The company can start to benefit from

economies of scale in production
• The profit margins, as well as the overall

amount of profit, will increase.

• This makes it possible for businesses to invest more money in the promotional activity to maximize the potential of this growth stage.
CHALLENGES:

1. Increasing Competition.

2. Lower Proces.

3. Different Marketing Approach.

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"It could be due to themarket becoming saturated or because the consumers are switching to a different type of product"
CHALLENGES:

1. Market in Decline.

2. Falling Sales and Profits.

3. Product Withdrawal.

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"It will allow to design a product with a specific goal in mind"

There are four:

Market Leader: It develops and innovate products. It invest heavily in research and development. This can be an expensive strategy which becomes it harder for small businesses.

The Challenger: It invest heavily in research and development in order to create products. It is seeking for the leader post.

The Follower: It uses innovations developed by other companies. Their products are deviated rather than original.

The Niche: Involves developing a product for a smaller segment of the populations. The dominate a small section of the market.

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"All the products offered by a firm for sale"

PRODUCT LINE:

"An assortment or class of similar or related products and services"

It allows the company to reach regions and socioeconomic groups worldwide.

CONSISTENCY OF PRODUCT MIX:
"The degree of similarity between product lines in terms of their end-use, production requirements, price ranges, distribution channels, etc".