Fundamentals of Marketing - Customer Driven Marketing Strategy by https://padlet.com/ronaldoyee_161/mk2q3lzp0teu en-us 2017-05-10 04:06:30 UTC 2025-11-04 04:14:21 UTC hello@padlet.com Why target market ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170917360 The company cannot attract everyone because there is too many customers, too many needs, the customers are scattered and their behaviours are varied.
Hence, the company needs to identify the portion of the market that they can serve best and make the most profit out of it. This also allows customer-driven marketing strategy to build the right relationship with the right customer. ]]> 2017-05-10 04:08:29 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170917360 Marketing segmentation ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170917792 A strategy of categorising the market into smaller segments of buyers with distinct needs, characteristics or behaviours that require various marketing strategies or mixes.]]> 2017-05-10 04:14:36 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170917792 Geographic Segmentation ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170918146 The division of the market according to different geographical units including nations, regions, states, countries, cities or neighbourhoods]]> 2017-05-10 04:20:07 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170918146 Demographic segmentation ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170918242 The division of the market according to demographics (or factors like age, gender, income, occupation, race religion etc.)
Markets are usually segmented based on demographics as their needs, wants and usage rates often vary closely with the demographic variables. ]]> 2017-05-10 04:21:23 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170918242 Psychographic segmentation ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170918571 The division of the market based on lifestyle, social class or personality characteristics. Psychographic segmentation works because different people with different lifestyles will buy different products.
This goes back to the brand personality and (our) personality.
Brand personality are brands that are associated with a particular personality. Consumers tend to buy a brand that reflects their personality. (Our) personality is a set of unique traits that distinguishes a person or a group. They lead to relatively enduring responses to environmental stimulus. ]]> 2017-05-10 04:27:14 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/170918571 Behavioural segmentation ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/171128783 The division of the market according to consumer's knowledge, attitude, uses or response to a product. This includes segmenting the market according to occasions of purchase, benefits sought, user status, usage rate and loyalty status.]]> 2017-05-10 22:09:19 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/171128783 Requirements for effective segmentation ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/171128981 The segments must be 
  • measurable - size, purchasing power and profiles can be measured
  • accessible - effectively reached and served
  • substantial - large and profitable enough to serve
  • differentiable - distinguishable and requires different marketing mix depending on the segment
  • actionable - can design effective programmes for attracting and serving 
]]> 2017-05-10 22:12:06 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/171128981 Target market ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/171129458 A group of buyers who have the same needs or characteristics that the company plan to serve.]]> 2017-05-10 22:18:10 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/171129458 Choosing the target segment ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/171129549 Companies should target segments based on its size and growth (The larger and more profitable the segment is, the better.), segment structural attractiveness (the lesser or weaker the competitors and substitute products, the better) and company objectives and resources (whether or not the company have the resource and skill to succeed)]]> 2017-05-10 22:19:27 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/171129549 Selecting target segments ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172691776
  • Mass marketing (The broadest)
  • Segmented marketing
  • Niche marketing
  • Micro marketing (The narrowest)
    • ]]>     2017-05-18 21:35:05 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172691776     Mass marketing ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172691970 In mass marketing, the firm decides the ignore the differences between the market segments and target the whole market with one offer. They will design a product that appeals to the broadest number of buyers.]]> 2017-05-18 21:36:46 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172691970 Segmented marketing ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172692129 In segmented marketing, the firm decides to target a number of segments and design different products for each segment to meet the needs of each segments]]> 2017-05-18 21:38:35 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172692129 Niche marketing ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172692804 In niche marketing, the firm will target one specific segment deeply. They must have greater knowledge on the segments they are serving.]]> 2017-05-18 21:45:14 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172692804 Micro marketing ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172692922 In micro marketing, the firm will design products to suit the taste of a specific location or individual. It usually include custom made products]]> 2017-05-18 21:46:37 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172692922 Product's position ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693121 The way the product is defined by consumers by important attributes. 
    The place the product is ordered in the consumer's mind in relative to competing products]]>     2017-05-18 21:49:09 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693121     Competitive advantage ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693328 An advantage over competitor gained by offering greater customer value]]> 2017-05-18 21:52:02 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693328 Differentiation ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693478 Each of the few points can be different from competitors
    • Product
    • Services
    • Channels
    • People
    • Image
    ]]>     2017-05-18 21:54:19 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693478     Competitive advantage ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693689 Developing a unique selling point for each brand and sticking to it
    Position the unique selling point on more than one of the differentiator.
    Differences to promote include being
    • important
    • distinctive
    • superior
    • communicable
    • preemptive
    • affordable
    • profitable
    ]]>     2017-05-18 21:57:42 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693689     Value proposition ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693866 The full mix of benefits a brand is differentiated and positioned
    Some of the winning value propositions are
    • More benefit for more price
    • More benefit for the same price
    • The same benefit for less price
    • Less benefit for less price
    • More benefit for less price (The best)
    ]]>     2017-05-18 22:01:03 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172693866     Positioning statement ronaldoyee_161 https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172694048 A short statement that describes who the firm targets and what needs do they meet
    It usually has the following format
    To target ______ (Segment and need). Our brand is _____ (brand name) concept that _____ (Point of difference)]]>     2017-05-18 22:04:07 UTC https://padlet.com/ronaldoyee_161/mk2q3lzp0teu/wish/172694048