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Chapter 6 : Market Targeting and strategic positioning

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MARKET TARGETING DECISION
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identifies the people or organizations in a product-market toward which an organization direct its positioning strategy initiatives
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Identifying and analyzing the segments in a product market, Deciding which segments to target, Designing and implementing a position strategy for each target
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TARGETING AND POSITIONING STRATEGY CONSIST OF
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MICRO segmentation
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-aided by effective segmentation and targeting methods based on customer relationship management
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TARGETING DECISION
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determines which customer groups the organization will serve
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Segment targeting when segments are clearly defined, Targeting based on product differentiation
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TWO MAJOR CATEGORIES OF MARKET TARGETING:
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SPECIALIZATION
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involves offering buyers a product differentiated from competitors’ products and designed to appeal to customer needs and wants not satisfied by competitors
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PRODUCT MARKET ENVIRONMENT
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influenced by the extent of concentration of competing firms, the stage of maturity, and exposure to international competition
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Emerging, Growing, Mature, Declining
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FOUR LIFE CYCLE OF PRODUCT MARKET ENVIRONMENT:
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Totally new product market, new product technology entering an existing product market
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TWO TYPES OF EMERGING MARKETS”
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EMERGING MARKET
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formed by people/organization whose needs and wants have not been satisfied by available products
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Pursuit of a market leadership strategy, Follow very selective targeting and positioning strategies
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STRATEGIES OF CAPABILITIES AND RESOURCES:
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Extensive market coverage by firms with established businesses in related markets, Selective targeting by firms with diversified product portfolios, Very focused targeting strategies by small organizations serving one or a few market segments
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THREE POSSIBLE TARGETING STRATEGIES IN GROWTH MARKETS
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SELECTING TARGETING STRATEGY
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is feasible when buyers’ needs are differentiated or when products are differentiated
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SEGMENTATION
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is often essential at the maturity stage of the life cycle
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PRODUCT MARKET
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indicating buyers’ preferences and the competitive structure
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KEY MARKETING ISSUE
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is developing and sustaining brand preference, since buyers are aware of the product type and its features
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MATURE PRODUCT MARKETS
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-typically experience intense competition for market share, emphasis on cost reduction, continuation needs for new products, international competition and increase the role and importance of value chain strategies
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LARGER FIRMS
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may include a market leader and two or three competitors with relatively large market positions
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ACQUISITION
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may be the best way of market entry rather than trying to develop products and market capabilities
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MATURE INDUSTRIES
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are increasingly experiencing pressure for global consolidation
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TARGET SEGMENTS
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appropriate for all firms competing in a mature product-market
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MARKET MATURITY
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may create new opportunities and threats in a company’s market targets
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The advantages of global integration, Advantages of local responsiveness
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TWO PRIMARY OPTIONS FOR CONSIDERATIONS OF GLOBAL MARKETS
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POSITIONING
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may focus on an entire company, a mix of products, a specific line of products or a particular brand
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POSITIONING CONCEPT
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indicates management’s desired positioning of the product in the eyes and mind of the targeted buyers
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POSITIONING STRATEGY
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is the combination of marketing program(mix) strategies used to portray the positioning desired by management to the targeted buyers
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POSITIONING EFFECTIVENESS
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considers how well management’s positioning objectives are being achieved in the market target
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FUNCTIONAL CONCEPT
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applies to product that solve consumption-related problems for externally-generated consumption needs
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SYMBOLIC POSITIONING
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relates to the buyers’ internally generated need for self-enhancement, role position, group membership or ego-identification
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EXPERIENTIAL CONCEPT
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is used to position products that provide sensory pleasure, variety and cognitive stimulation
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Customer analysis, Competitor analysis, Internal analysis
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POTIONING EVALUATION SHOULD INCLUDE
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TEST MARKETING
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generates information about the commercial feasibility of a promising new product or about new positioning strategies for new products
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CONVENTIONAL TEST MARKETING
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conducted in one or more cities where the product is marketed and data are collected to determine probable sales and profitability
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ELECTRONIC TECHNOLOGY
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offers some attractive options to standard tests
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Underpositioning, Overpositioning, Confused positioning, Doubtful positioning
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POSITIONING ERRORS INCLUDE
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Mature market
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Product markets are shifting from growth to …. Market is not likely to expand Eventually
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Product strategy Value chain strategy Pricing strategy Promotion strategy Competitive advantage Designing the positioning strategy Cross-functional relationship
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Marketing program decisions
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Multivariate testing
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Marketing program component that a screening experiment can be conducted to identify important casual factors at the same time
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Underpositioning
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When customers have only vague ideas about the company and its products and do not perceive anything distinctive about them
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Overpositioning
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When customer have too narrow an understanding of the company products or brand
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Confused positioning
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When frequent changes and contradictory messages confuse customers regarding the positioning of the brand
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Doubtful positioning
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When the claims made for the product or brand are not regarded as credible by the customer