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Marketing 300 discussion section. announcements?

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Presentation on theme: "Marketing 300 discussion section. announcements?"— Presentation transcript:

1 marketing 300 discussion section

2 announcements?

3 discussion question

4 group policy Anyone still need to find a group?

5 micro-macro dilemma

6 personal benefits vs. social costs

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9 trash mass twice the size of TEXAS!

10 personal benefits vs. social costs

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14 question Why does Progressive insurance offer customers a price quote for Progressive and for its competitors?

15 question (hint: think about the purpose of the 4 Ps)

16 Segmentation

17 question

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20 Segmentation Different people have different needs and different uses for products within a category. As a business, its important to know who might be interested in your product/service and why. Why?

21 What is a segment? Segments/Submarkets A relatively homogeneous group of customers who will respond similarly to a marketing mix. Segments are based around NEED.

22 discussion question Consider the student market for off-campus apartments in your city. Identify some segments that have different needs and determining dimensions. Then evaluate how well the needs in these market segments are being met in your geographic area. Is there an obvious breakthrough opportunity waiting for someone?

23 discussion question Need Qualifying dimensions – minimum requirements; without these, a consumer is not interested (I ABSOLUTELY NEED THIS!) – ex. a roof. If a house doesnt have a roof, you probably wont consider living there. Determining dimensions – qualities that consumers ultimately choose on once they have a qualifying set (THIS WOULD BE NICE TO HAVE, BUT I DONT NEED IT) – ex. I choose this house from the ones I liked because it has off-street parking

24 discussion question Consider the student market for off-campus apartments in your city. Identify some segments that have different needs and determining dimensions. Then evaluate how well the needs in these market segments are being met in your geographic area. Is there an obvious breakthrough opportunity waiting for someone?

25 discussion question Talk with your group about your ideas for a few minutes. Come up with three distinct segments with qualifying dimensions and a breakthrough opportunity. WARNING! Think about students in terms of all relevant segmenting dimensions (NEEDS), not only in terms of their age or year. The latter will lead you down the wrong path.

26 discussion question SegmentNeedQualifying Dimensions Determining Dimensions Luxury-seekersComfort, view, status Amenities, nice view, cleaning service Gym, heated parking lot

27 discussion question Ready?

28 discussion question SegmentNeedQualifying Dimensions Determining Dimensions Luxury-seekersComfort, view, status Amenities, nice view, cleaning service Gym, heated parking lot

29 discussion question SegmentNeedQualifying Dimensions Determining Dimensions Luxury-seekersComfort, view, status Amenities, nice view, cleaning service Gym, heated parking lot Budget- conscious Low cost housing Cheap rent, paid utilities Close to campus SocialitesProximity to bars, ability to be loud Cool neighborhood, near bars Paid utilities FamiliesQuiet, safety, good school district Suburban, good schools, low crime area Washer/Dryer in unit

30 whats wrong with this? Grad Students Sophomores and Juniors Seniors MADISON HOUSING SEGMENTS

31 are all students the same? People who want quiet Budget conscious People who want to party 24/7 Seniors we know that not everyone wants the same thing, even if they are in the same demographic

32 whats wrong with this? Some seniors might want quiet, others might be looking for proximity to bars, others might want pets. These groups do not necessarily overlap. Seniors also leaves out non-seniors who might be looking for quiet, proximity to bars, etc. People who want quiet Budget conscious People who want to party 24/7

33 are all students the same? Seniors by making seniors a segment, you are implying that all students want the same thing Clones

34 this is the right way Quiet Seekers Budget conscious Partiers Overall Market this is better because it divides overall market by needs, not by demographics

35 discussion question Hey wait a minute! How come you said that seniors isnt a segment but families is?

36 discussion question This isnt an exact science. Use your intuition. Probably most families are looking for similar things; students probably arent. Homogeneous within (people within a segment very similar) Heterogeneous between (people in different segments are not very similar)

37 discussion question Warning: You will have the irrepressible urge to segment by demographics. Dont do it! Its okay to use demographics (ex. age, gender, occupation) to help you segment, but dont rely on them.

38 discussion question Segment based on NEED

39 discussion question Are all the needs you mentioned being met here in Madison? What is a market that you think is out there that is not currently being met?

40 quiz Reminder: The quizzes are timed. You have 4 minutes to submit them. After that, the system will not accept them! You have 2 attempts to complete the quiz. The system will take the higher score.

41 quiz Lipton has increased sales by developing ads that encourage its current customers to drink Lipton tea instead of coffee at morning "coffee breaks." This effort focuses on A. Market development B. Diversification C. Product development D. Market penetration E. None of the above

42 quiz What does market mean?

43 quiz The president of a company that produces cardboard boxes is concerned about the large number of competitors with extra capacity. As he put it, "our best shot is in the hands of our sales manager--she makes all of our marketing decisions and is creative enough to figure out how to sell more boxes." It seems that this company is run as if it were in the: a)Production era b)Marketing company era c)Simple trade era d)Sales era e)Marketing department era

44 quiz A digital camera, a computer video-cam, and a computer scanner might compete in the same A.Single target market B.Generic market C.Multiple target market D.Combined target market E.Product-market

45 quiz A.Generic market ex. things that transfer digital images to your computer B.Product-market ex. digital cameras C. Single target market ex. waterproof digital camera D. Multiple target market ex. one camera targeted at professionals and amateurs (with different marketing mixes) E. Combined target market ex. one camera targeted at professionals and amateurs (same marketing mixes)

46 other questions? ?

47 Have a great weekend


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