Copyright 2004 – Biz/ed Market Position Market Niche – small part of an existing market Market Leader – maintain dominant position in the market? Market Follower – Follow the lead of the market leader – pricing, product development etc Market Challenger – Seek to adopt strategies to challenge market leaders position
Copyright 2004 – Biz/ed Market Objectives
Copyright 2004 – Biz/ed Market Objectives Will involve/determine some or all of the following: –Market Penetration –New Product Development –Branding –Diversification –SWOT Analysis –Product Portfolio – Product Life Cycle, Boston Matrix Marketing Objectives for Pepsi? Title: Western goods sell well in China. Copyright: Getty Images available from Education Image GalleryEducation Image Gallery.
Copyright 2004 – Biz/ed Market Segments
Copyright 2004 – Biz/ed Social Class Registrar General's Grouping: Class 1 – Higher managerial and professional Class 2 – Lower Managerial and professional Class 3 – Intermediate Occupations Class 4 – Small employers, self employed Class 5 – Lower Supervisory Class 6 – Semi Routine Class 7 – Routine Class 8 – Long term unemployed/never employed
Copyright 2004 – Biz/ed Social Class Institute of Practitioners in Advertising (IPA) Grouping –A – Higher managerial, professional and administrative –B – Middle management, professional and administrative –C1 – Supervisory, clerical and junior management –C2 – Skilled Manual Workers –D – Semi and unskilled manual workers –E – Pensioners, casual workers, unemployed
Copyright 2004 – Biz/ed Social Class – New Groupings The National Statistics Socio-economic Classification Analytic Classes (NS-SEC) 1. Higher managerial and professional occupations –1.1 Large employers and higher managerial occupations –1.2 Higher professional occupations 2.Lower managerial and professional occupations 3. Intermediate occupations 4. Small employers and own account workers 5. Lower supervisory and technical occupations 6. Semi-routine occupations 7. Routine occupations 8. Never worked and long-term unemployed
Copyright 2004 – Biz/ed Which Segment?
Copyright 2004 – Biz/ed Which Segment? Mass Markets – high volume, low margin goods – confectionary, cars, clothing, food stuffs Multiple Segments – appealing to wider range of groups – e.g. 4x4 vehicles – town, country, gender, lifestyle, social class? Single Segment – often a specialised product, e.g. machinery, exclusive goods