Defining Market Segments: Micromarketing Strategies
Market Segmentation and Micromarketing
Market segmentation involves using micromarketing, where firms adjust their programs to the needs and desires of precisely defined market segments (geography, demographic, psychographic, or benefits).
The final form of market segmentation is individual marketing (marketing by one), where the firm adapts its product or program for the needs of a specific consumer or organization.
The Rise of Micromarketing
The year 1990 became known as the “age of supersegmentation”
Read MoreMastering Strategic Positioning for Business Success
Strategic Positioning
The Apple Example
For years, Apple has been the gold standard in strategic positioning. How did it achieve this? By carving out a niche as the premium option in the technology world without sacrificing functionality. Other companies have followed suit, and now Apple holds 19% of the worldwide mobile phone market, followed by Samsung with 18% and Xiaomi with 13%. (For positioning, there must be differentiation.)
While many factors fuel Apple’s success, one of the most important
Read MoreBuilding a Powerful Brand Architecture Strategy
A robust brand architecture strategy helps marketers (mkrs) determine which products and services to introduce, and which brand names, logos, and symbols to apply to new and existing offerings.
Main Roles of Brand Architecture
- To Clarify Brand Awareness: Improve customer understanding of the offerings.
- To Improve Brand Image: Maximize the transfer of equity across products.
Three Steps to Develop an Effective Strategy
To successfully execute a brand architecture strategy, marketers should utilize brand
Read MoreCore Marketing Strategy, Mix (4Ps), and Consumer Behavior Fundamentals
Marketing Foundations: Definitions & Mix (4Ps)
- Marketing: Process of creating, communicating, delivering, and exchanging offerings that have value.
- Needs vs. Wants: Needs are basic requirements; Wants are specific desires shaped by culture and marketing.
- Exchange: Buyer/seller trade that satisfies both parties.
- Marketing Plan: Document outlining situational analysis, mission/objectives, strategy, tactics, and evaluation.
- CRM (Customer Relationship Management): Building and maintaining profitable
Essential Marketing Concepts and Strategic Frameworks
Defining Marketing
The aim of marketing is to know and understand the customer so well the product or service fits them and sells itself. Marketing is a contest for people’s attention; it is what you do, not what you say.
The Marketing Mix (4 P’s)
The traditional Marketing Mix consists of:
- Product
- Price
- Promotion
- Placement
Evolution: The strategic combination now emphasizes Client Service and Client Orientation.
Neuromarketing and Branding
Neuromarketing is based on brain functions:
- New Brain (Thinks)
- Mid Brain
Essential Concepts and Metrics in Advertising Media Planning
The Core Function of Media Planning in Advertising
Media planning involves determining the most effective way to deliver advertising messages to the right audience through the right media channels.
Key Functions of Media Planning
- Identifying target audience based on demographic, psychographic, and behavioral factors.
- Selecting appropriate media channels such as TV, print, digital, or outdoor.
- Deciding on timing and frequency to maximize impact.
- Allocating budget effectively across media platforms.
- Maximizing