One of the key external factors and influences in the study consumer behavior and marketing is culture and subcultures. As indicated by the word, a subculture is a subset of the overall culture. Let’s firstly check out the definitions of culture and subculture and how they are interrelated. What is culture in marketing? Here are … Read more…
When studying marketing it is important to understand the concept of a market and the exchange process. When we use the term “market” in a marketing sense, there are actually three possible views that we are considering – the overall market, any sub-markets and the brand’s target market/s. Overall market The overall market consists of … Read more…
When studying consumer behavior and/or the marketing environment, the concept of age cohorts is often discussed within the marketing textbook. Age cohorts of very large groups of populations that were born in the same time – usually within the same 10 or 20 year period. The broad thinking is that they are somewhat influenced in … Read more…
What is repositioning? Repositioning is the task of implementing a major change the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products. Why repositioning is used? Changes in consumer needs and lifestyles may reduce the relevancy of the product New or stronger competition in their product’s positioning … Read more…
What is a perceptual map? A perceptual map is of the visual technique designed to show how the average target market consumer understands the positioning of the competing products in the marketplace. The following chart is an example of a perceptual map. What are the Main Types of Perceptual Maps? 1. Using two determinant … Read more…
What is meant by Points-of-difference (POD)? The aspects of the product offering that are relatively distinct to the offerings of like competitors. What is meant by Points-of-parity (POP)? The aspects of the product offering that are largely similar to the offerings of like competitors. Should a brand emphasize POD or POP? Emphasize POD when… The … Read more…
Main positioning categories By product attribute By user By product class Against competition By use or application By quality or value By using a combination of the above options How to choose the best positioning approach? Market gaps – is there a viable gap? Substance and support – can we deliver a marketing mix to … Read more…
What is positioning? Positioning is defined as the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products. The important aspects of this definition are: Positioning is the perception held by consumers The focus is on the perceptions of the target market Only the key features and benefits … Read more…
What is niche marketing? Niche marketing is a specialized market offering focused on the needs of one tightly-defined market segment. Usually the niche marketer only offers a very limited product range to this segment. As a result, the niche marketer builds a reputation (brand equity) for being THE expert for providing their products to the … Read more…
Outline of the target market selection evaluation criteria Target markets should be evaluated on: Financial Issues Segment size Segment growth rate Profit margins Structural Attractiveness Competitors (direct and indirect) Competitive rivalry Access to distribution channels Current channel relationships Strategic Direction Fit with the firm’s strategic future Growth expectations Marketing Expertise Resources (financial position and staff … Read more…
