Compendium admissions 2023-25



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PI Prep Kit 2023
The Marketing Workflow
Marketing like all other business functions follows a workflow that starts with a company analyzing the market (researching about their immediate environment, whom they can serve as well as business partnerships that they can build. This is followed by STP (Segmentation, Targeting, and Positioning) which will be discussed in further detail. The company must then focus on capturing value by deciding on its marketing mix and then sustaining the value. Lets start off by analysing the market.



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Customers
We decide who the purchasers of our offering will be
Company
We look inwards to see whether the product ethos and characteristics align with our mission and vision statements, allocative resource capabilities, strengths, and perception
Competitors
We look outwards to see our offerings in comparison to those offered by other companies and whether our value differentiation is strong enough
Collaborators
We look to identify possible candidates for developing long-lasting business relationships in order to form a sustainable product strategy through collaboration
Positioning___Segmentation'>Segmentation, Targeting, and Positioning


Segmentation
This step encompasses the process of forming various customer groups based on geography (country region state province, demography (age gender education level occupation, behavior (what they buy how often what they browse) or their psychography (lifestyle activities hobbies opinions. Segmentation can also rely on other criteria for diving the market into smaller sub-markets; however, it is essential that the segmentation criteria have the following


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• Measurable
• Substantial
Accessible
• Differentiable
• Actionable
Targeting
It is the process of focusing marketing efforts on one/some sub-segments that have been identified after segmentation and resonate the most with our product/service offerings. The ideal customer segments should be actively growing, highly profitable, and should have a low cost of acquisition (customer acquisition cost,
CAC). The criteria worth consideration here are size, profitability, and reachability. Targeting can occur at the level of mass (generally adopted by big companies)/multiple segments/niche/individuals. Customization at the individual and mass levels has become commonplace among the marketing strategies of companies.
Positioning
It is the target market’s perception of the product’s key benefits and features relative to the offerings of competitive products. A product should occupy a unique position in the minds of consumers for which
PODs (Points of Difference) and POPs (Points of Parity) with competing product offerings have to be identified. Often a perceptual map is utilized for understanding positioning and strategizing accordingly.

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