Tuesday, February 19, 2019
Designing Customer Driven Marketing Strategy
shrewd Customer Driven Marketing Strategy Now-a-days companies recognize that they can non appeal to exclusively buyers in the merchandise stead or at to the lowest degree non to all buyers in the same way. Buyers atomic number 18 as well numerous, too scattered, and too varied in their needs and buying practices. Moreover, the companies themselves vary wide in their abilities to serve incompatible incisions of the trade. on that point are 4 stairs of designing node driven market schema. They are described downstairs (i) Market naval divisionBuyers in any market differ in their wants, resources, locations, buying attitudes, and buying practices. Through market naval division, companies divide large diversified markets into smaller segments that can be reached more efficiently and effectively with products and service that match their unique needs. Market segmentation is of two types A) Segmenting consumer market There is no single way to segment a market. A market er has to try different segmentation variables, alone and in combination, to find the shell way to view the market structure. There are four segments of consumer market . Geographic Segmentation It calls for dividing the market into different geographical units such as nations, regions, states, provinces, cities or even neighborhoods. ECONO DX mainly does their telephone circuit in villages. They are in addition supplying their pens in big cities of Bangladesh but, in few amounts. 2. Demographic Segmentation It divides the market into groups ground on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, coevals and nationality. Demographic factors are the most popular bases for segmenting customer groups.One reason is that consumer needs, wants and function rates often vary closely with demographic variables. A nonher is that, demographic variables are easier to measure than most other types of variables. As good examp le, old battalion go push through buy ECONO DX because memorable events are related to it. Another example is get down income people uses ECONO DX pen as it is cheap. 3. Psychographic Segmentation It divides buyers into different groups based on social class, life style or personality characteristics. pot in the same demographic group can set about real different psychographic makeups.Mainly middle and lower class people are the organise customers of ECONO DX. 4. Behavioral Segmentation It divides buyers into groups based on their knowledge, attitudes, usage or chemical reaction to a product. This grouping is done depending on occasion, benefit sought, user status, user rate, loyalty status etc. As example, patriotic people result want to buy ECONO DX Ball pen because, it is an old speck and they are using this brand may be from the cadence of liberation war. B) Segmenting assembly line Market Consumer and business markets use many of the same variables to segment thei r markets.Yet, business marketers also use some additional variables, such as customer operating characteristics, buy approaches, situational factors, and personal characteristics. By going after segments kinda of the whole market, companies can submit just the right value offer to each segment served and captured more value in return. When ECONO DX was first introduced in the market, the owner of the company was very cleaver to grab the market for his product. He made a contract with BD presidency that- in all government official sectors ECONO DX will be the only ball pen to be used as official accessory.Requirements for effective segmentation Clearly in that location are many ways to segment a market, but not all segments are effective. To be useful, market segments moldiness be- 1. Measurable The size, purchasing power and profiles of the segments can be measured. 2. Accessible The market segments can be effectively reached and served. 3. Substantial The market segments are large or remunerative enough to serve. 4. Differentiable The segments are conceptually distinguishable and respond differently to different trade mix elements and programs. 5. Actionable Effective programs can be designed for attracting and serving the segments.ECONO DX fulfills all these five criterions. (ii) Market Targeting Market segmentation reveals the firms market segment opportunities. The firm now has to tax the various segments and decide how many and which segments it can serve best. In evaluating different market segments, a firm must look at greens chord factors segment size and harvest-time, segment structural amiable(a)ness, and company butts and resources. Firstly, the company must collect and analyze data on current segment sales, step-up rates and expected profitability for various segments.But right size and growth is a relative matter. The largest, fastest-growing segments are not always the most attractive ones for every company. Smaller companies ma y lack the skills and resources needed to serve the large segments. Secondly, the company also needs to examine major structural factors that take long-run segment attractiveness. For example, a segment is less attractive if it already contains many strong and aggressive competitors. The existence of many actual or potential substitute products may limit prices and the profits that can be earned in a segment.The relative power of buyers also affects segment attractiveness. Buyers with strong bargaining power relative to sellers will try to agitate prices down, demand more services, and set competitors against one another- all at the expenditure of seller profitability. Finally, a segment may be less attractive if it contains powerful suppliers who can control prices or reduce the quality or quantity of ordered goods and services. Even if a segment has the right size and growth and is structurally attractive, the company must consider its own objective and resources.Some attracti ve segments can be dismissed quickly because they do not mesh with the companys long-run objectives. Selecting Target Market Segments after evaluating different segments the company must decide which and how many segments it will target. A target market consists of a set of buyers ho share common needs or characteristics that the company decides to serve. Market targeting can be carried out at several different levels- Undifferentiated marketing outline, Differentiated marketing strategy & Concentrated or Niche marketing.ECONO DX is following undifferentiated marketing strategy. Undifferentiated marketing Using an undifferentiated marketing or loudness marketing strategy, a firm might decide to ignore market segment differences and target the whole market with one offer. This mass marketing strategy focuses on what is common in the needs of consumers rather than on what is different. The company designs a product and a marketing program that will appeal to the largest number of b uyers. (iii)Differentiation and PositioningA products specify is the way the product is defined by consumers on important attributes- the place the product occupies in consumers minds relative to competing products. Products are created in the factory, but brands are created in the mind. Consumers are over-loaded with information about products and services. They cannot reevaluate products every time they make a buying decision. To simplify the buying process, consumers organize products, services, and companies into categories and locate them in their minds.A products posture is the complex set of perceptions, impressions and feelings that consumers have for the product compared with competing products. They must plan positions that will give their products the greatest good in selected target markets, and they must design marketing mixes to create these be after positions. Choosing a Differentiation & Positioning Strategy Some firms find it flabby to choose a differentiation and positioning strategy. The differentiation and positioning strategy of ECONO DX is, ECONO DX in different generation. Competitive AdvantageTo build fat relationships with target customers, marketers must understand customers needs better than competitors do and deliver more customer value. To the extent that company can differentiate and position itself as providing superior customer value, it gains competitive advantage. The competitive advantage of ECONO DX is its lower price. Selecting an Overall Positioning Strategy The full positioning of a brand is called the brands value proposition- the full mix of benefits upon which the brand is differentiated and positioned. It gives the answer to the customers that why they will buy this brand.Overall positioning strategy can be of five types. Among them ECONO DX follows More for the Same Strategy. This strategy says about, companies can attack a compititors more-for-more positioning by introducing a brand offering comparable qualit y but at lower price. From past till present, time has changed a lot. Sometimes it was hard to murmur the time, and sometimes time became a matter of joy. So, as shown in our mental picture advertisement- by the side of type-writer or keyboard using, ECONO DX ball point pen became something that supports all the time.