MKT 300 1st Edition Lecture 8 Outline of Last Lecture I. Global MarketingII. Choosing a Global Entry StrategyIII. Choosing a Global Marketing Strategy: Target MarketOutline of Current Lecture I. Why segment?II. Segmentation, Targeting and Positioning ProcessCurrent LectureI. Why segment?a. Market Fragmentation: so many diverse people groups; therefore there are different needs for products and servicesb. **Why we need a target marketing strategy (so many choices out there)i. Beer n’ Cheese: Chunky Campbell’s soupii. Chicken noodle has 32 feet of noodles in one caniii. Taco Bell: new US Taco Strategy: fast casual1. New menu: beer/wine/alcoholic milkshakes2. Also trying “Superchicks”: upscale chicken placeII. Segmentation, Targeting and Positioning Processa. Step 1: Establish Overall Strategy or Objectivesi. Derived from mission and current situationb. Step 2: Segmentation Methodsi. Geographic: common when going international1. Hawaii with Spam—fourteen varieties; convenient, versatile, humorii. Demographic: age, income, gender—millennial generation 1. Agea. Vine Stars: market with Coca Cola productsb. Campbell’s increase social media to appeal to younger consumersi. “Go” product, buying Bolthouse Farmsc. Miller Fortune: ages 21-27; black bottle, commercials at nightThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.d. Lunchables uploaded: try to target 13-17 year olds; more food, modern packaging “revamped”e. Kraft Mac & Cheese: target parents/grandparents; “What I Did For Love”2. Gender: Men’s Trunk Club—do shopping for you; consultation on skypea. Banana Boat: men’s line in black containers, fast absorption, not heavy formulab. Axe, Ole Spice (age and gender)c. Dove men plus care: Superbowl commerciald. J. Cutler: keeping the kids—Mr. Mom videoe. Think Thin energy bar (18-54): checking out son’s friend at brunchiii. Psychographic: lifestyle + demographic (attitudes and opinions)1. Campbell’s: What does your fridge say about you?a. Studied consumers: go shopping with them/interviewb. Six types of cooks: passionate kitchen master, familiar tastepleaser, uninvolved quick fixer, etc.c. Helps them research what these people types use (target marketing)2. 30 million green bean casseroles made from
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