MGT 300 1st Edition Lecture 9Outline of Last Lecture I. Global MarketingII. Choosing a Global Entry StrategyIII. Choosing a Global Marketing Strategy: Target MarketOutline of Current Lecture I. Segmentation Methods ContinuedII. Benefit Segmentation MethodIII. Behavioral Segmentation MethodIV. Step 3: Evaluate Segment AttractivenessV. Step 4: Selecting a Target Market and choosing a strategyVI. Step 5: Develop a Positioning StrategyCurrent LectureI. Segmentation Methods Continueda. Chevrolet Trax: event advertising to reach a younger crowdb. Pop tart video: target adult/teenageri. Households with kids ages 6-17 are biggest buyersii. Vintage commercial: “You ever spend the night at a friend’s house?”c. Bird’s Eye: Steamfresh veggies in microwavei. Households with kids ages 6-11d. Nestlé’s resource water: trendy woman, 35 years old, higher incomee. Recipe boxes: want to cook, but don’t want to stand in line at storei. $10 per person; busy woman; going with cooking show trendf. CEO of Ulta: “loves beauty, take care of skin, trendy”g. Subaru: experience seekersh. Degree/Luna Bars: fit momi. Farmersonly.comj. Fantasy Football’s Obsessive Trend: 27 million Americans playingThese 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.i. 80% who play are college grads, 20% are womenII. Benefit Segmentation Methoda. Consumer seeks something in particular that only benefits will sufficeb. Examples: gyms who offer movie watching, gluten-free/calorie free, Heinz siracha, Veggie Meat (Beyond Meat for NY Mets)i. Savory Energy Bars: pizza, BBQ, fries flavorsIII. Behavioral Segmentation Methoda. Eat cereal at night, for dinner/snack—can stand up and eat itb. Febreeze for your car/garbage can/refresher for sheets to help you sleep betterc. Yogurt for dessert, not breakfastd. Zquil instead of Nyquile. Dunkin Donuts: sandwiches instead of only breakfast foodf. Kleenex: watermelon tissue boxes for summerg. Proctor and Gamble clothing refresher: Swash—higher income, nice wardrobeIV. Step 3: Evaluate Segment Attractivenessa. Reachable: communication strategy works with themb. Responsive: positive responsec. Identifiable: this segment is unique compared to everyone elsed. Substantial/Profitable: brings an incomeV. Step 4: Selecting a Target Market & Choosing a Strategya. Differentiated: classic target, different 4 P’s to each market (Kroger)i. Ralph Lauren/Vera Wangii. L’Oreal: carry products in drugstore/department store/saloniii. Marriott: different versionb. Concentrated: nitch—single segment: small, specialized, entrepreneurs)i. Healthy Pet, Luvo (organic frozen food), Artisan Bistro, Plum organicsc. Micromarketing or One-to-Onei. Process: customized personalization—Starbucks, Chipotle, Subway, Coke machineii. Technology: my M&M’s, miadidas, customized beef jerky, fitted clothingd. Undifferentiated/Mass Marketing: same thing to everyone, no segmentation—Henry FordVI. Step 5: Develop a Positioning Strategya. Positioning: establish your image in the marketplaceb. Miller Fortune: bad positionc. Tide Total Care: take care of your clothesd. Stonyfield: Petite crème: old fashione. Air Wick: Home is in the Air