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  1. 1. SMALL BUSINESS SUCCESS Richard Randolph Executive Director Florida Customer Experience Institute
  2. 2. There is only one valid definition of business purpose: to create a Customer. The Customer is the foundation of a business and keeps it in existence. The Customer alone gives employment. And it is to supply the Customer that society entrusts wealth-producing resources to the business enterprise. ~ Peter Drucker
  3. 3. A MARKET – A group of ① Customers or potential Customers who have ② Purchasing power  money (or ability to get it) and  authority to buy and ③ Unsatisfied needs and/or wants WHAT IS A “MARKET”? 13-3
  4. 4. A MARKET – A group of ① Customers or potential Customers who have ② Purchasing power  money (or ability to get it) and  authority to buy and ③ Unsatisfied needs and/or wants WHAT IS A “MARKET”? 13-4 If your target doesn’t have ALL of these, it’s not a Market!
  5. 5. You just won the lottery! Let’s start a radio station!
  6. 6. Rule 1: It’s not about you. Rule 2: Never forget Rule 1. Your opinion, although interesting, is irrelevant. Remember: Find a need – then fill it.
  7. 7. Tune In To W I I F M What’s In It For Me? People are infinitely self-interested!
  8. 8. TARGET MARKETING: SEGMENTING 13-8 Segmentation: Divide the total market into groups with similar characteristics ―Divide and conquer‖
  9. 9. Targeting: Select which groups (segments) the firm wishes to serve Focus! TARGET MARKETING: TARGETING
  10. 10. Focus Strategy: A competitive strategy in which cost and differentiation- based advantages are achieved within narrow market segments. TARGET MARKETING: FOCUS
  11. 11. Let’s bake a cake! But which one? Now, what ingredients will we need?
  12. 12. PRODUCT PRICE PLACE PROMOTION TARGET MARKET Product Price Place (Distribution) Promotion THE MARKETING MIX It’s like your cake mix – different ingredients for each different type of cake. These ―ingredients‖ are mixed and added, depending on the type of product you offer, and Customer you want to reach.
  13. 13. The MARKETING PROCESS Segment Target Marketing Mix Focus! Divide and Conquer
  14. 14. Application: TOYOTA CAMRY: • Primary Target: Men (53%) Age 35-54 – Likely to have post-secondary education – Employed full-time; Likely owns a home – Have a HH income of $50,000+ – Married, with children between 12-18 yrs of age • Secondary Target: Women, ages 35-54, similar demographic traits as primary
  15. 15. Application: TOYOTA LEXUS: • The ―prestige luxury‖ market segment • wealthier, image-conscious consumers • car buyers with at least $5 million in assets • mostly men
  16. 16. Application: TOYOTA SCION: • the 17% of Generation Y whom Marketers consider to be Trendsetters. • In its first full year on the market, Scion had the lowest average buyer’s age (35) in the automotive industry, and sold around 100,000 customized cars.
  17. 17. ~ Peter Drucker The aim of Marketing is to know and understand the Customer so well that the product or service fits him and sells itself.
  18. 18. ~ Michael Dell “It has always made sense to me to build a business based on what people really wanted rather than guessing what we thought they might want.”
  19. 19.  Segmentation Variables The parameters used to distinguish one form of market behavior from another for the purpose of market segmentation  Demographic Variables Specific characteristics that describe customers and their purchasing power  Benefit Variables Specific characteristics that distinguish market segments according to the benefit sought
  20. 20. Divide the market by: Geographic Segmentation – cities, counties, states, regions Demographic Segmentation – age, income, education, gender, – any measurable characteristic Psychographic Segmentation – group values, interests, and opinions Benefit Segmentation – product benefits the Customer prefers. (Examples: travel; senior care) Volume (Usage) Segmentation – volume of product use. (R-F-M)  Recency  Frequency  Monetary value
  21. 21. How will you stand out in a crowd?
  22. 22. Who are you? Your perceived identity determines your success You must convey a deep, defining meaning in the mind of your Customer/Client Create a “mental pigeon hole” that defines your position in the market place You must stand out in a crowd – you must be perceived as “special” – unique – “just right for me” There‟s no room for “the ordinary” Therefore, you must be tightly focused 7–22 The Urgency of Focus
  23. 23. Tom Peters Perception is all there is.
  24. 24. Almost every kid growing up has learned the lesson of starting a fire with a magnifying glass. You find some dried leaves or grass, or an old piece of newsprint. Go outside on a hot summer day, and focus your magnifying glass into the tiniest point you can make, then hold it steady over the target. Before long, you’ll see the target start to brown, then smoke. It won’t take long before you have lit a fire. But you’ll never start a fire… if you: • don’t focus the lens to its sharpest point, and • don’t hold the glass steady (if you constantly move it around, you’ll never generate any heat!) The lesson: Focus on your target as narrowly as you can, then hold it steady and keep after it. How to Start a Fire With a Magnifying Glass
  25. 25. 7–25 “In trying to become all things to all people, you end up becoming nothing to anybody, and basically render yourself invisible in the marketplace.” ~ Geoff Ayling “You must become a meaningful specific – not a wandering generality.” ~ Zig Ziglar
  26. 26. A Common Characteristic of Intelligent People •The Butterfly Effect – Too many options! •The solution: Pick one thing, stick to it – become a specialist In 1921, Dr. Louis B. Terman, a Stanford University psychologist, set about the study of genius by tracking 1,470 genius-level children throughout their lifetime. The study was known as “the granddaddy of all life-span research.” The data showed that exceptional intelligence does not guarantee extraordinary accomplishment. According to the study, what distinguished those of spectacular achievement from those of low achievement and failure was, “prudence and forethought, willpower, perseverance, and desire.” They chose among their many talents and concentrated their efforts.
  27. 27. For Life, you must choose one chair. An Example of Focus Luciano Pavarotti, the superstar tenor, tells of the time in his life when he had to make a critical decision. “When I was a boy, my father introduced me to the wonders of song. He urged me to work very hard to develop my voice. Arrito Pola, a professional tenor in my hometown of Modena, Italy, took me as a pupil. About the same time, I also enrolled in a teacher‟s college. On graduating, I asked my father, „Which shall I be? Shall I be a teacher or a singer?‟ „Luciano,‟ my father replied, „if you try to sit on two chairs, you will fall between them.‟
  28. 28. Not “being everything” is smart. Not working on everything, but rather emphasizing selected strengths is the route to excellence. For some, this requires a redirection from “doing all and being all” to “being more” by focusing on less and doing a lot of what you do well. You can follow this advice by developing selected strengths and managing or dropping those activities and fantasies you pursue to no constructive end. A lot of knowledge about one subject offers the integrating point for all other knowledge. One thing!
  29. 29. I've also learned that only through focus can you do world-class things, no matter how capable you are. ~ Bill Gates
  30. 30. Tie two birds together and though they have four wings, they cannot fly.
  31. 31. That’s been one of my mantras — focus and simplicity. Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple. But it’s worth it in the end because once you get there, you can move mountains. ~ Steve Jobs
  32. 32. Real leaders don’t need clutter. People must have the self-confidence to be clear, precise, to be sure that every person in their organization – highest to lowest – understands what the business is trying to achieve. But it’s not easy. You can’t believe how hard it is for people to be simple, how much they fear being simple. They worry that if they’re simple, people will think they’re simple-minded. The reality, of course, is just the reverse. Clear, tough-minded people are the most simple. ~ Jack Welch former CEO of General Electric
  33. 33.  Is it OK for some people to not like you?  Polarize people! ◦ Some will love you – and others may hate you! ◦ The opposite of “love” is NOT “hate” – it‟s APATHY! or INDIFERENCE!  Your goal is to create passion – for or against!  Don‟t be concerned about critics! The only result that should scare you is lack of interest! YES!
  34. 34. Your effort is the Hammer. Your Marketing is the Nail. The sharper the nail, the easier it is to drive it in. Marketing is the Nail That Builds Your Business
  35. 35. The essence of Marketing is narrowing the focus. You become stronger when you narrow the scope of your operations. You can’t stand for something if you chase after everything. ~ Al Ries and Jack Trout Positioning – The Battle for Your Mind
  36. 36. Rule # 5: The Law of FOCUS
  37. 37. We succeed only as we identify in life, or in war, or in anything else, a single overriding objective, and make all other considerations bend to that one objective. ~ Dwight D. Eisenhower
  38. 38. Customers Are From Venus; Companies are from Mars Your Customers Your Company  High company knowledge  High interest in topic  Egos  Internal Politics  Varied understanding of Customers  High self-interest  Immediate Needs  Wants  Desires  Interests  Barriers and blocks
  39. 39. “Consumers are statistics. Customers are people.” ~ Stanley Marcus
  40. 40. Welcome to Mike Diamond Online! Home to Southern California's famous Smell Good Plumbers. In addition to plumbing, our technicians are trained in the fields of drain cleaning, heating, air-conditioning and electrical work. We've been serving Los Angeles, Orange, San Bernardino and Ventura counties for over 30 years out of our numerous local service centers. Before we get any further, if you're in a jam and you need somebody at your place as soon as possible, click here or pick up the phone and dial 1-800-446-6453 (MIKE). Your call will be answered by a live person (we don't hire machines) 24-hours a day, 7-days a week. In addition to emergency service, we have solutions for reducing your energy costs, and every kilowatt or measure of water you save helps our environment too. See the world from your Customer’s point of view — think like a Customer!