[54] Strategic Marketing in .NET framework

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[54] Strategic Marketing
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When these circumstances are present it is necessary to decide on the approach to segmentation Focusing on this objective (Hlavacek and Reddy 1986) propose a four-step method: identifying segments qualifying customers in these segments assessing the attractiveness of the market segment monitoring each segment in regard to competitive activity and technological change The identi cation phase involves classifying the particular product and segmenting the market for it on the basis of typical end uses employing industry classi cation codes such as the SITC or BTN Once a segment is selected, there is continuous monitoring of both competitive and technological changes which could dramatically change the boundaries and attractiveness of segments (Figure 35) Within each segment it is necessary to qualify customers in regard to their needs, capabilities and readiness to accept the organization s products and services
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Selecting a target segment
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In selecting a target market the organization uses the broad criterion of market attractiveness compared to the organization s capabilities relative to the competition Factors such as segment size, growth in the segment, profitability, and the behaviour of competitors are evaluated Most importantly the organization judges how well the requirement of serving the proposed segment are matched by its resources and capabilities The market attractiveness organization capability matrix discussed above may be used in this
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Identification location clarification system Qualification capabilities readiness need Attractiveness size growth value business distance Monitoring international market segments Competitive activity domestic market international markets
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Technological change suppliers customers
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Source: Hlavacek, J and Reddy, NM (1986) Identifying and qualifying industrial market segments , European Journal of Marketing, 20 (2), 8 21
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Figure [35] Process of monitoring market segments
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Market segmentation and positioning [55]
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Influencing factors Market factors
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Attractiveness of market segment Size and growth Diversity/cyclical nature Sensitivity to marketing mix Market structure/supplier power Channel power End-user power
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Organization s business capability Customer/market knowledge Product capacity, product quality Flexibility Push/pull orientation Ability/skills of staff Advertising and promotion Relative positioning Ability to buy share ; compete on price Depth of resources Knowledge Organization s current technologies Speed of R & D Quality of R & D Patents and copyrights Access to capital
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Competitors
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Number and types Degree of concentration Barriers to entry/exit Knowledge
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Technology
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Necessary technologies Maturity and volatility Potential for innovation Competitors patents and copyrights Economies of scale
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Financial factors
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Figure [36] Evaluating segment attractiveness and organization business capability
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analysis (Figure 32) It is necessary, therefore, to determine the attractiveness of the segment and the organization s business capabilities under a number of headings (Figure 36) In choosing the target segment, successful organizations are always cognizant of the possibility of using it as a base from which to launch sequential entries to other contiguous market segments The encroachment of a sequence of segments in this fashion may eventually lead to complete control of the market
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Applying and extending segmentation analysis
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Segmentation analysis may be used to identify products and customers that are attractive to the organization in varying degrees Many organizations seek to concentrate their endeavours into pro table product market segments A reduction of product market variety may be a desirable strategy in particular circumstances: resource constraints organization size strategic focus In these situations the organization may seek to manage product and market variety by reducing the number of products in the portfolio and reducing the number of customers served
[56] Strategic Marketing
High revenues Large volume purchases Relatively low marketing budgets Medium volume purchases Small volume purchases Inactive purchasers Prospects Other non-purchasers Relatively large marketing budgets Low revenues
Figure [37] Customer value analysis
Segmentation analysis can help in these decisions by identifying the more pro table and attractive customers and products By classifying products into core, stars and marginals, the organization is building and improving upon traditional segmentation in that pro tability tiers are established re ecting current and future pro tability of the segments to the organization A customer value analysis allows it to classify customers according to their value (Figure 37) Most organizations serve customers who are large volume purchasers of their products and provide high revenues, the market minority, while requiring relatively low marketing support At the other extreme inactive purchasers, prospects and other non-purchasers, the market majority, produce low revenues but require relatively large marketing expenditures Using a customer value analysis it is possible to identify Core , Star , and Marginal product markets Core products might include all those products in the organization s portfolio that have a high turnover, high material value, are responsible for up to 80 per cent of sales and/or pro ts but only about 20 per cent of products by number Stars are products with high promise, likely to achieve Core product status in the near future Marginal products are low cost, low turnover products with a questionable future These are unlikely ever to grow to Star status Similarly, Core customers are indispensable to the organization and very pro table Customers classi ed as Stars are likely to contribute large pro ts in the future while Marginal customers are never likely to be important The organization seeks to maintain and strengthen its core product markets while cultivating its star product markets and divesting from its marginal product markets (Figure 38) It, therefore, should treat Core products and customers with great respect and care and similarly cultivate