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Embed code for: Marketing Management
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It is dividing the market into distinct group of buyers with different needs, characteristics or behavior who mighr require separate products or marketing mix.
Basis of market segmentation
Geographic- Country, state, region, district
Demographic- Age, gender, family size, income, occupation, education, religion, nationality.
Psychographic- Social class, life style, personality
Behavioural- Occasions, benefits, user status, loyalty status, attitude towards product.
The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter
Steps in market targeting
Evaluating Market segment
Selecting market segment
Choosing a market coverage strategy
It is the process of formulating competitive positioning for products and detailed marketing mix.
Formulation of Positioning strategy
(1) Identifying possible competitive advantage
(2) Selecting the right competitive advantage
How many differences to promote
Which differences to Promote
(3) Communicating and delivering the chosen position
Brand – a name, term, design, symbol, or other feature that identifies a seller’s products and differentiates them from competitors’ products.
Brand mark – part not made up of words, such as a symbol or design
Trademark – legal designation of exclusive use of a brand
Value of Branding – Buyer
Identify specific products
Reduce perceived risk of purchase
Value Of Branding – Seller
Aids in new product introduction
Fosters brand loyalty
Types Of Brands
Manufacturer- initiated by its producer
Private distributor- initiated and owned by a reseller
Generic- indicating only a product category
Sachin and Virag are two enterprising youth. They have passed out from IIM, Bangalore. They thought instead of doing a job, they will launch fresh vegetables in Indian markets. Having learnt of the future conventional foods, they decided to venture into cultivation of mushrooms. Mushrooms are known to be the best alternative food for vegetarians. For Sachin and Virag fund raising was a serious handicap for mass production.
However, the first Trial batch of mushrooms that they produced was bought by Star Hotel in Bangalore. Further, the hotel placed orders for supply of 20 kgs every day. Now mushroom industry is run by small entrepreneurs, like Sachin and Virag. Another big player M/s Ashtavinayak Mushrooms, equipped with cold storage facility was more interested in the export market. Sachin and Virag have set their sights high. They aim to sell mushrooms in a very big way all over India. Mushrooms have a great market potential and is a perishable food.
How will you advise Sachin and Virag, as how to increase the consumer awareness about this new food?
What do you understand from this case?
On what basis Sachin and Virag can do the market segmentation of Mashroom? Explain the reason.?