Lt4 OpportunitySearch

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Information about Lt4 OpportunitySearch

Published on March 30, 2008

Author: Kliment


Opportunity Search:  Opportunity Search Asia-Pacific Marketing Federation Certified Professional Marketer Copyright Marketing Institute of Singapore Outline:  Outline Introduction Analyzing Consumer Trends Marketing Intelligence System Segmenting, Targeting & Positioning Introduction:  Introduction Scanning the environment is the first step in the search for opportunities Next, identify and determine relevance of the trends from the environmental scan Then forecast the direction and impact of each trend Finally, evaluate the opportunity What can we do? What do we do best? Success Requirements—What must we do? Gathering External Information:  Gathering External Information Structural changes e.g. Increase online purchases Mergers, acquisition, JV e.g. Hong Kong i-Cable in talks to acquire (Channel News Asia Interactive; 11 June 2001) AOL, the world's biggest Internet service provider, joint venture with Legend, China's largest PC manufacturer Gathering External Information (cont’d):  Gathering External Information (cont’d) Technical trends e.g. Convergence of consumer and computer electronics Broad government actions & policies e.g. Increasingly strong link between governance and social issues in East Asia Imminent entry of China into WTO Others e.g. Suppliers & raw materials changes Examples of Consumer Trends in ASPAC:  Examples of Consumer Trends in ASPAC Convenience Leading to the establishment of round-the-clock mini-supermarkets “Woolworths at Gulf” in New Zealand (Source: Retail Asia, May 2001) Proliferation of convenience products such as 3-in-1 beverages Assessability Preference for one-stop stores resulting in the growth of supermarkets, hypermarkets and mass merchandisers in Asia Pacific countries Examples of Consumer Trends in ASPAC (cont’d):  Examples of Consumer Trends in ASPAC (cont’d) Face Individuals upgrading of their condominiums; educational level; autormobile; private clubs Proliferation of counterfeit or look-alike consumer products of well-known brands Health Consciousness Business people in Hong Kong, Korea, Taiwan, Malaysia, Singapore are taking less alcohol when entertaining clients Growing consumption of organic foodstuff Marketing Intelligence:  Marketing Intelligence The Intelligence Process Intelligence Systems Gathering marketing intelligence Core Requirement of Intelligence Process:  Core Requirement of Intelligence Process Know what to do with the information What is important? What can be discarded or preserved? How to ensure accessibility? Timeliness Deciding, gathering and understanding is time consuming “Knowledge a week too late is the same as ignorance”1 (Source: George Friedman et al.; “The Intelligence Edge: How to Profit in the Information Age”; 1997 ed.) Intelligence Systems:  Intelligence Systems Informal (intuitive) versus formal intelligence systems Asian executives are more incline towards informal gathering of intelligence through close relationship and networking Passive versus active intelligence Intelligence techniques and technology Managing the public domain e.g. Lexis, Nexis Gathering Marketing Intelligence:  Gathering Marketing Intelligence Space Where can information be found? Time How long will it take to find it? Money What is the value of the information? It depends on how much information is enough Market Segmentation:  Market Segmentation “Market Segmentation is the subdividing of a market into distinct subsets of customers, where any subset may conceivably be selected as a market target to be reached with a distinct marketing mix.” -- Philip Kotler Major Segmentation Variables:  Geographic Demographic Psychographics Behaviorist Major Segmentation Variables Geographic Segmentation:  Geographic Segmentation Region County size City Density Climate Demographic Segmentation:  Demographic Segmentation Most popular because consumer wants, preferences, and usage rates are usually associated with demographic variables that are easily measured Age Sex Family size Family life cycle Income Occupation Education Race Nationality Social class Psychographics:  Psychographics Social Class From six American Social Classes to >40 classes now in the West In more developed ASPAC countries, generally 3 classes—Upper, middle and lower In less developed ASPAC countries, only 2 classes—the Haves and the Have-nots Life style Expressed through goods consumed e.g. Rolex Personality Give products brand personalities to correspond to consumer personalities Behavior Segmentation:  Behavior Segmentation Purchase occasion Benefits sought User status Usage rate Loyalty status Readiness stage Attitude Requirements for effective Segmentation:  Measurability How well can we measure the size & purchasing power of the segment? Accessibility How well can the segment be reached & served? Substantiality Is segment large or profitable enough? Actionability Can we formulate an effective program? Requirements for effective Segmentation Market Targeting:  Market Targeting How many segments to cover ? Undifferentiated Marketing Differentiated Marketing Concentrated Marketing How to identify the best segment ? Product - Market Matrix Market Targeting (Pictorial Presentation):  Market Targeting (Pictorial Presentation) Market Positioning:  Market Positioning A product’s position is the place the position occupies in consumers’ minds relative to competing products -- Philip Kotler “Positioning is the first body of thought to come to grips with the problems of communicating in an over-communicated society” -- Al Ries & Jack Trout Getting Into the Consumer Mind:  Getting Into the Consumer Mind The easy way to get into a person’s mind is to be first In communication, less is more The product ladder The F.W.M.T.S. (Forget What Makes Them Successful) Trap (Source: Al Ries & Jack Trout; “Positioning: The Battle for your Mind”) Positioning Strategies:  Positioning Strategies Product Attributes Position Needs or Benefits Position Usage Occasions Against-the-Competitor Position Away-from-Competitor Position Product Class Position Combination Position

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