Day14 WA13 WED
JSS -DM303 : Web Analytics-BL01M13-Day14-13Nov20
Module 6: Customer Segmentation - Advanced
AGENDA
1. Niche market
2. Online Pricing Strategy
3. Market Growth Strategy
4. Market entry methods
5. differentiation pricing
What is niche market with example?
A niche market is a segment of a larger market that can be defined by its own unique needs, preferences, or identity that makes it different from the market at large. A niche is a focused, targeted area that you serve particularly well. It is small (and the smaller the better). It is specific. It is known to focused group.
What is niche in digital marketing?
Niche marketing is an advertising strategy that focuses on a unique target market. Instead of marketing to everyone who could benefit from a product or service, this strategy focuses exclusively on one group—a niche market—or demographic of potential customers who would most benefit from the offerings.
A niche brand is one that has a higher level of loyalty and lower level of penetration than would be expected for its market share. Buyers of niche brands seek a distinctive mix of benefits that are either greater or less than the average needs fulfilled by the large brands in the market
Penetration Pricing. The price charged for products and services is set artificially low in order to gain market share. ...
Economy Pricing. This is a no frills low price. ...
Price Skimming. ...
Psychological Pricing. ...
Product Line Pricing. ...
Optional Product Pricing. ...
Captive Product Pricing. ...
Product Bundle Pricing.
What are the 4 growth strategies?
There are four basic growth strategies you can employ to expand your business:
· market penetration,
· product development,
· market expansion and
· diversification
What is a market penetration strategy?
Purpose. As a strategy, market penetration is used when the business seeks to increase sales growth of its existing products or services to its existing markets in order to gain a higher market share.
What is the difference between market skimming and market penetration?
Penetration pricing relies on a low upfront price to attract customers, while skimming is the use of high upfront prices to maximize short-term profits from the most eager and interested customers.
What is rapid penetration strategy?
Penetration pricing is a pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth. Penetration pricing is most commonly associated with marketing objectives of enlarging market share and exploiting economies of scale or experience
Market entry methods
1. Exporting. Exporting is the direct sale of goods and / or services in another country. ...
2. Licensing. Licensing allows another company in your target country to use your property. ...
3. Franchising. ...
4. Joint venture. ...
5. Foreign direct investment. ...
6. Wholly owned subsidiary. ...
7. Piggybacking.
What is competitive pricing strategy?
Competitive pricing is the process of selecting strategic price points to best take advantage of a product or service based market relative to competition. ... Competitive pricing is generally used once a price for a product or service has reached a level of equilibrium
What pricing strategy does Starbucks use?
For the most part, Starbucks is a master of employing value based pricing to maximize profits, and they use research and customer analysis to formulate targeted price increases that capture the greatest amount consumers are willing to pay without driving them off.
What is differentiation pricing?
a pricing strategy in which a company sets different prices for the same product on the basis of differing customer type, time of purchase, etc; also called Discriminatory Pricing, Flexible Pricing, Multiple Pricing, Variable Pricing.
Subject: International Business Topic: Article
Foreign Market Entry Strategy and Rules
1. Licensing
2. Franchising
3. Direct Exporting
4. Partnering
5. Joint Ventures
6. Buying a Company
7. Turnkey Projects
8. Greenfield Investments
CLASS SCENARIO ACTIVITY
You have a new product, an activated charcoal base toothpaste.
1. Please suggest a brand name for your product,
2. what are the complimentary products you can launch in future?
3. Who do you think are your Target customer (market segment)
4. If you have to sell this to the children, what will be your brand strategy online?
STUDENTS RESPONSE
"1. Charcoal toothpaste.
2. The tooth brush which also contain charcoal essence.
3. The one who very much concern about particular thinks like good for teeth.
4. Like to have attractive cartoon on the tube and the box or Any excited gifts inside or children brush with cartoon sticker on them."
Product name : organic toothpaste 2. Soap, shampoos 3. All the age categories 4. Make a posters and videos with the help of cartoons so with product reach the children and packaging with cartoons on with will grab children attention
"1. BREATHE
2.toothbrush
4. colorful toothpaste"
"1. Ayurveda Dantha Choorna - Powered by activated charcoal
2. Activated Charcoal face wash, facemask & shower gel
3. Millenials
4. Use animated cartoons in videos, to popularise the brand across FB, Insta and Twitter, targeting specific demographics & audience through their ad campaigning. "
"1 - Organic Toothpaste.
2 - We can launch tooth brushes, tongue cleaners, mouth fresheners (spray), liquid mouth wash
3 - Everyone requires a toothpaste but how many of them will try a new product line depends. People who are into charcoal related products would likely be interested.
4 - If I've to sell this to children, I'll be using cartoons and animations to attract them along with that if you buy the products for kids, you will get a animated toy which is shown in the ad. "
"1. Coal cavity
2. Complimentary products are tooth powder, brush, gel etc.
3. All age group
4. Making videos using the toothpaste with #coalcavity # cool asking them to asking eat chocolates happily and using toothpaste every night and day to brush the teeth."
"1. Brand name Freshy
2. organic products
3. all age groups
4. To kill your mouth germs use freshy tooth paste "
"1- Activefresh
2- I won't be giving toothbrush as complimentary as it is common instead I will be giving a trial pack of mouth wash as complimentary.
3 - All age groups
4 - I will Design the cover in such a way that kids will fall in love with it . The online strategy will be if you subscribe for every month, you will be getting a toy free."
Pure clean, I would give brush, tongue cleaner and mouth wash as a complimentary product. Everyone are my target customers in that most importantly I would target mothers. Because, they work to keep their family healthy and clean. To sell to children I would create cartoon ads using cartoon characters to influence them. And I would give attractive toothbrush with paste to children, with cartoon character stickers over that.
Beam-bright
"1. Coolclick is a brand Name
2. Mouth freshner and charcoal face Packets.
3. All people under Age Group of (18 to 35).
4. Creating Funny cartoon Characters with my charcoal content with it.
And explaining the uses and benifits in their way of likeing.
Creating stickers of the product and the cartoon character.
Approaching all the product dealers of children items to promote the brand by giving small complementary gifts for certain time.
"
launch new toothpaste into the market or want to increase sales of a relatively new product, you must undertake some rigorous but strategic marketing. There are several techniques and tools that can help you market effectively, but you have to be purposeful in your strategy and evaluate how the marketing initiatives will enhance the credibility for your brand and influence potential customers.
"1-Colgate
2-dental product
3-Person who used charcoal before
4-mild smell and tast"
"1. Coaly coal
2. Toothbrush, mouth wash, flaws.
3. 15 to 60years age group
4. I would use animation to advertise my products to attract kids and advertise to those playing games that are 3+ age group and also for the people who are watching videos like rhymes and animations "
"Brand name: Ayurveda Danta Churna Kashta
Complimentary products: Ayurvedic Tooth powder
Target customer: Children and adults.
Brand strategy would be to create attractive logo with tom and jerry, panchatantra characters as it would left children learn about our Indian cartoons along with other cartoons."
Teethspirit is the brand name for our product. Can launch products like toothbrush, tongue cleaners in future. general public are target customer for this product, because generally toothpaste are daily need product. making advertisement based on cartoon character and animation will attract children.
"1-Natural Charcoal Toothpaste
2-Toothbrush and Tongue cleaner
3- old age and yound kids
4- Selling animated toothbrush free along with toothpaste"
Optional - Which Brand do you think has potential but not yet evolved ?
Nokia
JioMart
Close up
Kirlosker
Forever bright
Colgate
KSIC MYSORE SILK
Source : Internet
https://www.assignmentpoint.com/business/international-business/foreign-market-entry-strategy-rules.html
Lakshminarasimman V Rao | 303 WEB Analytics |Digital Marketing| Study notes | Study Material | MBA | Corporate Neeti Consulting | Mysuru
All data above is a combination of data from Internet, purpose of this doc is for research and education only and responses received from Class students and interaction.
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