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Targeted Marketing Strategies

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Eric Napierala

on 17 March 2015

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Transcript of Targeted Marketing Strategies

"Who the heck are you?"

"Why should I care about what you have to say?"
Targeted Marketing Strategies
Two years in the field of aging
MA in Economics from GSU
BBA in Economics from UGA
included marketing classes
1995 #1 seller in school-wide fundraiser - fourth grade division
Segmentation Process

Effective Criteria

Segment Selection

Ethical Issues
1. Define and Analyze the market
2. Identify and describe potential segments
3. Select the segment(s) to be served
4. Determine the product positioning strategy
5. Design and implement the marketing program

Some are "in" and some are "out"
Based on selection criteria
Due to costs associated with development and implementation of segmentation strategy, each segment must meet certain basic criteria

Identifiable and Measurable
-Objective vs Subjective
Relatively stable in long-run
Effective Criteria
Segmentation Process
Ethical Issues
Segment Selection
Variables should be selected for usefulness in forecasting sales and predicting customer response
Mass Marketing
"How does economics apply?"
What most feel economics is ->
Allocation of Scarce Resources
Maximization given constraints
Always up for a boring conversation to explain why economics is
, just let me know
Current business model is unsustainable
Most of the time focus on only those who come to us, and those are people in great need

Untapped market, Cross-subsidization

Need to systematically segment, target, and position your product to specific consumers
Focused efforts will free up resources which in turn can fund more people
Intimately know your populations
No differentiation
between clients
Large to small
Clusters are unique
Why Segment?
Increased number of competitors
Increased diversity among customers
Reach more narrowly defined customers with highly targeted marketing mixes
Target Marketing Strategies
Each segment is treated as unique with own unique marketing mix
Must have distinct advantage over competitors and be able to satisfy customers with superior goods and services
Mass customization
Individual level
5 Major Steps
*steps and descriptions vary between situations
Demographic and Socioeconomic
Behavioral and Situational
Psychological and psychographic
Benefits sought
Combine Variables!
Use Technology!
Can still target and reach more people through segmenting
What you do to the mind of the customer, not what you do to the product
Positioning VS Differentiation
Perception VS Physical Product
Positioning Process
1. Identify market
2. Determine wants, needs
3. Analyze
4. Compare
5. Identify unique position
6. Design marketing
7. Assess/reassess
Value Proposition
1. Who is the target customer?
2. Why should the customer buy it?
3. What are we selling?
Key Variables
Product Attributes
Price and Quality
Use or Application
Benefits, Solutions, Needs
Product User
Product Class
Against Competitors
The year is 2014!

Take advantage of the future!
A lot of research has already been done!

Time-richness, not income richness
(The Economist, 2014)

Increasing gap between well-educated and unskilled
(The Economist, 2014)

Properly advertising to the population
(NPR, 2014)

How Does Age Affect Spending Habits and Perception of the Health of the Economy?
(University of Akron, 2009)

Older adults using the internet!
(New York Times, 2013)
Public Census Data
County-level data for 65 and older population

Living Arrangements
Senior Center Director Yahoo Group
Share Ideas
Advice on problems
Support group
The Georgia Department of Human Services (DHS) Division of Aging Services (DAS) supports the larger goals of DHS by assisting older individuals, at-risk adults, persons with disabilities, their families and caregivers to achieve safe, healthy, independent and self-reliant lives.
Full transcript