Agenda
Niche marketing
4 Ps of marketing promotion
Understanding "value to customer"
Perceived value to customer
Pricing decisions
What is niche marketing with example?
A niche market is the subset (part) of the market on which a specific product is focused. The market niche defines the product features aimed at satisfying specific market needs, as well as the price range, production quality and the demographics that it is intended to target. It is usually a small market segment of the whole market.
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. For example, children shoes for party can be a niche market, which can be sold with children toys and not with regular shoes shop.
the niche market need not be high end like Rolex, that has been targeting niche market since its initial days; the main aim of the company is to provide quality seeking people with the best wristwatches that have been designed with superior quality raw materials and people who have expertise in this field. niche market can be also for low priced items which only a specific set of population will utilize.
What is Market segmentation
Market segmentation is the practice of dividing your target market into approachable groups. Market segmentation creates subsets of a market based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria used to better understand the target audience.
Geographic Segmentation: ...
Demographic Segmentation: ...
Psychographic Segmentation: ...
Behavioristic Segmentation: ...
Volume Segmentation: ...
Product-space Segmentation: ...
Benefit Segmentation:
Pricing Decisions
Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. ... Pricing is a fundamental aspect of financial modeling and is one of the four Ps of the marketing mix, the other three aspects being product, promotion, and place.
Five main objectives of pricing are: (i) Achieving a Target Return on Investments (ii) Price Stability (iii) Achieving Market Share (iv) Prevention of Competition and (v) Increased Profits! Before determining the price of the product, targets of pricing should be clearly stated.
Case Study Discussion in Class
Tata Nano Sales and customer perception
1+Nord 2 Sales in Navratri-2021 promotion model
Questions to Students for Self study
1. Discuss the importance and relevance of after Sales support
2. What makes a customer come back for more demand
3. How will you profile your customer. Discuss with respect to understanding the core value of your product?
Lakshminarasimman V Rao | Sales Management| Class notes | Study Material | AFMI | 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.