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Gichelle Amon Follow. These include: 1. Market Penetration: It involves entering the market and increasing the share of sales in the current market. This can be achieved by capturing the sales and customers from our competitors. Product Development: It involves presenting newer, better and improves versions of products to present markets through product expansion 3. Market Development: Finding new applications of our products and selling them to new markets.
Diversification: It involves offering and presenting new products to customers and thus penetrating new markets. TARGETING It is defined as a process that involves evaluating the attractiveness related to each segment and then accordingly selecting which characteristics to serve and work on.
It involves various problems such as deciding, electing and reaching the market. Targeting should be measurable, distinct, accessible and profitable.
We can use three alternatives namely undifferentiated marketing, differentiated marketing and concentrated marketing for the purpose of market coverage. It is an indication of lack of effective market segmentation. Therefore, in this type of market strategy the customers are approached with only one market offer. Since at this point of time with such a huge number of customers with different needs and wants it would not be possible for a business to make a product which caters to all.
It involves the implementation of a single marketing strategy for all the products. It is an expensive approach that could be implemented in the sectors have less segmented differentiation. Main advantage of using this type of strategy is that it keeps the total cost down which comprises marketing research, production, advertising and production. It can be used if the new product developed is in the "Introduction" stage of life-cycle.
It deals with creating an individual product along with a marketing plan particularly designed separately for each and every segment. The objective of this type of marketing strategy is higher sales volume and stronger position in the market. Thus, it involves conducting a detailed market research for each of its selected segments. Thus, it involves more cost. So, it is very important to list out the services that are critical for its segments.
If the company's competitors use differentiated marketing strategy then it should also follow the same strategy. There is also high risk factor involved in this marketing strategy.
In involves putting a product in a way such that it creates a clear and differentiate place compared to its competitive products in the minds of its customers.
It is considered to be a modest tool in the terms of marketing when it comes to building an image. Appropriate analysis of the consumers is the core of positioning. It is a tool which enables differentiation between various products and services and attracts and affects the customers and their buying decisions. There are two aspects of positioning comprising of functionality of brand and the way the companies communicate their principles to its customers.
For positioning to become effective, a propositioning statement or a value proposition becomes essential. Therefore, companies are leaving up their old strategy of undifferentiated marketing and coming up with target marketing. It involves segmenting and dividing up the markets and its customers based on their similarities in choices and designing products which caters them specifically.
It is oriented towards customers wants and needs. The managers select and serve those segments which will be most profitable and feasible for them to produce. Accordingly, they change their marketing mix elements comprising of products, their prices, distribution channels and marketing and promotional strategies which will fill up the requirements of individual set of customers. This chapter elaborates and explains the three phases of marketing namely segmentation, targeting and positioning.
Applications of STP in the companies have also been illustrated. Segmentation , positioning and targeting are those tools and vital elements of marketing that are useful for increasing and achieving a competitive advantage by a firm over its competitors in the market. They are main disciplines in marketing strategy.
In not taken care of properly then any faults and mistakes in this area can lead to failure which can be costly and if done properly then it leads to success. Key Words: Target marketing, segmentation, positioning, marketing mix 1. It is very different from mass marketing and product marketing where companies decides to produce and distribute a single products to its all customers and offers many variety of products to a big market respectively.
The aspect of strategy is very critical for a company. There are three ingredients of strategy that is segmentation, targeting and positioning. STP is very important for a company in order to get the fetch the right customers. It enables the company to understand where it stands with respect to its competitors. It can also serve as a tremendous source of brand differentiation, targeted advertising and new product development for the purpose of development of a competitive edge.
It also helps in the identification of and location of the various opportunities by properly analyzing and identifying new customers within the market. Segmentation is understanding that the whole actual market is equivalent and same, but is the company's perceptive on the market which could serve as a differentiating factor between its various competitors. With segmentation, the company becomes more specific in developing a product and fulfilling the needs of its targeted market.
The company decides the segments which it wants to enter after it has finished classifying, segmenting and grouping the market into set of its potential customers. Finally, comes into play positioning. After penetrating the market and adapting the resources of the company according to the segment the company must be able to create a credible position. Its main target is to create a competitive advantage that is sustainable so that the brands positions high in the minds of the people.
In order to achieve this, its products should be valued as important and unique by its customers. The company should use these strategies in influencing and affecting the purchasing decisions of its customers. The marketers of STP make efforts to highlight the segments and direct marketing activities in which they are confident that their business that do better than their competitors.
Unlike the traditional marketing strategies which are more focused on the product, the STP strategies concentrate more about its consumers. The model is very useful and critical when we have to form and develop communication strategies of marketing as it helps the marketers in prioritizing the propositions and forming and sending personalized and customized messages to involve with different audiences.
It can also be defined as a group of customers who share similar set of interests. IEEE Access — Springer, Cham, pp — Chapter Google Scholar. Download references. This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors. You can also search for this author in PubMed Google Scholar. All authors contributed to the study's conception and design.
Material preparation, data collection, and analysis were performed by Priyanka Rastogi. The first draft of the manuscript was written by Priyanka Rastogi and all authors commented on previous versions of the manuscript.
All authors have read and approved the final manuscript. Apart from this, there are various strategies that Coca Cola has followed over the years in order to achieve competitive advantage using its strategic capabilities. These strategies include: - Marketing and branding strategy: Healey defines a brand as a promise of satisfaction and emphasis that good branding reinforces reputation, generates loyalty and assure quality.
Few companies in this world have developed a brand as strong as Coca Cola. The company has used its marketing resources to create a brand that is widely known and has become the biggest competitive advantage for the company. Coca Cola has been successful in creating brand loyalty among its consumers.
This is a result of sustained marketing efforts starting from early 20th century. Coca Cola has adopted innovating marketing techniques right from the times of Candler and Robert Woodruff. Apart from usual advertising through bill boards and newspapers, Coca Cola focused on organizations, universities and colleges and this increased sales while promoting the brand name. Using this, Coca Cola maintains the strong global brand while introducing the local elements in the marketing to make sure that the product image is in harmony with the local culture.
Coca Cola has always preferred taking note of customer preferences and designing its products according to them, instead of taking an internal approach — the process of taking stock of internal assets and expertise and using them to produce something that customers would buy.
Based on these, the company either introduces a new product or acquires a company producing the suitable product. This is essential to survive in the changing market and to change the product portfolio according to customer requirements.
Channel analysis This section looks at the communication and distribution strategy of Coca Cola. Communication — Innovative advertising The company has used every medium available for advertisement and has been on the edge of technology for it. Use of radio has been one of the oldest medium of advertising and with the advent of television; the company became one of the first major advertisers through the medium. Coca Cola always presents itself as a pleasurable and refreshing drink. The company sponsors major sporting events around the world and hires top sportspersons to promote the brand.
The company also hires top models and movie stars as their brand ambassadors. The company always portrays itself as the number one and has the best products available. With the advent of internet, the company has been advertising online to connect with the online population. Distribution Coca Cola has developed its distribution network all over the world.
It follows two types of distribution strategy: - Direct selling: In this method, Coca Cola supply various products to retailers. These retailers may be retail stores, restaurants, cinema halls etc. The company uses its own vehicles to deliver the products. Direct selling brings in only small part of the revenue. Coca Cola gets into partnership with various distributor agencies.
The company supply products to these distributors, who then make them available to the retailers. In the traditional model, products are transferred from bottling plants to large distributors. These distributors then transport the products to retailers or smaller distributors.
Small distributor node is added in case of rural areas or areas with low density population. The small distributors then supply the product to retailers. Most of the bottlers are under contract with Coca Cola. At the same time, the Company has direct contract with big retailers such as Wal-Mart.
Coca Cola Company has introduced an innovative distribution mechanism in African countries to help the local economy thrive.
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