Marketing segment and perceptual map
Question 1: The value and utility of Philip Kotler’s segment-by-segment invasion plan
Philip Kotler’s segment-by-segment invasion plan is a tool widely used to the current and future market segment pursuit. Kotler emphasized the need to segment as the most significant element of good marketing. According to him, segmentation prevents wastage of time, money and sales. Kotler’s invasion plan of segmentation includes divisions of buyers known as segments. The major categories of customers indicated in Kotler’s device are based on demographic characteristics such as gender and age, geographical region, psychographic lifestyle, and behaviors. The value and utility or rather the importance of Kotler’s tool of segmentation is that it helps in understanding the present and forthcoming market segment quests. For instance, when one has knowledge of the diverse needs of men and women, they can develop products that meet the customer’s demands at that particular time. More co, companies can use segmentation to predict what products are likely to appear too distinct groups of buyers.
Question 2: The importance of a perceptual map
Typically, a perceptual map is a visually designed technique that maps how the standard target market consumer perceives products being sold in the market which competes with each other. In a nutshell, it is a device that endeavors to demonstrate the buyers’ views and interpretations about goods. A perceptual map is crucial as it enables companies to know how consumers think about their product and in turn make improvements if necessary. For instance, consumers might view a particular company’s item as more expensive as compared to another product which is similar but from a company. From this, the company may be compelled to reduce the price of that item. Marketers can use a perceptual map can be used by marketers to improve product positioning outcomes within the healthcare industry by determining one’s competitors. For instance, the instrument may be used to know which other companies sell painkiller drugs and how are their products rated by consumers. This information can be used to improve the product’s effectiveness and perhaps, manage the side effects.
Product ladder and hierarchy of needs
Question 3: The importance of Ries and Trout’s product ladder as a targeting marketing device within the healthcare industry
Ries and Trout’s product ladder was created to illustrate how consumers are compelled to rate products and services as they are plenty in the market. Products in higher ladders in the buyers’ minds are the most favored while those in the lower steps are the least prioritized. As such, Ries and Trout’s product ladder can be utilized by healthcare companies to determine how consumers perceive and rank their goods and/services in comparison to others. The knowledge acquired enables the healthcare firms to develop ways to climb up the ladder and improve how they are viewed by the buyers. For instance, a new healthcare center may include how it offers enhanced services in its advertisement compared to the market’s leading hospital.
Question 4: The level of necessity of healthcare marketers to possess an effective understanding of human motivation to understand their customers better
The need for healthcare marketers to understand human motivation so that they can understand their customers well is in the self-actualization level of the hierarchy of needs. At this stage, people seek to realize full potential. As healthcare marketers, one develops the desire to know what motivates human so that they can have an improved understanding of their customers.
In a health care organization, human motivation can be used in the development of one’s career since one feels that they need to be experts. Another way in which human motivation can be utilized in healthcare is in the achieving good health outcomes. Doctors may promise to reward a patient if they comply with treatment.