This presentation discusses the perceptual mapping for Centrum Silver multivitamin tablets and its competitors. It explores the existing marketing strategy, segmentation, and targeting strategy for Centrum Silver.
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P R E PA R E DB Y I DN U M B E R Centrum Silver
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Perceptual map Berocca Blackmores Cenovis Nature’s way Nutritional Value Value for Money Low Lo wHigh High Centrum
Perceptual Mapping •Product : Centrum silver multivitamin for Men, Women, Adults •Competitors : Berocca, Nature’s way, Blackmores, Cenovis •Competition based on multivitamin tablets •Information collected through secondary research , websites and ranking comparisons sites (canstarblue.com.au, 2019). •The Perceptual mapping has been done based on: Nutritional value for product Value for money for that product Berocca scores the highest here followed by Centrum Centrum on perceptual map High on value for money Moderate on nutritional value
Existing Marketing Strategy •Centrum Silver – For Men, Women And Adult(youtube.com, 2013) •Multivitamin Tablets:Heart health, Brain Health, Eye health, Whole Body Health(centrum.com, 2018)) •Advertising via YouTube, discount coupons, facebook, Commercial ads
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Segmentation Market segmentation is a process to divide your target market in a group according to you product features and price (qualtrics.com, 2019),(Segmentation,Targeting andPositioning(STP)Model, 2019), (Hanlon, 2018) Four major themes Demographic Geographic Behavioral Psychographic Demograp hic Geographi c BehavioralPsychographi c
Primary Segmentation •The geographic region of Jack is Perth, Australia Geographic •Jack is a visionary person, perusing his PHD, engaged in Marshal arts activities, Appropriate physique, friendly nature, adaptable to changes, has a car and owned home Behavioral •Based on the theoretical viewpoints, Jack is energetic person, Group of friends, Focus on mental and physical health, Depends on digital media advertisement Psychographic •Jack holds the citizenship of Australia, Married with 2 kids, works as professor in Australian university, perusing his PhD in consumer behaviour, 39 years old and earns more than 90,000 dollars per year, spends lavishly Demographic(25-40 Years)
Secondary Segmentation •The geographic region of Sara is Sydney, Australia Geographic •Self motivated, health conscious, follows diet, likely to go shopping and sports clubs on weekend, part of TT inter college competition, seeks for better learning exposure in future, may shift to US for further studies Behavioral •Young optimism, follow people’s opinion who are like minded, heavy users of social Media, focus on innovation anddevelopmentallearning,enthusiasticbynature (.roymorgan.com, 2018) Psychographic •Sara holds the citizenship of Australia, Unmarried, works as librarian in Australian university, perusing her graduation in marketing, 22 years old and earns approx 20,000 dollars per year, saving orientation. Demographic (15-25)
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Target strategy •Targeting strategy is a process of selectingan appropriatesegment where the products can beofferedandsold (individual or a group of individual ) •Targetingstrategyisa process of choosing right customersforright productatright moment,talksabout selling products to them. •Specificsegmentis being targeted for better sales Mass Marketing Types of Marketing strategies
Targeting strategy for Centrum silver S a m p l e s d i s tri b u ti o n i n h ea lt h c l u b s M o r e p r o m o t i o n v i a s o c i a l s i t e s , b i l l b o a r d s , c o m m e r c i a l s , m o r e r e l e v a n t n e w s f e e d •Mixofmassmarketinganddifferentiatedtargetingstrategywillbeused (Vaskovardzic, 2013). •Centrum silver has a three categories: Men silver, Women silver, and adult silver •Covers almost each segment of the market (Linchpin, 2019)
References •.roymorgan.com.(2018).RoyMorgan.RetrievedApril17,2019,fromwww.roymorgan.com/: http://www.roymorgan.com/products/values-segments •canstarblue.com.au.(2019).MultivitaminsCompared.RetrievedApril13,2019,from www.canstarblue.com.au: https://www.canstarblue.com.au/health-beauty/multivitamins •centrum.com. (2018).Centrum® Silver® Adults. Retrieved April 18, 2019, from /www.centrum.com: https://www.centrum.com/centrum-silver-adults-50-plus •Hanlon, A. (2018).The segmentation, targeting and positioning model. Retrieved April 2019, from https://www.smartinsights.com/digital-marketing-strateg:https://www.smartinsights.com/digital- marketing-strategy/customer-segmentation-targeting/segmentation-targeting-and-positioning/ •Linchpin. (2019).Pharmaceutical Marketing Strategies and Tactics. Retrieved April 17, 2019, from linchpinseo.com: https://linchpinseo.com/pharmaceutical-marketing-strategies-and-tactics/ •n.a. (2016).Using the Marketing Mix to Reach Target Segments. Retrieved April 17, 2019, from courses.lumenlearning.com: https://courses.lumenlearning.com/marketing-spring2016/chapter/reading-targeting-and-the- marketing-mix/ •qualtrics.com.(2019).TheBasicsofSegmentation.RetrievedApril17,2019,from www.qualtrics.com:https://www.qualtrics.com/experience-management/brand/what-is-market- segmentation/ •Segmentation,TargetingandPositioning(STP)Model.(2019).RetrievedApril17,2019,from www.mindtools.com: https://www.mindtools.com/pages/article/stp-model.htm •Vaskovardzic, B. (2013, June 26).marketing vitamins-and-supplements. Retrieved April 17, 2019, fromhttps://www.naturalproductsinsider.com:https://www.naturalproductsinsider.com/branding- marketing/marketing-vitamins-and-supplements •youtube.com. (2013, December 23).Centrum Commercial 1995. Retrieved April 18, 2019, from https://www.youtube.com: https://www.youtube.com/watch?v=zY4iUEO8PRY