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1 Part Three: Market Segmentation Targeting & Psitioning ( Chapter7)

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Presentation on theme: "1 Part Three: Market Segmentation Targeting & Psitioning ( Chapter7)"— Presentation transcript:

1 1 Part Three: Market Segmentation Targeting & Psitioning ( Chapter7)

2 2 Market segmentation 1. Identify bases for segmenting the market. 2. Develop profiles of resulting segments. Market segmentation 1. Identify bases for segmenting the market. 2. Develop profiles of resulting segments. Market targeting 3.Develop measures of segment attractiveness. 4.Select the target segment(s). Market targeting 3.Develop measures of segment attractiveness. 4.Select the target segment(s). Market positioning 5. Develop positioning for each target segment. 6.Develop marketing mix for each target segment. Market positioning 5. Develop positioning for each target segment. 6.Develop marketing mix for each target segment. STP Strategies (P.195)

3 3 Major Segmentation Variables for Consumer Markets (P.196) Geographic Region Country size City size Density Climate Geographic Region Country size City size Density Climate Demographic Age Gender Life cycle Family size Income Occupation Education ……. Demographic Age Gender Life cycle Family size Income Occupation Education ……. Psychographic Social class Lifestyle Personality Psychographic Social class Lifestyle Personality Behavioral Purchase occasion Benefits sought User status Usage rate Loyalty status Behavioral Purchase occasion Benefits sought User status Usage rate Loyalty status

4 4 Requirement for effective segmentation (P.208) Measurable; ( ) Accessible; ( ) Substantial; ( ) Differentiable; ( Actionable. ( )

5 5 Target Marketing Evaluating Market Segments (P.209) Segment Size and Growth Segment Size and Growth Segment Structural Attractiveness Segment Structural Attractiveness Company Objectives and Resources Company Objectives and Resources Target Markets

6 6 Target market (P.210) Target market is a set of buyer sharing common needs or characteristics that the company decides to serve.

7 7 Market Segmentation Target marketing strategies (P.210) Undifferentiated (mass) marketing Undifferentiated (mass) marketing Differentiated (segmented) marketing Differentiated (segmented) marketing Concentrated (niche) marketing Concentrated (niche) marketing Micro-marketing (local or individual Marketing) Micro-marketing (local or individual Marketing) Targeting broadly Targeting narrowly

8 8 Undifferentiated) ( Mass) marketing A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer. Differentiated ( Segmented ) marketing A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each.

9 9 Selecting Market-coverage strategies Undifferentiated Marketing Company marketing mix Company marketing mix Market

10 10 Selecting Market-coverage strategies Differentiated Marketing Company marketing mix1 Company marketing mix2 Company marketing mix3 Segment1 Segment2 Segment3

11 11 Concentrated (niche) marketing A market-coverage strategy in which a firm goes after a large share of one or a few segments or niches..

12 12 Selecting Market-coverage strategies Concentrated marketing Company marketing mix Company marketing mix Segment1 Segment2 Segment3

13 13 Micro-marketing ( (P.212) The practice of tailoring products and marketing programs to suit the the tastes of specific individual and locations.(includes local marketing & individual marketing). Individual-marketing ( (P.213) Tailoring products and marketing programs to the needs and preferences of individual customers- also labeled markets-of-one marketing,one-to- one marketing and one-to-one marketing.

14 14 The Factors of Choosing a Market-Coverage Strategy (P.214) 1.Company resources; 2.Product variability; 3.Products stage in the life cycle 4. Market variability ; 5. Competitors marketing strategy.

15 15 Market Positioning Product position (P.216) The way the product is defined by consumers on important attributes the place the product occupies in consumers minds relative to competing products

16 16 Choosing a positioning strategy (P ) Choosing the right competitive Advantage Choosing the right competitive Advantage Selecting an Overall Position Strategy Selecting an Overall Position Strategy Identifying possible Competitive Advantage

17 17 Competitive advantages Product Differentiation Product Differentiation Services Differentiation Services Differentiation Personnel Differentiation Personnel Differentiation Image Differentiation Image Differentiation Channel Differentiation Channel Differentiation

18 18 Choosing the right competitive advantages How many differences to promote ? Which differences to promote? Important( Distinctive Superior( Communicable( Preemptive( Affordable( Profitable( Which differences to promote? Important( Distinctive Superior( Communicable( Preemptive( Affordable( Profitable(

19 19 Selecting a overall positioning strategy (P.221) Value proposition: The full positioning of a brand the full mix of benefits upon which it is positioned.

20 20 Possible value propositions P.221 More for more More for the same More for less The same for less Less for much less More The same Less Price Benefits

21 21 Positioning statement (P.224) A statement that summarizes company or brand positioning – it takes this form: To (target segment and need) Our (brand) Is (concept) That (point-of-difference)

22 22 Communicating & delivering the chosen position (P.225) Company Chosen position Target customer Target customer Product, Price, Place, Promotion Communicating Delivering


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