What We Will Discuss Today Recap of Previous Session Marketing Concept Revisited Marketing Strategy Video Factors Introduction to STP

What We Will Discuss Today Segmentation Defined Game Bases Targeting Evaluating Market Segments Selecting Market Segments

Marketing Strategy Marketing strategy is the plan, method, or series of maneuvers for obtaining a specific marketing goal or result.

Background on STP Mass Marketing Product Variety Marketing Target Marketing Relationship Marketing

STEP 1: Segmentation Market Segmentation: Process of identifying distinct groups of buyers within a market who possess relatively similar purchase related characteristics. Within group differences on relevant characteristics are low Between group differences on relevant characteristics are high

STEP 2: Targeting Market Targeting: Process of evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter.

STEP 3: Positioning Market Positioning: Process of formulating a competitive positioning for a product and a detailed marketing mix. Goal of Positioning: The product should occupy a clear, distinctive, and desirable place relative to competing products in the minds of consumers.

Bases for Segmentation Geographic Demographic Psychographic Social class Lifestyle Personality Behavioral Occasions Benefits sought Loyalty

Market Targeting Evaluating Segments Selecting Segments Attractiveness Size Growth potential Competitive situation Substitutes Power of suppliers and buyers Selecting Segments Undifferentiated Differentiated Concentrated

Factors Affecting Targeting Strategy Resources Variability (Product and Market) Competitors’ Strategies

What We Discussed Today Recap of Previous Session Marketing Concept Revisited Marketing Strategy Video Factors Introduction to STP

What Discussed Today Segmentation Targeting Defined Game Bases Evaluating Market Segments Selecting Market Segments