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Chapter 8 Market Segmentation, Targeting, and Positioning

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1 Chapter 8 Market Segmentation, Targeting, and Positioning

2 “The mythological, homogeneous America is gone
“The mythological, homogeneous America is gone. We are a mosaic of minorities.”   -Joel Weiner ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

3 Chapter Objectives Explain market segmentation and identify several possible bases for segmenting markets List and distinguish among the requirements for effective segmentation ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

4 Chapter Objectives Outline the process of evaluating market segments
Illustrate the concept of positioning for competitive advantage Discuss choosing and implementing a positioning strategy ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

5 Markets A market is all actual and potential buyers of a product or service ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

6 Stages of Marketing Mass marketing Product-variety marketing
Target marketing Micromarketing Customized marketing ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

7 Market Segmentation Geographic Segmentation Demographic Segmentation
Psychographic Segmentation Behavior Segmentation ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

8 Geographic Segmentation
Dividing the market into different geographic units Nations States Regions Counties Cities Neighborhoods ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

9 Demographic Segmentation
Dividing the market into groups based on demographic variables Age Gender Income Occupation ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

10 Psychographic Segmentation
Dividing buyers into different groups based on social class, lifestyle, and personality characteristics ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

11 Behavior Segmentation
Buyers are divided into groups based on their knowledge, attitude, and use or response to a product The best starting point for building market segments Types Special occasion segmentation Benefits sought User status Usage rate Loyalty status Buyer readiness stage ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

12 Requirements for Effective Segmentation
Measurability Accessibility Substantiality Actionability ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

13 Requirements for Effective Segmentation
Measurable Accessible Substantial Size, purchasing power, profiles of segments can be measured. Actionable Segments can be effectively reached and served. Segments are large or profitable enough to serve. Effective programs can be designed to attract and serve the segments. ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

14 Market Targeting Evaluating Market Segments Selecting Market Segments
Choosing a Market-Coverage Strategy ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

15 Evaluating Market Segments
Segment Size and Growth Segment Structural Attractiveness Company Objectives and Resources ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

16 Selecting Market Segments
Undifferentiated Marketing Bifurcated Marketing Differentiated Marketing Concentrated Marketing ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

17 Choosing a Market – Coverage Strategy
Company resources Degree of product homogeneity Market homogeneity Competitors’ strategies ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

18 Positioning Strategies
Products can be positioned on specific attributes or against another product class ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

19 Choosing and Implementing a Positioning Strategy
Identifying a set of possible competitive advantages upon which to build a position Selecting the right competitive advantages Effectively communicating and delivering the chosen position to a carefully selected target market ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

20 Product Differentiation
Physical Attribute Differentiation Service Differentiation Personnel Differentiation Location Differentiation Image Differentiation ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

21 Selecting the Right Competitive Advantages
Avoid: Underpositioning - failing ever to position the company at all Overpositioning - giving buyers too narrow a picture of the company Confused positioning - leaving buyers with a confused image of a company ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

22 Selecting the Right Competitive Advantages
Brand differences should meet the following criteria prior to marketing: Important Distinctive Superior Communicable Preemptive Affordable Profitable ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

23 Positioning Measurement
Perceptual mapping is a research tool used to measure a brand’s position ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

24 Positioning map of service level versus price.
Perceptual Map Positioning map of service level versus price. (From Christopher Lovelock, Services Marketing, Upper Saddle River, NJ: Prentice Hall, 1996, p.178.) ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

25 Best Practices Carnival Cruise lines Southwest Airlines
©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

26 Key Terms Behavioral segmentation Benefit segmentation
Competitive advantage Competitors’ strategies ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

27 Key Terms Confused positioning Customized marketing
Degree of product homogeneity Demographic segmentation ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

28 Key Terms Existing competitor Gender segmentation
Geographic segmentation Income segmentation ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

29 Key Terms Market Market homogeneity Market positioning
Market segmentation Market targeting ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

30 Key Terms Micromarketing Overpositioning Psychographic segmentation
Specific product attributes Underpositioning ©2006 Pearson Education, Inc Marketing for Hospitality and Tourism, 4th edition Upper Saddle River, NJ Kotler, Bowen, and Makens

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