Segmenting and Targeting Markets Positioning Products. Key Concepts. RELATIONSHIP AMONG SEGMENTATION, TARGETING, & POSITIONING. THE BASIS OF DEVELOPING MARKETING STRATEGY. KEY CONCEPTS - STP.
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THE BASIS OF DEVELOPING MARKETING STRATEGY
people or organizations with
needs or wants, and with
the ability and
the willingness to buy. A group of people that lacks any one of these characteristics is not a market.
People or organizations with needs or wants and the ability and willingness to buy.
ASUBGROUPof people or organizations sharing one or more characteristics that cause them to have similar product needs.
ThePROCESS OF DIVIDING A MARKET into meaningful, relatively similar, identifiable segments or groups.Market Segmentation
Explain the importance of market segmentation
define customer needs
Then, yes: Useful segmentation scheme
Market segmentation on the basis of personality, motives, lifestyles, and geo-demographics.Psychographic Segmentation
Segmenting potential customers into NEIGHBORHOOD LIFESTLE categories.
COMBINES geographic, demographic, and lifestyle segmentation.
The process of grouping customers into market segments according to the benefits they seek from the product.Benefit Segmentation
Some customers’ service is being cancelled because they are using excessive network capacity.
Sprint and Cingular Wireless charge based on usage: the amount of data bits they wirelessly transfer each month.
Example of Usage-Rate
SOURCE: Amol Sharma and Dionne Searcey, “Cell Carriers to Web Customers: Use Us, but Not too Much,” Wall Street Journal, May 11, 2006, B1.
Business customers who place an order with the first familiar supplier to satisfy product and delivery requirements.
Business customers who consider numerous suppliers, both familiar and unfamiliar, solicit bids, and study all proposals carefully before selecting one.Buyer Characteristics
AGROUP of people or organizations for which an organization designs, implements, and maintains a MARKETING MIX INTENDED TO MEET THE NEEDS of that group, resulting in mutually satisfying exchanges.
A marketing approach that views the market asONE BIG MARKETwith no individual segments and thus REQUIRES A SINGLEmarketing mix.
Undifferentiated Targeting Strategy
Undifferentiated Targeting Strategy
A strategy used to select ONE SEGMENT of a market for targeting marketing efforts.
NicheOne segment of a market.
Concentrated Targeting Strategy
A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each.
Costs of Multisegment Targeting
Situation that occurs when sales of a new product cut into sales of a firm’s existing products.
Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general.
Tough, powerful cleaning
Tough cleaning, color protection
Detergent plus fabric softener
Sunshine scent and odor-removing formula
Stain treatment and stain removal
Bleach-boosted formula, whitening
Detergent and fabric softener in liquid form
Outstanding cleaning for baby clothes, safe
Fabric & skin safety on baby clothes
Tough cleaner, aimed at Hispanic market
0.1%Positioning of Procter & Gamble Detergents
A positioning strategy that some firms use to distinguish their products from those of competitors.
DISTINCTIONS CAN BE REAL OR PERCEIVED.
Changing consumers’ perceptions of a brand in relation to competing brands.Repositioning