Download - marketing (BBA)
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Segmentation, Targeting, &
Positioning (STP)
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Segmentation
Process of identifying and categorizing specific groups of potential customers with homogeneous attributes who are likely to exhibit similar responses to a company’s marketing mix
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Market Segmentation Strategies
Traditional Approaches to Market SegmentationMass MarketingDifferentiated Marketing
Multisegment Approach Market Concentration Approach
Niche Marketing
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Mass Marketing Strategy
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Multisegment Strategy
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Market Concentration Strategy
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Niche Marketing Strategy
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Market Segmentation Strategies Emerging Approaches to SegmentationOne-to-One MarketingMass CustomizationPermission Marketing Interruption marketingGuerrilla Marketing
Criteria for Successful Segmentation Identifiable and MeasurableSubstantialAccessibleResponsive
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Bases for SegmentingConsumer Markets
Behavioral Segmentation Segments based on actual behavior or
product usage e.g. Heavy diesel users, light diesel users, non-users of diesel.
Demographic Segmentation Segments based on demographic factors
(e.g., gender, age, income, education, etc.)Psychographic Segmentation
Segments based on state-of-mind issues (e.g., motives, attitudes, opinions, values, lifestyles, interests, personality, etc.)
Geographic Segmentation Segments based on geographic location
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Benefit Segmentation ofthe Snack Food Market
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Bases for SegmentingBusiness Markets
Type of OrganizationOrganizational CharacteristicsBenefits Sought or Buying Processes
Personal and PsychologicalRelationship Intensity
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Targeting
The process of evaluating segments and focusing marketing efforts on a country, region, or group of people that has significant potential to respond
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Criteria for Targeting: 9 W’sWho buys our product?Who does not buy it?What need or function does it serve?What are customers buying to satisfy the
need for which our product is targeted?What price are they paying?When is the product purchased?Where is it purchased?Why is it purchased?
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Target Marketing Strategies
Five basic strategies for target market selection:(1) Single Segment Targeting(2) Selective Targeting(3) Mass Market Targeting(4) Product Specialization(5) Market Specialization
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Advantages of Segmentation
1. The process of breaking up a homogeneous market into heterogeneous segments forces the marketer to analyse and consider both the needs of the market and the company’s ability to competently serve those needs – thereby making the company better informed about its customers
2. Competitor offerings and marketing positioning must also be analysed in this context so the company must consider what its competitive advantages and disadvantages are, helping it to clarify its own positioning strategy
3. Limited resources are used to best advantage, targeted at those segments that offer the best potential
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• Size, purchasing power, profiles of segments can be measured.
• Segments can be effectively reached and served.
• Segments are large or profitable enough to serve.
Measurable
Accessible
Substantial
Differential
Actionable
• Segments must respond differently to different marketing mix elements & programs.
• Effective programs can be designed to attract and serve
the segments.
Requirements for effective Segmentation
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Basic Target Marketing Strategies
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Positioning
Locating a brand in consumers’ minds over and against competitors in terms of attributes and benefits that the brand does and does not offer Attribute or Benefit Quality and Price Use or User Competition
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Differentiation and Positioning
Relative perception Process of creating favorable relative position:
(1) Identification of target market (2) Determination of needs, wants, preferences and
benefits desired (3) Examination of competitors’ characteristics and
positioning (4) Comparison of product offerings with competitors (5) Identification of unique position (6) Development of a marketing program (7) Continual reassessment
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Differentiation and Positioning
Differentiation Strategies Product Descriptors
Product features Advantages Benefits
Customer Support Services Image
Positioning Strategies Strengthen the Current Position Repositioning Reposition the Competition
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Using Product Descriptorsfor Product Differentiation