Transcript What We Will Discuss Today

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
» 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
» Defined
» Game
» Bases

Targeting
» Evaluating Market Segments
» Selecting Market Segments