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In summary:
Segmentation: Identify and describe market segments
Targeting: Evaluate segments and decide which one to pursue
Differentiation: Differentiate the firms market offering to create
superior customer value
Positioning: A market offering occupying a clear, distinctive, and
desirable place compare to competing products in
the minds of target consumers.
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Market Segmentation
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Bases/Variables to Segment Consumers Market
(pg 215)
Geographic Demographic
Psychographic Behavioral
Geographic
segmentation
Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 05
Demographic
segmentation
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segmentation by age
Age
Consumer needs and expenditures change as
their age changes.
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segmentation by life cycle
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segmentation by gender
Gender
Starting with diapers, segmenting by sex occurs at a very
early age. Many products appeal to men or women either
because of the nature of the product or because the
marketer chose to appeal to one sex or the other. In some
cases, manufacturers develop parallel products to appeal to
each sex.
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segmentation by
Psychographics Psychographic
segmentation divides
buyers into different
groups based on
social class, lifestyle,
or personality traits
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Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall
segmentation by
Behavior
Behavioral segmentation divides buyers into groups based on
their knowledge, attitudes, uses, or responses to a product.
CUSTOMER OPERATING
CHARACTERISTICS
PURCHASING APPROACHES
SITUATIONAL FACTORS
PERSONAL FACTORS
Bases/Variables to Segment
International
Market
Copyright 2011 Pearson
(pg 223)
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Education, Inc. Publishing as
Prentice Hall
Criteria or Requirement for
Effective Segmentation:
(pg 224)
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Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall
(i)Measurable
The size, purchasing power, and profiles of the
segments can be measured
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(iii) Accessible
The market segments can be effectively reached & served.
eg. brides are an accessible segment because of the many
bridal magazines. There are few media vehicles
targeted at men getting married, so their accessibility is
poor.
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(v) Differentiable
The segments are conceptually distinguishable and respond
differently to different marketing mix elements and programs
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Market Targeting
note:
Target market consists of a set of buyers who share
common needs or characteristics that the company decides
to serve
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Evaluating segments
(i) Undifferentiated
essentially avoids segmentation, appealing to a wide-
spectrum of people. eg. sweets, candy bars, etc
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MARKETING MIX 1 Segment 1
(ii) Differentiated
design separate marketing programs & marketing mix
for each of several segments chosen.
ie. only big firms can afford eg. Nike, Toyota, etc
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MARKETING MIX Segment 1
(iii) Concentrated/Micromarketing
a firm focuses its efforts on offering one or more
products to a single segment.
ie. often useful for smaller firms that do not have the
resources or the desire to sell all things to all people.
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Micro marketing
Micromarketing is the practice of tailoring
products and marketing programs to suit the
tastes of specific individuals and locations
Micromarketing includes:
i) Local marketing
- involves tailoring brands and promotions to the needs and wants
of local customer groupscities, neighborhoods, and even
specific stores
- eg. WalMart customizes its merchandise and layout format store
by store according to neighborhood characteristics stores near
offices contain ready made meals for busy workers
ii) Individual marketing
- involves tailoring brands and promotions to the needs and
preferences of individual customers to the extreme
- a.k.a one-to-one marketing, mass customization & markets-
of-one marketing.
- eg. tailor custom-made suit, shoes, cabinet, databases, etc 25
Several factors to consider when choosing
which market targeting strategies to use:
COMPANY RESOURCES
PRODUCT VARIABILITY
PRODUCT LIFE-CYCLE
MARKET VARIABILITY
COMPETITORS MARKETING
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Market Positioning
note:
Product position is the way the product is defined by consumers on
important attributes compare to competing products.
eg. Automobile: Mercedes & Cadillac on luxury, Porsche & BMW on
performance, Volvo on safety
Airlines: AirAsia on economy & flexibility, MAS on premium
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Positioning Map
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Step 1:
Competitive advantage
the extent that a company can differentiate & position itself as
providing superior customer value, it gains competitive
advantage
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Differentiation based on:
ie. Identifying a set of possible competitive advantages to
build a position by providing superior value from:
i) Product differentiation
brands can be differentiated on features, performance,
style or design
ii) Services differentiation
through speed, convenient or careful
iii) Channel differentiation
through channel coverage, expertise and performance
iv) People differentiation
through trained workers
v) Image differentiation
through distinctive benefits
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Step 2:
If a company is fortunate to discover a few potential differentiations that
provide competitive advantages, it now must choose the ones on which it
will build its positioning strategy.
Value proposition
is the full positioning of a brand ie. the full mix of benefits
upon which a brand is positioned.
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Communicating
a position
- once the company has
chosen a position, the
company must take strong
steps to deliver and
communicate the desired
position to target
consumers.
ie. all the companys
marketing mix (4Ps) efforts
must support the
positioning strategy.
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