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M A R K E T S E G M E N T A T I O N, T A R G E T I N G A N D P O S I T I O N I N G

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M A R K E T S E G M E N T A T I O N, T A R G E T I N G A N D P O S I T I O N I N G

  1. 1. Market Segmentation, Targeting, and Positioning for Competitive Advantage
  2. 2. Steps in Market Segmentation, Targeting, and Positioning Market Segmentation 1. Identify bases for segmenting the market 2. Develop segment profiles Market Targeting 3. Develop measure of segment attractiveness 4. Select target segments Market positioning 5. Develop positioning for target segments 6. Develop a marketing mix for each segment
  3. 3. Step 1. Market Segmentation Levels of Market Segmentation Through Market Segmentation, Companies Divide Large, Heterogeneous Markets into Smaller Segments that Can be Reached More Efficiently And Effectively With Products and Services That Match Their Unique Needs. Mass Marketing Same product to all consumers (no segmentation, i.e Tomato Seller) Segment Marketing Different products to one or more segments (some segmentation, i.e. Marriot)
  4. 4. Marketing Debate <ul><li>Is mass marketing dead? </li></ul><ul><li>Take a position: </li></ul><ul><li>Mass marketing is dead. </li></ul><ul><li>or </li></ul><ul><li>2. Mass marketing is still a viable way to build </li></ul><ul><li>a profitable brand. </li></ul>
  5. 5. Ford’s Model T Followed a Mass Market Approach
  6. 6. Pepsi India
  7. 7. Toyota Scion Targets Gen Y Consumers
  8. 8. FERRARI
  9. 9.
  10. 10. Generation X
  11. 11. Step 1. Market Segmentation Levels of Market Segmentation Niche Marketing Different products to subgroups within segments (more segmentation, i.e. Standard or Luxury Cars) Micromarketing Products to suit the tastes of individuals and locations (complete segmentation,boutiques) Local Marketing Tailoring brands/ promotions to local customer groups, i.e KFC Individual Marketing Tailoring products and programs to the needs of individual customers, i.e. Dell
  12. 12. Limousine
  13. 13. Step 1. Market Segmentation Geographic Segmentation Density or Climate City or Metro Size World Region or Country
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  17. 17.
  18. 18. Step 1. Market Segmentation Demographic Segmentation <ul><li>Dividing the market into groups based on variables such as: </li></ul><ul><ul><li>Age </li></ul></ul><ul><ul><li>Gender </li></ul></ul><ul><ul><li>Family size or life cycle </li></ul></ul><ul><ul><li>Income </li></ul></ul><ul><ul><li>Occupation </li></ul></ul><ul><ul><li>Education </li></ul></ul><ul><ul><li>Religion </li></ul></ul><ul><ul><li>Race </li></ul></ul><ul><ul><li>Generation </li></ul></ul><ul><ul><li>Nationality </li></ul></ul>Most Popular Bases & Easiest to Measure
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  20. 20.
  21. 21. Baby Boomers: A profitable Market
  22. 22. Step 1. Market Segmentation Psychographic Segmentation Social Class Lifestyle Personality Divides Buyers Into Different Groups Based on:
  23. 23. Step 1. Market Segmentation Behavioral Segmentation <ul><li>Dividing the market into groups based on variables such as: </li></ul><ul><ul><li>Occasions </li></ul></ul><ul><ul><li>Benefits </li></ul></ul><ul><ul><li>User status </li></ul></ul><ul><ul><li>Usage rate </li></ul></ul><ul><ul><li>Loyalty status </li></ul></ul><ul><ul><li>Readiness stage </li></ul></ul><ul><ul><li>Attitude toward product </li></ul></ul>
  24. 24.
  25. 25. Step 1. Market Segmentation Requirements for Effective Segmentation <ul><li>Size, purchasing power, profiles </li></ul><ul><li>of segments can be measured. </li></ul><ul><li>Segments can be effectively </li></ul><ul><li>reached and served. </li></ul><ul><li>Segments are large or profitable enough to serve. </li></ul>Measurable Accessible Substantial Differential Actionable <ul><li>Segments must respond differently to different marketing mix elements & programs. </li></ul><ul><li>Effective programs can be designed to attract and serve the segments. </li></ul>
  26. 26. Step 2. Market Targeting Evaluating Market Segments <ul><li>Segment Size and Growth </li></ul><ul><ul><li>Analyze current sales, growth rates and expected profitability for various segments. </li></ul></ul><ul><li>Segment Structural Attractiveness </li></ul><ul><ul><li>Consider effects of: competitors, availability of substitute products and, the power of buyers & suppliers. </li></ul></ul><ul><li>Company Objectives and Resources </li></ul><ul><ul><li>Company skills & resources needed to succeed in that segment(s). </li></ul></ul><ul><ul><li>Look for Competitive Advantages. </li></ul></ul>
  27. 27. Step 2. Market Targeting Market Coverage Strategies Segment 1 Segment 2 Segment 3 Segment 1 Segment 2 Segment 3 Company Marketing Mix Company Marketing Mix Company Marketing Mix 1 Company Marketing Mix 2 Company Marketing Mix 3 Market A. Undifferentiated Marketing B. Differentiated Marketing C. Concentrated Marketing
  28. 28.
  29. 29. Step 2. Market Targeting Choosing a Market-Coverage Strategy Company Resources Product Variability Product’s Stage in the Life Cycle Market Variability Competitor’s Marketing Strategies
  30. 30. Socially Responsible Target Marketing <ul><li>Smart targeting helps companies and consumers alike. </li></ul><ul><li>Target marketing sometimes generates controversy and concern. </li></ul><ul><ul><li>Disadvantaged and vulnerable can be targeted. </li></ul></ul><ul><ul><li>Cigarette, beer, and fast-food marketers have received criticism in the past. </li></ul></ul><ul><ul><li>Internet has come under attack because of the loose boundaries and lack of control in marketing practices. </li></ul></ul>
  31. 31. Step 3. Choosing a Positioning Strategy <ul><li>Product’s Position - the way the product is defined by consumers on important attributes - the place the product occupies in consumers’ minds relative to competing products. </li></ul><ul><li>Marketers must: </li></ul><ul><ul><li>Plan positions to give their products the greatest advantage in selected target markets, </li></ul></ul><ul><ul><li>Design marketing mixes to create these planned positions. </li></ul></ul>
  32. 32. Step 3. Choosing a Positioning Strategy Step 1. Identifying Possible Competitive Advantages Step 2. Selecting the Right Competitive Advantage Step 3. Communicating and Delivering the Chosen Position
  33. 33. Identifying Possible Competitive Advantages <ul><li>Key to winning and keeping customers is to understand their needs and buying processes better than competitors do and deliver more value. </li></ul><ul><li>Competitive advantage is an advantage over competitors gained by offering consumers greater value, either through lower prices or by providing more benefits, that justify competitive advantage, </li></ul>
  34. 34. Identifying Possible Competitive Advantages Services Differentiation i.e. Delivery, Installation, Repair Services, Customer Training Services Product Differentiation i.e. Features, Performance, Style & Design, or Attributes Image Differentiation i.e. Symbols, Atmospheres, Events Personnel Differentiation i.e. Hiring, Training Better People Than Competitors Do
  35. 35. Choosing the Right Competitive Advantages Criteria For Determining Which Differences To Promote Affordable Superior Profitable Preemptive Distinctive Important Communicable Unique Selling Proposition
  36. 36. Selecting an Overall Positioning Strategy Benefits Price More The same Less More The Same Less More for More e.g: mont blanc, mercedes More for the Same e.g: lexus MORE FOR LESS e.g: zong, maggi vsknorr The same for less e.g: dell, wal mart, imtiaz store Less for much less e.g: marriot vs. resturants, emirates vs. PIA
  37. 37. Selecting an Overall Positioning Strategy <ul><li>The five green cells represent winning value propositions-differentiation and positioning that gives the company competitive advantages. </li></ul><ul><li>The red cells represents losing value propositions. </li></ul><ul><li>The center yellow cell represents at best a marginal proposition. </li></ul>
  38. 38. Communicating and Delivering the Chosen Position <ul><li>Once position is chosen, company must take strong steps to deliver and communicate the desired position to target consumers. </li></ul><ul><li>All the company’s marketing mix must support the positioning strategy. </li></ul><ul><li>Positioning strategy must be monitored and adapted over time to match changes in consumer needs and competitor’s strategies. </li></ul>
  39. 39. Positioning statement vs tagline <ul><li>they are two branding components. </li></ul><ul><li>The positioning statement is usually longer and more detailed than a tagline. It will quite often borrow from the mission statement, the value statement, the vision statement </li></ul>
  40. 40. <ul><li>It is an integral part of the brand platform, and drives the direction of the creative process when developing brand elements – name, tagline, logo, graphic standards, trade dress, brand messaging and packaging. </li></ul><ul><li>It is possible for some positioning statements to be voiced as a tagline as well, but this will be a rare occurrence. </li></ul><ul><li>the positioning statement precedes the development of brand elements </li></ul><ul><li>It is usually a paragraph in length rather than a short phrase. </li></ul><ul><li>The tagline crystallizes and is usually connected to the name and logo as part of the company/product identification. </li></ul>Positioning statement vs tagline
  41. 41. Marketing Discussion <ul><li>Think of various product categories. </li></ul><ul><li>How would you classify yourself </li></ul><ul><li>in terms of the various segmentation </li></ul><ul><li>schemes? </li></ul><ul><li>How would marketing be more or less </li></ul><ul><li>effective for you depending upon the </li></ul><ul><li>segment involved? </li></ul>