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Chapter 11 ppt 11 market segmentation, targeting and positioning

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Chapter 11 ppt 11 market segmentation, targeting and positioning

  1. 1. LLeessssoonn 1155 Market Segmentation, Targeting, and Positioning
  2. 2. LLeessssoonn OObbjjeeccttiivveess • When you have completed this lesson you will be able to; – Summarise the relationship between market segmentation, targeting and positioning – Identify and describe the major variables for consumer segmentation – Outline how companies select target markets and implement segmentation strategies – Show how market segmentation and the marketing mix are interlinked in the positioning strategy
  3. 3. TThhee SSTTPP PPrroocceessss • Segmentation is the process of classifying customers into groups which share some common characteristic • Targeting involves the process of evaluating each segments attractiveness and selecting one or more segments to enter • Positioning is arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the mind of the consumer
  4. 4. TTaarrggeett MMaarrkkeett • A market is a set of all actual and potential buyers • A target market is a group of people toward whom a firm markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences. • Any marketing strategy must include a detailed (specific) description of this.
  5. 5. AAddvvaannttaaggeess ooff SSeeggmmeennttaattiioonn ((pppp 116644 -- 116655)) 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
  6. 6. Requirements Requirements ffoorr EEffffeeccttiivvee SSeeggmmeennttaattiioonn • Size, purchasing power, profiles of segments can be measured. • Segments can be effectively reached and served. • Segments are large or profitable enough to serve. M Meeaassuurraabblele AAcccceessssibiblele SSuubbssttaannttiaiall DDififffeerreennttiaiall AAccttioionnaabblele • Segments must respond differently to different marketing mix elements & programs. • Effective programs can be designed to attract and serve the segments.
  7. 7. Steps in Segmentation, Targeting, and Positioning 6. Develop Marketing Mix for Each Target Segment Market 5. Develop Positioning for Each Target Segment 4. Select Target Segment(s) 3. Develop Selection Criteria 2. Develop Profiles of Resulting Segments 1. Identify Bases for Segmenting the Market Positioning Market Targeting Market Segmentation
  8. 8. Step 1. Market Segmentation Levels of Market Segmentation Mass Marketing Mass Marketing Same product to all consumers Same product to all consumers ((no no segmentation) segmentation) Segment Marketing Segment Marketing Different products to one or more segments Different products to one or more segments (some segmentation) (some segmentation) Niche Marketing Niche Marketing Different products to subgroups within segments Different products to subgroups within segments (more segmentation) (more segmentation) Micromarketing Micromarketing Products to suit the tastes of individuals and locations Products to suit the tastes of individuals and locations (complete segmentation) (complete segmentation) Local Marketing Tailoring brands/ promotions to local customer groups Individual Marketing Tailoring products/ programs to individual customers
  9. 9. Step 1. Market Segmentation Bases Bases for for Segmenting Segmenting Consumer Consumer Markets Markets Geographic Demographic Age, gender, family size and life cycle, or income Psychographic Social class, lifestyle, or personality Behavioural Occasions, benefits sought, user status, usage rate, loyalty Nations, states, regions or cities
  10. 10. Step 1. Market Segmentation Bases for Segmenting Business Markets Bases for Segmenting Business Markets Personal Demographics Bases Bases for Segmenting for Segmenting Business Markets Business Markets Characteristics Situational Factors Operating Characteristics Purchasing Approaches
  11. 11. Segmenting Business Markets • Segmentation by customer size or geographic location • Four segments of business customers – Programmed buyers – Relationship buyers – Transaction buyers – Bargain hunters
  12. 12. Step 1. Market Segmentation Bases for Segmenting International Markets Bases for Segmenting International Markets Political/ Legal Political/ Legal IInndduussttrriiaall MMaarrkkeettss GGeeooggrraapphhiicc EEccoonnoommiicc CCuullttuurraall IInntteerrmmaarrkkeett
  13. 13. LLiinnkkiinngg tthhee CCoonncceeppttss • Using the segmentation bases you’ve just heard about, segment the Irish clothing market. >Describe each of the major segments and subsegments.
  14. 14. Step 2. Market Targeting Evaluating Market Segments (developing selection criteria) • SSeeggmmeenntt SSiizzee aanndd GGrroowwtthh Evaluating Market Segments (developing selection criteria) – Analyze sales, growth rates and expected profitability for various segments. • SSeeggmmeenntt SSttrruuccttuurraall AAttttrraaccttiivveenneessss – Consider effects of: Competitors, Availability of Substitute Products and, the Power of Buyers & Suppliers. • CCoommppaannyy OObbjjeeccttiivveess aanndd RReessoouurrcceess – Company skills & resources relative to the segment(s). – Look for Competitive Advantages.
  15. 15. Step 2. Market Targeting Market Coverage Strategies Market Coverage Strategies SSeeggmmeenntt 1 1 SSeeggmmeenntt 2 2 SSeeggmmeenntt 3 3 SSeeggmmeenntt 1 1 SSeeggmmeenntt 2 2 SSeeggmmeenntt 3 3 Company Marketing Company Marketing Mix Mix Company Company Marketing Mix 1 Marketing Mix 1 Company Company Marketing Mix 2 Marketing Mix 2 Company Company Marketing Mix 3 Marketing Mix 3 Company Marketing Company Marketing Mix Mix MMaarrkkeett A. Undifferentiated Marketing B. Differentiated Marketing C. Concentrated Marketing
  16. 16. Step 2. Market Targeting Choosing a Market-Coverage Strategy Company Resources Product Variability Product’s Life-Cycle Stage Market Variability Competitors’ Marketing Strategies
  17. 17. LLiinnkkiinngg tthhee CCoonncceeppttss • At the last ‘linking the concepts’, you segmented the Irish clothing market. >Now, pick two companies that serve this market and describe their segmentation and targeting strategies. >Can you come up with one that targets many different segments versus another that focuses on only one or a few segments? • How does each company you choose differentiate its marketing offer and image? • How has each done a good job of establishing this differentiation in the minds of targeted consumers?
  18. 18. Step 3. Positioning for Competitive Advantage • PPrroodduucctt’’ss PPoossiittiioonn - the way the product is defined by consumers on important attributes - the place the product occupies in consumers’ minds relative to competing products. • Marketers must: –Plan positions to give their products the greatest advantage in selected target markets, –Design marketing mixes to create these planned positions.
  19. 19. Step 3. Positioning for Competitive Advantage: Strategies Product Class Away from Competitors Against a Competitor Against a Competitor Product Attributes Benefits Offered Usage Occasions Usage Occasions Away from Competitors Product Attributes Product Class Benefits Offered BB GG AA UUsseerr CCllaassss EE DD CC HH FF
  20. 20. Steps to Choosing and Implementing a Positioning Strategy • Step 1. Identifying Possible Competitive Advantages: Competitive Differentiation. • Step 2. Selecting the Right Competitive Advantage: Unique Selling Proposition (USP). • Step 3. Communicating and Delivering the Chosen Position. • Step 4. Support the positioning strategy with a unique marketing mix
  21. 21. Developing Competitive Differentiation PPrroodduucctt SSeerrvviiccee Areas for Competitive Areas for Competitive Differentiation Differentiation IImmaaggee PPeeooppllee
  22. 22. Selecting the Right Competitive Advantages Criteria for Determining Which Differences Criteria for Determining Which Differences AAffffoorrddaabbllee to SSuuppeerriioorr to Promote Promote PPrrooffiittaabbllee PPrreeeemmppttiivvee DDiissttiinnccttiivvee IImmppoorrttaanntt CCoommmmuunniiccaabbllee
  23. 23. Step 4 – Supporting the positioning strategy • At this stage the company has decided on its positioning strategy and must now design a marketing mix to support this strategy. The next part of the course looks at ‘Developing the Marketing Mix’
  24. 24. RReevviieewwiinngg tthhee CCoonncceeppttss • Define the three steps of target marketing: market segmentation, market targeting, and market positioning. • List and discuss the major levels of market segmentation and bases for segmenting consumer and business markets. • Explain how companies identify attractive market segments and choose a market coverage strategy. • Discuss how companies position their products for maximum competitive advantage in the marketplace.

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