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marketing (BBA)

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  • 1. Segmentation, Targeting, & Positioning (STP)
  • 2. 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
  • 3. Market Segmentation Strategies  Traditional Approaches to Market Segmentation Mass Marketing Differentiated Marketing Multisegment Approach Market Concentration Approach Niche Marketing
  • 4. Mass Marketing Strategy
  • 5. Multisegment Strategy
  • 6. Market Concentration Strategy
  • 7. Niche Marketing Strategy
  • 8. Market Segmentation Strategies  Emerging Approaches to Segmentation  One-to-One Marketing  Mass Customization  Permission Marketing  Interruption marketing  Guerrilla Marketing  Criteria for Successful Segmentation  Identifiable and Measurable  Substantial  Accessible  Responsive
  • 9. Bases for Segmenting Consumer 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
  • 10. Benefit Segmentation of the Snack Food Market
  • 11. Bases for Segmenting Business Markets  Type of Organization  Organizational Characteristics  Benefits Sought or Buying Processes  Personal and Psychological  Relationship Intensity
  • 12. Targeting The process of evaluating segments and focusing marketing efforts on a country, region, or group of people that has significant potential to respond
  • 13. Criteria for Targeting: 9 W’s  Who 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?
  • 14. 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
  • 15. 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
  • 16. • 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
  • 17. Basic Target Marketing Strategies
  • 18. 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
  • 19. 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
  • 20. 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
  • 21. Using Product Descriptors for Product Differentiation