This document provides a literature review on developing an STP (segmentation, targeting, positioning) strategy for launching a new product in the European market. It discusses various academic theories and approaches to segmentation, targeting, and positioning. For segmentation, it describes different variables that can be used, including geographic, demographic, psychographic, behavioral, and multi-factor segmentation. It also discusses criteria for effective segmentation like segments being measurable, accessible, substantial and stable. For targeting, it discusses mass, differentiated, and concentrated targeting strategies. For positioning, it discusses developing positioning concepts for each target segment. The document provides an overview of key considerations for developing an STP strategy to launch a new product successfully in a new market.
Developing Relationships; consumers as a source for sustainable competitive a...Kevin Rommen
The world is changing thus business units should also be changing. The influences of social media and internet can no longer be neglected, case in point “Nestlé’s epic social media #fail”1. These changes are giving consumers more and more power in their relationship with business units. Furthermore the enormous amount of products available give consumers more and more possibilities to choose from. For example, at supermarkets in the USA you’ll find in the average week about 110 cereal brands in stock (Shum, 2004). The availability of that amount of different products/product-ranges within an industry raises the question to how business units can create competitive advantage within this enormous amount of competition, especially when the consumer is gaining power?
Developing Relationships; consumers as a source for sustainable competitive a...Kevin Rommen
The world is changing thus business units should also be changing. The influences of social media and internet can no longer be neglected, case in point “Nestlé’s epic social media #fail”1. These changes are giving consumers more and more power in their relationship with business units. Furthermore the enormous amount of products available give consumers more and more possibilities to choose from. For example, at supermarkets in the USA you’ll find in the average week about 110 cereal brands in stock (Shum, 2004). The availability of that amount of different products/product-ranges within an industry raises the question to how business units can create competitive advantage within this enormous amount of competition, especially when the consumer is gaining power?
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
This Blue Paper® discusses the evolution of market segmentation, its benefits and
potential pitfalls and how it serves as the foundation of any marketing strategy. It
also offers an in-depth, six-step guide to help organizations get started.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
An Extended Customer Focused Model of the Marketing Mix colacurto
The present paper presents a critique of both the 7P's and 4E's models and proposes that the 4Cs – be extended to reflect the service element from the customer viewpoint with the addition of Confidence, Customer service experience and Courtesy to replace Physical evidence, Process and People in the 7Ps.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
This Blue Paper® discusses the evolution of market segmentation, its benefits and
potential pitfalls and how it serves as the foundation of any marketing strategy. It
also offers an in-depth, six-step guide to help organizations get started.
International Journal of Business and Management Invention (IJBMI)inventionjournals
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
An Extended Customer Focused Model of the Marketing Mix colacurto
The present paper presents a critique of both the 7P's and 4E's models and proposes that the 4Cs – be extended to reflect the service element from the customer viewpoint with the addition of Confidence, Customer service experience and Courtesy to replace Physical evidence, Process and People in the 7Ps.
Designing eLearning Environments for Learning OrganizationsKristina Schneider
My presentation at ISPI-Montreal's 2006 Conference discussed A Systemic Approach to Designing Fluid eLearning Environments for Learning Organisations.
P resentation Summary
In a learning organization, a shared vision is built by linking individual and organizational performance objectives. The design of this organization's eLearning environment must reflect this vision, empowering individuals, cultivating communities of practice and encouraging a holistic performance improvement perspective.
Thi s presentation focuses on strategies for designing participative and collaborative eLearning environments. You will identify ways of assessing and implementing a new generation of eLearning tools that have the potential to keep learners curious, engaged, communicating and sharing, ultimately fulfilling a learning organization’s objectives.
At the end of this session, participants should be able to:
* Recognize the principle requirements when designing eLearning environments for learning organizations;
* Identify techniques and tools for designing networks that offer both collaborative and self-directed learning;
* Describe the new generation of eLearning technologies, potential uses, strengths and weaknesses;
* Select strategies for developing and implementing participative eLearning environments, and
* Define criteria for success and growth.
How can you and your organization demonstrate positive elearning return on investment (ROI)? Find out in this guide, which describes six key strategies.
Learn more about eLearning: http://www.lynda.com/Elearning-training-tutorials/33-0.html
Seguridad en Informática. Introducción. Auditoría de Sistemas. Firewalls. Password. Navegación segura. Aspectos Procedimentales y Administrativos de la Seguridad. Criptografía.
Manera en que la ejecución de estrategias de comunicación orientadas a la difusión de los derechos de la mujer e igualdad de género promueve la creación de espacios de dialogo y empoderamiento femenino para fomentar la igualdad de género y de oportunidades de desarrollo de las mujeres del distrito de Incahuasi, en el año 2015.
Module 3 - BackgroundPRINCIPLES OF MARKETINGAll readings are r.docxroushhsiu
Module 3 - Background
PRINCIPLES OF MARKETING
All readings are required unless noted as “Optional” or “Not Required.”
Introduction
In practice, Marketers use various models to describe the different marketing functions. Some of the more popular models are the 7 step model, STP (segmentation, targeting, positioning), or the 4 C's (Consumer Behavior, Company Analysis, Competitor Analysis, and Context). Each has advantages and drawbacks regarding comprehensiveness. Readings describing each of these models are provided in the Optional Reading list at the end of this section. For this module, however, we will use a model that integrates and abridges these other models.
Consumers, Markets, and Competition
Though many people think of marketing as consisting of sales and advertising, one of the most important marketing functions begins even before the final product or service has been developed. In this early stage, the organization conducts research to determine customer needs, how the market is structured, and the number and nature of competitors addressing that need. As you will see below, these three topics are intertwined.
Consumers
The purpose of marketing is to discover how to provide value to consumers while earning a profit. Marketers must understand the entire consumer base: the customer served by the organization, the customer currently served by competitors, and customers who may be served in the future. One way marketers do this is by analyzing buyer behavior (i.e., how consumers get information and how consumers make buying decisions). Consumer behaviors are influenced by a number of considerations such as psychological factors, convenience, competing choices, and cultural preferences. Read the following book chapter on consumer behavior.
Tanner, J., and Raymond, M. (2012). Marketing Principles (v. 2.0). Ch. 3: Consumer behavior: How people make buying decisions. Sections 3.1-3.6. Retrieved from https://2012books.lardbucket.org/pdfs/marketing-principles-v2.0.pdf
Markets
Any business needs to know the characteristics of the markets in which the firm operates. Understanding the customer and the market requires extensive and sophisticated research efforts to gather and analyze social and economic trends, human decision-making, and potential competitors. The goal of market research is to enable the firm to identify opportunities and threats in the business environment as well as the organization’s capacity to exploit its strengths and shore up its weaknesses.
Market research can be either primary (collected directly from the source), or secondary (collected/published by someone outside the organization). Some examples of secondary data include:
· US Census
· www.Data,gov
· Internal data (such as customer cards at grocery stores that collect data on buying patterns)
· Nielsen or Arbitron ratings
· Published articles and reports
· Blog posts
· Social media
The following chart illustrates the differences between primary and secondary market re ...
1
10
Marketing Management
Assignment Two – MKTM028
Segmenting, Targeting and Positioning (STP)
NAME
UON ID
SUBMISSION DATE
7/9/2022
MODULE
MKTM028
WORD COUNT
2,400
LECTURER
Ms. Sally Lo
Table of Contents
INTRODUCTION 3
ANALYSIS OF SEGMENTING, TARGETING AND POSITIONING 3
Market Segmentation 3
Market Targeting 5
Market Positioning 6
CASE STUDY 8
Vodafone 8
RECOMMENDATION 9
RRFERENCE 11
INTRODUCTION
With the use of target marketing, businesses may zero in on the most promising customer base. Rather of offering a comprehensive product line to accommodate all market groups, some companies may choose to focus on satisfying a narrower subset of clients who have a common business need (Supriono, 2018; Camilleri, 2017). One of the most important parts of any marketing plan is choosing the right target market. These procedures for making choices revolve on the time-tested marketing strategy framework of segmentation, targeting, and positioning (STP)]. Segmenting the market is a flexible strategy. Markets are broken down into subsets so that a corporation may target certain customer demographics with tailored product and service offerings. The word "targeting" refers to the method used to assess and choose the intended audience. Market positioning refers to the perceived position in the market where the company sees the product fitting (Orr et al, 2022). Due to its importance in determining a company's long-term performance, STP has been called "a critical necessity in marketing strategy". This report's primary purpose is to assess existing research on STP and to investigate the field's potential usefulness for industry by contrasting and contrasting a variety of sectors and companies.ANALYSIS OF SEGMENTING, TARGETING AND POSITIONING
Market Segmentation
One of the first steps in making an overall marketing strategy is to do a market segmentation study. This helps you keep track of how the strategy is being made and makes sure the plan will work. Market segmentation is the process of dividing a market into submarkets based on a characteristic of the market. Among the things that make up a market are demographic trends, segment needs, consumer preferences, and regional dynamics. For market segments to be useful, they must be easy to find, easy to tell apart, measurable, important, actionable, and stable. Several academics say that companies have used a wide range of segmentation techniques, from those that are specific to each country to those that create groups on a global scale and then use differences in each country to make the most money. Differentiating segmentation strategies for a given group of customers depends on how the group buys and how well the brands are known in the market. This is true, according to research (Samson, 2016; Leonidou et al., 2002). Cluster analysis software or segmentation trees can be used to look at the different subgroups. The next step is to decide how many market niches the co ...
110Marketing ManagementAssignment Two – MKTM028SantosConleyha
1
10
Marketing Management
Assignment Two – MKTM028
Segmenting, Targeting and Positioning (STP)
NAME
UON ID
SUBMISSION DATE
7/9/2022
MODULE
MKTM028
WORD COUNT
2,400
LECTURER
Ms. Sally Lo
Table of Contents
INTRODUCTION 3
ANALYSIS OF SEGMENTING, TARGETING AND POSITIONING 3
Market Segmentation 3
Market Targeting 5
Market Positioning 6
CASE STUDY 8
Vodafone 8
RECOMMENDATION 9
RRFERENCE 11
INTRODUCTION
With the use of target marketing, businesses may zero in on the most promising customer base. Rather of offering a comprehensive product line to accommodate all market groups, some companies may choose to focus on satisfying a narrower subset of clients who have a common business need (Supriono, 2018; Camilleri, 2017). One of the most important parts of any marketing plan is choosing the right target market. These procedures for making choices revolve on the time-tested marketing strategy framework of segmentation, targeting, and positioning (STP)]. Segmenting the market is a flexible strategy. Markets are broken down into subsets so that a corporation may target certain customer demographics with tailored product and service offerings. The word "targeting" refers to the method used to assess and choose the intended audience. Market positioning refers to the perceived position in the market where the company sees the product fitting (Orr et al, 2022). Due to its importance in determining a company's long-term performance, STP has been called "a critical necessity in marketing strategy". This report's primary purpose is to assess existing research on STP and to investigate the field's potential usefulness for industry by contrasting and contrasting a variety of sectors and companies.ANALYSIS OF SEGMENTING, TARGETING AND POSITIONING
Market Segmentation
One of the first steps in making an overall marketing strategy is to do a market segmentation study. This helps you keep track of how the strategy is being made and makes sure the plan will work. Market segmentation is the process of dividing a market into submarkets based on a characteristic of the market. Among the things that make up a market are demographic trends, segment needs, consumer preferences, and regional dynamics. For market segments to be useful, they must be easy to find, easy to tell apart, measurable, important, actionable, and stable. Several academics say that companies have used a wide range of segmentation techniques, from those that are specific to each country to those that create groups on a global scale and then use differences in each country to make the most money. Differentiating segmentation strategies for a given group of customers depends on how the group buys and how well the brands are known in the market. This is true, according to research (Samson, 2016; Leonidou et al., 2002). Cluster analysis software or segmentation trees can be used to look at the different subgroups. The next step is to decide how many market niches the co ...
Report IssueLearning ObjectivesUpon completion of the courfelipaser7p
Report Issue
Learning Objectives
Upon completion of the course, students will be able to:
Apply consumer behavior identification strategies
Examine the key elements of consumer behavior
Identify the major factors that influence consumer buying behavior
Module Reading and Resources
Textbook
:
Marketing: An Introduction
, Chapter 5
This chapter covers consumer buying behavior and the elements that influence this behavior.
Access this resource by going to the
MyMarketingLab
area under the course Table of Contents menu.
Presentation:
Marketing Concept Glossary III
Module-related marketing concepts and terms are presented. Visit the glossary for a quick review of the key terms from this week. You can also look up words in the glossary found along the left-hand navigation bar.
MyMarketingLab Video: Chapter 5: Goodwill: Understanding (6:43)
This video discusses the thrift store chain Goodwill, describing its business model and demographic-based marketing approach and how the company adjusts to differences in customers’ needs. To access the video, go to MyMarketingLab, click on Multimedia Library, choose Chapter 5 from the drop-down menu, check “video,” and click on “Find Now.”
Access this resource by going to the
MyMarketingLab
area under the course Table of Contents menu.
Video:
The Consumer Buying Process
This is a short animation showing the consumer buying process to serve as a supplement to the module overview, applying concepts to store/new product. Transcript available
here
.
Website:
Discover Community Lifestyle and Demographic Information
The site provides access to a tool you can use learn more about specific market segments using an area's zip code.
This resource can be used for this week’s discussion.
Website:
US Census Bureau - FactFinder
The site allows you to search for facts about communities in the United States.
This resource can be used for this week’s discussion.
Assignment Calendar
Assignment Calendar Module Three
Module Overview
Consumer behavior is the study of how “individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas or experiences to satisfy needs and wants” (Kotler & Keller, 2012, p. 151). These are heavily influenced by cultural, social, and personal factors. Marketing is one part psychology, and to understand where, what, why, and how consumers buy, consumer motivations need to be understood.
The study of consumer behavior has two main categories: motivation and perception.
Motivation
is studying what it is that influences or persuades a consumer to buy. Many experts have studied motivation and how it impacts marketing decisions. The theories of two researchers, Freud and Maslow, have greatly shaped this area.
Sigmund Freud
believed that psychological forces that shape human behavior are unconscious. In other words, people do not fully understand what motivates them.
This has significant implications for marketing. Freud’s theory i ...
This is the ppt translation of the second part of 25 keys to sales & marketing, an audio portable MBA course, which has been developed by New York Times publishing,
with the contribution of some of the best known business academicians and practitioners of the contemporary world. This is only a reproduced graphical version of the same
with no commercial motive. It has been developed for better self learning and for assistance to the large community of several business practitioners & students, who are in
constant pursuit for quality stuff on-line.
This is the ppt translation of the second part of 25 keys to sales & marketing, an audio portable MBA course, which has been developed by New York Times publishing, with the contribution of some of the best known business academicians and practitioners of the contemporary world. This is only a reproduced graphical version of the same with no commercial motive. It has been developed for better self learning and for assistance to the large community of several business practitioners & students, who are in constant pursuit for quality stuff on-line.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
Navigating the world of forex trading can be challenging, especially for beginners. To help you make an informed decision, we have comprehensively compared the best forex brokers in India for 2024. This article, reviewed by Top Forex Brokers Review, will cover featured award winners, the best forex brokers, featured offers, the best copy trading platforms, the best forex brokers for beginners, the best MetaTrader brokers, and recently updated reviews. We will focus on FP Markets, Black Bull, EightCap, IC Markets, and Octa.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
An introduction to the cryptocurrency investment platform Binance Savings.Any kyc Account
Learn how to use Binance Savings to expand your bitcoin holdings. Discover how to maximize your earnings on one of the most reliable cryptocurrency exchange platforms, as well as how to earn interest on your cryptocurrency holdings and the various savings choices available.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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1. International Journal of Business and Management Invention
ISSN (Online): 2319 – 8028, ISSN (Print): 2319 – 801X
www.ijbmi.org Volume 2 Issue 3 ǁ March. 2013ǁ PP.56-65
www.ijbmi.org 56 | P a g e
STP strategy for New Product Launch-a Work in Progress
Tahsina Khan1
1
(Lecturer, Department of Marketing,American International University- Bangladesh)
ABSTRACT : The paper is the literature review of a work in progress on launching of a new product in the
European Market. The paper has seen the light of development as more and more data are being collected from
local and international respondents. This is the secondary work with critical review of the available thoughts on
Segmentation, Targeting an Positioning- the three basic component of product launch decision.
Keywords: Marketing, Positioning, Segmentation, StrategiesTargeting.
I. INTRODUCTION
As the most prominent expert of marketing would say, “today‟s central problem facing business is not
a shortage of goods but a shortage of customers... Marketing is an answer to how compete on bases other than
price” (Kotler, 2003).
Any company looking for increasing its sales by expansion its market and wants to become world‟s
well known brand has to go through the research process on the potential market. It is obvious that in European
Union, UK would be one of the most attractive market. Accordingly, as UK, in particular London is a new
market, company will needs to develop new marketing strategy, that might significantly diverse from the
approaches exploited before. Hence, this chapter will discuss different academic theories and views in order to
get clear understanding how to come to the correct approach.
As David Tarantino (2003) wrote, in order to develop marketing strategy, three components should be
clearly defined:
“Segmentation or who can I sell my services to?”
Targeting or Who I am going to sell my services to?
Positioning or How I am going to sell my services?”
Richard M.S. Wilson and Collin Gilligan (2005) in their book of “Strategic Marketing Management,
planning implementation and control” introduce the eight stages of segmentation, targeting and positioning
process:
At the first stage, it is important to identify the company‟s current position, its objectives, capabilities
of development according to resources and constraints that the company face. According to the authors‟ view,
these two stages are recognised together as situation analyses phase.
The next, third stage will be identification of segmentation variables and segment the market. In
addition to this, forth stage is developing each segment and these are related to marketing segmentation phase.
Following forth and fifth stages are known as marketing targeting, which infers evaluating the
potential and attractiveness of all segments identified before. After which comes selection of the target market
or markets in order to concentrate on these markets more in detail.
After the target markets are selected, then comes product positioning phase. Under the product
positioning issue authors bring the term of “concept.” They state that each target segment should be
conceptualised in terms of positioning. Which means that for each segment correct positioning concept should
be identified. Hence, developing some alternative positioning concepts and selection of the most appropriate one
is crucial.
Final phase is to develop marketing mix taking into consideration such variables as product, price,
place and promotion.
Many authors in the academic works state that some companies still have difficulties to understand
whether they need above mentioned strategies or not. Yet, even having a great concern and awareness, some
companies still fail in terms of market segmentation, targeting, positioning and marketing mix strategies.
Investigation of academic theories, will help to find out whether segmentation is important or not for the Natural
Mineral Water “Borjomi” and which is the most viable segment and what actions should be done further.
2. STP strategy for New Product Launch- A Work in Progress
www.ijbmi.org 57 | P a g e
II. MARKET SEGMENTATION
2.1. Introduction
Citing the words of Bonnie Gretzner (2007), “If you don't understand the details about customer
segmentation, you're most likely letting customers--and sales--slip through your fingers,” says one expert.
Nowadays, in customer-oriented era, companies attempt to break down markets into manageable parts of the
consumer groups and treat them according to the similar characteristics, that is called market segmentation. In
this sense, Geoff Lancaster and Paul Reynolds (2002) in the book of “Marketing,” state that increased
competition, better informed and educated customers, and constant changing demands, urge companies to pay
attention to segmentation issues.
Segmentation has two approaches depending on who are your customers: segmenting organisational
market and segmenting consumer market. Below is presented a diagram of segmentation of consumer market by
Davis Jobber (Figure 2.1). As the study is undertaken on consumer product, looking at the bottled water in
particular, natural mineral water consumers, therefore organisational market segmentation will not be discussed
accordingly.
Figure 2.1.: Segmenting consumer markets D. Jobber, (2001)
On the website of the American Marketing Association, William D. Neal (2008) in the article of”Principles of
Marketing Segmentation” describes two ways of market segmentation: a priori and post hoc.
A priori market segmentation is based on adoption already known and usually used technique of
segmentation. In this case, companies do not conduct any research in order to identify which segment is most
appropriate, but they simply chose specific segmentation approach. On the other hand, post hoc segmentation
infers market segmentation based on the thorough research of the customers‟ evidences that come up as
variables, will become a background of the segmentation.
Author recommends not to use a priori segmentation as an ease job in order not to conduct a research.
As he states, due to dynamic society,” a miss-segmented market is often worse for the firm than the mass-
market assumption”. Whereby, Mr. Neal depicts main variables, which should be considered for the research
purposes. These set of variables are: product attribute preferences; values; product purchase pattern; product
usage pattern; product benefits; brand preference; price sensitivity; brand loyalty; lifestyle; status; attitudes and
opinions toward environment etc.
Market segmentation, according to Frances Brassington and Stephen Pettit (1997) is important issue for
any business, because customers or segments have different characteristics and preferences and these
preferences are defined as variables, which must be considered by companies. Therefore, segmentation is a
stage when the company identifies all clusters of possible consumers by grouping those consumers based on
same needs, demands, requirements and other different characteristics. That consequently will become the pool
of options to be targeted according attractiveness of the market(s).
2.2Types of Marketi Segmentation
Some basic segmentation methods will be discussed in order to identify alternatives for the following
consideration, which is the most appropriate for the natural mineral water “Borjomi.”
Geographic segmentation means to define customers according the location they live, for instance,
European consumers. Geographical segmentation is very easy to define. It is easy for distribution system and
establishing contacts with customers. But, the drawback of this kind of segmentation, as Douglas and Craig state
in the book of “Principles of marketing” cited by F. Brassington and S. Pettite (1997), that concentrating only on
the geographical area is not correct, because even in a small location customers can have diverse wants and
Behavioral
Consumer
segmentation
Benefi
t
sought
Purcha
s
occasi
on
Purchas
behavio
r
Usage Perceptio
n and
beliefs
Geograp
hic
Socio-
economi
c
Demograp
hic
Personal
ity
Life
style
Psychographic Profile
3. STP strategy for New Product Launch- A Work in Progress
www.ijbmi.org 58 | P a g e
needs. For example, in UK, people consider hot chocolate as a substitute to the coffee or tea and the bedtime
drink. However, French consumers see the hot chocolate as a nourishing breakfast served with milk for children.
Therefore, in addition to that it is important to make customer-focused segmentation.
Demographic segmentation is deeper approach than geographic segmentation. It is concentrated on
age, gender, race, income, occupation etc. Demographic segmentation is as easy to define as geographic. It is
measurable as well and information can be accessible free. Advantage of demographic approach of
segmentation, let us say age, is ease to make a profile of an age segment and according to that decide which
strategy of communication and creative approach will be the most appropriate. On the other hand, similar to
geographic segmentation, not all the customers in the same demographic range necessarily have the same needs
and wants.
Geodemographic segmentation is a merger of above mentioned. For instance, if the wine company is
selling old drinks in expensive price, company should know that some areas are populated with inhabitants of
high income and some areas are poor.
Psychographic segmentation or lifestyle segmentation is more complicated segmentation method
than mentioned above. F. Brassington and S. Pettitt (1997) define lifestyle segment as it is not based on the
product‟s best qualities and the same issues but it is oriented towards customer‟s emotional state, paying more
attention on the benefits, which can be given to the customer. As Geoff Lancaster et al. (2002), describe
psychographic and lifestyle segmentation it is about how individuals spend time and money based on the
personality, attitudes, education, cultural and social background. Authors recognise early 1970s, J.T. Plummer‟s
idea of identification of this phenomenon based on the next measures:
How individuals spend their time on activities;
Their major interests;
Their opinions about themselves and the world in general
On the figure 2.2, Peter Cheverton in his book introduces UK lifestyle segmentation according to
Martin Christopher Malcolm McDonald, 1995, who distinguish types of lifestyle and divides according to
percentage.
Figure 2.2.: Lifestyle segmentation of the UK Market, 1995, Peter Cheverton, 2004
One of the psychological segmentation is behavioural segmentation, which considers separation of the
customers according to their knowledge, attitudes, responses and uses of the product. P. Kotler and G.
Armstrong (2006) introduce five different varieties of segmentation. Whereby, the first form of segmentation is
occasional segmentation. It means that segmentation is done according the particular product usage. For
example, Kotler and Armstrong bring an example of the orange juice producers, who encouraged drinking
orange juice not only during the breakfast, but also consume at other times as well.
Second type is benefit segmentation, looking at the benefits, which can be delivered to the customer
according the attributes of the product. For example, tooth companies producing tooth past for customers
concerned to buy such tooth pasts, which are effective for sensitive teeth with whitening features, etc. Benefit
sought by Frances Brasington and Stephen Pettitt (2003) is seen in two scopes one is practical though (e.g.
reliability, economic, etc.) and psychographically oriented (e.g. environmentally friendly, fast, healthier, etc.). In
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addition to that, according to Harvard Business Note (2000) segmentation is differentiated into two types:
benefit segmentation and segmentation based on observable characteristics. Benefit segmentation can be
divided into two parts, people who pay more attention on the results rather than side effects and people who are
concerned on the gentleness of the product, avoiding side effects and concentrated on the results.
Third type is user status segmentation, dividing consumers into the nonusers, ex-users, potential users,
first-time users and regular users. There is also another form of segmentation based on usage bat it pays
attention on the usage rate. It means that consumers are differentiated on the frequency or intensity of usage a
product, in particular, light, medium and heavy users. The final, fifth method is studying customers based on the
loyalty status, according which companies look at degree of loyalty towards company, product etc. Strong loyal
customers are most targeted people by the companies whose service or product is attractive to the customers and
try to sustain them by using different marketing programmes. On the other hand, not loyal or partially loyal
customers can be targeted by other rival companies in order to take away them from competitors. On that basis,
accordingly, loyalty segmentation can be divided into two categories: brand loyals and switchers.
Some authors state that in some cases segmentation according to single variable is not enough.
According the Harvard publication (2006) is introduced multifactor segmentation approach, when three factors
are used to identify segment in “three-dimensions”. An example is given to show visually as how can be seen
identified man of particular age and income for a certain golf sportswear (Figure 2.3).
Figure 2.3.: Multifactor segmentation, 2006
Selected gray boxes on the figure above, visually exhibit the men under age of 50-70 and income 50$K
and more. Thus, using multifactor segmentation of needed factors will lead to exactly needed segment.
Frances Brassington and Stephen Pettitt (2003) introduce the AIDA response hierarchy model (Figure
2.4). According that model, they make segmentation of Buyer readiness stage. They claim that on the early
stage, when customers are not nor aware of the product existence it is possible to attract them by increasing
product awareness and “stimulate interest in the product”. The information needs to be delivered to the customer
in order to clearly understand the essence of the product, which will urge the desire and stimulate the drive to act
to buy.
Figure 2.4.: The AIDA response hierarchy model
Awareness
Interest
Desire
Action
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2.3. Principal Requirement for Segmentation
Revising different authors‟ views about segmentation, gives possibility to come up to the principal
criterions for marketing segmentation.
First of all, segment must exist and not to be an object of the marketers‟ imagination. Existing market
must be measurable or identifiable in terms of size and purchasing power. Yet, this requirement in most
occasions is difficult to comply, because census data do not exist. Following requirement is differentiability. It
means that segment is distinguished and responds to the different marketing mix and other incentives in a
changing way. For example, if married and unmarried women respond similarly to a new perfume, it means that
they are within the same segment. Obviously, segment must be accessible or reachable in order to establish
connection. On the other hand, in terms of business prospective segment must be substantial and stable for a
significantly long period. Under this requirement is mentioned that tailored marketing program should be
targeted to the significant amount of people with the same needs and characteristics. In addition to that, amount
should be such a big that business should be profitable. And, final requirement is actionable criterion, which
concludes company‟s capability to deal with so many segments as it is possible from the company‟s extent of
resources (Kotler, Armstrong, 2006; Green and Tull, 1978; cited by Neal, 2008).
Due to the correct market segmentation, company can benefit from distribution point of view, carry out
business in an effective and efficient way, increase sales/profit and market share. However, market segmentation
becomes a dilemma for the company, because of different reasons, such as incorrect formulation of marketing
strategy, incorrect understanding of the customers behaviour regarding to the marketing mix, more theoretical
rather than practical approach choosing wrong variables.
III. TARGETING
3.1. Introduction
David Jobber defines that “target market is a chosen segment of market which a company has decided
to serve”. This is a convenient technique in order to address identical marketing mix to the same segments
(2001).
According to Tony Davis and Jon Epstein (2005), individuals tend to move from one segment to
another. They state that this happens in a short period of time and in a large number. “For effective target
marketing, think „bucketisation‟ not „segmentation‟. There is always a „bucket‟ of customers with very specific
needs and circumstances and in a „readiness‟ state at any point in time but the individuals are only there for a
brief moment”.
3.2. Targeting Strategies
In marketing, there is no dogmatic requirement either to segment market or not. It is up to the company
which strategic approach to take. Yet at the targeting stage, segmentation targeting becomes a crucial issue. If
the company decides to segment the market then comes an issue to what extent segmentation is needed. There
are three types of segmentation strategies. Figure 2.5., clearly shows those models as strategy 1 -
undifferentiated marketing, strategy 2 – differentiated marketing and strategy 3 – concentrated marketing.
Figure 2.5.: Segmentation: the strategic option, source: P. Cheverton, 2004
According the figure there are five different segments: A, B, C, D and E. Strategy 1, undifferentiated
(mass marketing) ignores segmentation of the market. Here all five segments are offered single product with
standard offering like the early single models of Ford-T. This approach is a best choice if all segments would be
homogeneous and all consumers would have the same needs, same perceptions and attitudes to the particular
product. However, that never happens. Of course, undifferentiated marketing approach has cost advantage on
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economy of scales. On the contrary, company will probably have less sales, because it is forgoing potential
opportunities from offering variation of different products to different customers.
Second strategy of differentiated marketing is offering different products to different customers tailored
with different marketing mix. This strategy, in comparison to undifferentiated strategy is benefiting from
covering different needs. However, it becomes much harder to manage different products, and costs on
production. Reasonably, it is easy to be a looser against other companies with concentrated brands. Sometimes
in order to be competitive, companies have to use this approach in practice.
Following strategy, concentrated (or niche) marketing considers companies‟ specialisation or
concentration in the industry and benefiting from expertise and reputation. Although, it is not easy be a leader if
the competition is high. Mostly, small companies, who lack financial resources, use this approach, offering
highly specialised products to their customers (Cheverton, 2004).
Finally, David Jobber (2001) adds customised (micromarketing) approach to those customers, who
vary in needs. Therefore, company should adjust its offering to each particular client.
3.3. Main Dimensions of Targeting
According to Peter Cheverton (2004), he denotes that market targeting should be scanned in two main
dimensions: segment attractiveness and company’s capacity. Consideration of criterions of segment
attractiveness and company‟s capabilities gives to company real picture either to chose or refuse particular
segments. There are always some external and internal factors, which force companies to refuse addressing
particular market segment.
Depending on the environment and company‟s capabilities there are many issues to be considered
during market targeting, yet most general will be reviewed below.
Segment size
Usually large size of segment is more attractive for the company because of the benefits from economy
of scale, but that becomes a battlefield for rival many companies. It is to be considered also, that small
companies cannot be strong enough to operate for the large segment, considering resources and management
capabilities.
Segment growth
In this case, segment can be attractive if the growth rate is high. It is unarguable that growing segment
will be place for competition as well and the market will be reach with different offerings.
Price
Price sensitive market is endangering company to gain profit. According to that, low price sensitive
market is more attractive for the company. Still there is a chance to be competitive in the market if company will
use other characteristics, e.g. product quality and other non-price factors.
Bargaining Power of suppliers and customers
Bargaining power of suppliers means that suppliers have dominant position over the company and
supplier‟s decision can easily affect or control the company. Similar characteristic has bargaining power of
customers, yet on the diverse. Here customers may control the company.
Entry barriers
There are several important barriers that may affect the company‟s entry into the market. Some
important barriers are government regulations, international agreements, environmental issues and customers‟
switching costs.
Factors of Competition
Factors of competition mainly consider how many companies are operating in the market and what an
extent of competition is. Is there a room for new entrants or no. Here free areas should be explored in order to fit
into there.
Capability
Brand image viability
This considers such issues, if the companies brand image is viable to enter certain market. Sometimes
companies enter new market by establishing a new brand.
Cost advantage
Some companies can be competitive based on the costs they can benefit from less costs of materials,
labour, operation, etc. However, this is an advantageous side for the price sensitive segment of the market.
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Technological and managerial factors
Technological factor is an important criterion for the company, because technological advancement
gives companies to produce technologically competitive products, which are supposed to be the most wanted by
customers.
Obviously, managerial factor is one of the major factors. According to that is mentioned managerial
capabilities, knowledge, experience and skills how to manage all the business activities (Jobber, 2000).
Market targeting issue is one of the important strategic part of marketing policy of the company. It is
obvious that customers‟ needs and preferences are diverse and those needs and preferences should be met. In
order to meet the customers‟ “requests”, firstly customers should be clustered according similarities, i.e. to
conduct segmentation. After segmentation comes targeting stage based on thorough consideration of criterions
of attractiveness and capability of the company.
Choosing correct target market is one of the most crucial issues. That is because after this stage comes
positioning phase and if target market has chosen incorrectly, all the positioning strategies will be worthless.
IV. POSITIONING
4.1. Introduction
Positioning according to the definition of David Jobber (2001) is “the choice of target market (where
the company wishes to compete) and differential advantage (how the company wishes to compete).” It “is the
art of creating the „mental shelf space,‟ which your company and its products occupy in the minds of prospects
and clients” (Berry, Wilson, 2000).
After target market has found, now comes brand positioning and value proposition stage. It has great
importance as what kind of information will be given a customer about the product. Particularly this becomes
dilemma for those companies who values correct communication issue. Based on the preliminary planning, it is
expected to get adequate feedback from the message sent to the targeted segment. Company on this stage is
working to gain its image in the customers‟ perceptions, how will consumers accepted in their minds. However,
there is a pitfall of irrelevant or ambiguous positioning, which may have no effect and even negatively affect the
product‟s image.
Great value of positioning is to make the product different from other competitors. This can be
achieved by using different combination of marketing mix. On that issue, William G. Zikmund and Michael
d‟Amico (1996) define positioning as “is to identify a product‟s or brand‟s competitive advantage and to stress
salient product characteristics or consumer benefits that differentiate the product or brand from those of
competitors”.
Positioning is all about brand perception by customers, which is determined by variety of different
factors. Academically claimed, positioning means, different brands occupying certain areas in the brain of a
person. Differentiated from each other, perception of the consumer can be affected by product attributes or the
qualities, which is perceived as a benefit for the customer. Yet some brands are clustered within a range of
similar features.
For example, 7-UP is a soft drink. It was advertised as Un-cola. Just changing the name caused
intrigue consumers‟ thoughts and shaped perception that it was not cola, but something different.
Distinction between different products is easy to see in consumer products rather than service industry.
That can be explained by tangibility and visibility of the products. In this case tangible or visible features make
the product standing alone. However, some intangible features have important value on the product as well.
Philip Kotler and Kevin Keller (2006) allude Peter Posts idea about grassroot marketing, who says that ”the idea
is not to sell something, but to demonstrate how brand can enrich a customer‟s life.” Therefore, despite the
product‟s tangibility or intangibility, it is important to keep always in mind that needs and interests of the
customers are prior to the other issues to be considered.
4.2. Different Approaches to Position a Product
Tim Berry and Douglas Wilson (2000) claim that to position product in a particular way requires
answers to several questions, that is to say, for whom the product is designed, what is the product‟s one major
benefit, who are the competitors and how can customer benefit from the difference that the product offers.
Author also introduce six different approaches how to position product:
1. “Positioning by attribute (i.e., associating product with an attribute, feature, or customer benefit).
2. Positioning by price/quality (i.e., the price /quality attribute is so pervasive that it can be considered a
separate approach to promotion).
3. Positioning with respect to use or application (i.e., associating the product with a use or application).
4. Positioning by the product user (i.e., associating a product with a user or a class of users).
5. Positioning with respect to a product class (e.g., positioning Caress soap as a bath oil product rather than
as soap).
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6. Positioning with respect to a competitor (i.e., making a reference to competition, as in Avis‟s now-
famous campaign: “We‟re number two, so we try harder.”).”
Subhash C. Jain (1999) talks about single and multiple brand positioning. And designates that single
brand can be placed in one ore more different segments of market, as well as multiple brands can be placed in
several different segments. Hence, brand positioning will be carried out in accordance to segmentation strategy,
with relation to the placement of the particular products in particular place.
Author denotes advantage of single brand positioning, paying attention on managerial and financial
capabilities of a company. He also states that in comparison with multiple brands, single brand is advantageous
because of the less operations control, which is eventually more profitable. In the same place, he declares, that
in order to be successful in a single brand, two main aspects must be considered: “...it can stand competition
from the toughest rival, and its unique position should be maintained by creation an aura of a distinctive
product.” As an example, natural mineral water Perrier is adduced underlining its featuring mystique attached to
its name as an advantage protecting from competitors.
On the other hand partially approves an idea of multi branding by introducing an example of Coca-
Cola. He states that, in spite of such a fame of single product, it was necessary for the Coke to introduce
different products for different segments, such as Diet Coke, Fanta, Sprite, etc. Alternatively, in order to
preserve single brand, he advices multi-branding tactics. In particular, once, Smirnoff vodka was attacked by 1$
less expensive Wolfschmidt. As a reaction to that, instead of decreasing price, Smirnoff increased and increased
amount of money used in advertising. Simultaneously, it introduced a new brand Relska and positioned against
Wolfschmidt (Jain, 1999).
Alan Dutka (2008) is speaking about an importance tight linkage of segmentation and positioning. He
states that it is no more useful to relate single product to unidentified range of customers, because mass
marketing is not working well any more. He remarks first business advantage of General Motors in early 1920th
the company started to use positioning strategy. He also writes about 1965 Buick advertisement. “Buick makes
all kind of cars because there are all kinds of people in this world”, inferring that company started to use
diversified positioning approach. Author says that effective product positioning reduces the cost of ineffective
marketing and advertising. Although, there appears another obstacle of increasing expenses by diverse
advertising, product development, research, production, distribution marketing and so on.
Chris Fill (2005) describes positioning from communications prospective. Author states that perception
is important because this is a basic for product evaluation and selection. Consumer decision making is
determined by products physical characteristics and nonphysical characteristics. It is to be considered that
proportion between influence of tangible and intangible features can vary depending on the product. Once new
product appears in the market, customers judge the product by expectations accumulated from the previous
experience of learning. If new product is correctly with exhibiting great distinction, customers will reassess their
expectation. That is a deal of clever communication.
Subroto Sengupta (2005), in the “Brand Positioning: strategies for competitive advantage,” is talking
about four important components of the positioning concept that should be considered. First, is the product
class, second is consumer segmentation, third is consumers‟ perception about the product in relation to
competitors (perceptual mapping), and finally, offered benefits by the brand.
Positioning is to get the customers mind. Usually, positioning is uses slogans claiming different things.
So the slogan covers meaning of the advantage or benefit or other characteristics of the product or company,
such as great value, good for health, safe and effective, reliable etc., that can catch an attention of the targeted
market and stand out in their minds. Yet, Peter Cheverton describes how works brand within the complexity. He
states that brand is more than the name, slogan and advertisement. Author tries to visualise the circle of the
action of the good brand and reaction to that by customers (Figure 2.6).
Figure 2.6.: The virtuous circle of a good brand, source: P.Cheverton
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4.3. Perceptual Mapping
J. Darlymple and J. Parson (2000), state that, in order to identify your opponents, they propose to
depict perceptual map of competitors and your company within the chart as the good means to visualize market
structure.
Perceptual mapping locates certain brands on the diagram against each other, considering two or more
major factors that affect buying decision. This is visualised in the figure below (Figure 2.7) on the example of
different cars. The tool of depicting variety of products on the diagram can be undertaken by company managers
and can be compared to the data collected from the customers. This will help to see the real picture how
customers perceive different products against each other and give information about the company‟s product.
Consequently, company can either position or reposition its product, or use in the empty areas of the map to
position a product against its competitors.
Figure2. 7.: A perceptual map for brands of motor car source: P. Cheverton, 2006
Positioning is broad area of marketing. It has one objective, how to conquer people‟s minds. Yet hire
comes the most difficult puzzle. There are different techniques and tools for that. Consumers are influence by
physical and non-physical factors and these factors define consumers perceptions and attitudes towards
particular product. According to the practice, it can be seen that using correct positioning strategy gave
significant benefits to many companies. Even some companies introduced unknown products tailored with
variation of marketing mix and became successful brands. Some products are of less quality and high price, but
still keep an image of the best. Therefore, at the end it can be said that positioning is a combination of
communication and product features, which exhibits a certain product as a distinctive and claims its superiority
over its competitors.
ACKNOWLEDGEMENTS
To the students of American International University-Bangladesh who is the future leader of
Bangladesh. It is a dire call that they realise their true potential and accomplish true moral in life towards
success.
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