Point of View MRK 2100.pptx
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The document outlines the steps of the segmentation, targeting, and positioning (STP) process. It begins with segmentation which involves establishing objectives, analyzing customer profiles, and distinguishing segments. Targeting evaluates segment attractiveness and selects target markets using strategies like differentiated or mass marketing. Positioning identifies a strategy to communicate a product's benefits and competitive advantages. Positioning methods include value propositions, attributes, symbols, and competition. Perceptual mapping displays product positions in consumers' minds and involves determining ideal points and competitor positions.
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This document outlines the steps of segmentation, targeting, and positioning in marketing. It discusses:
1) Segmentation involves establishing objectives, using methods like geographic, demographic, psychographic, benefit, and behavioral segmentation to divide the market.
2) Targeting evaluates segment attractiveness and selects a target market using approaches like undifferentiated, differentiated, concentrated, or micromarketing.
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Point of View MRK 2100.pptx
- 1. THE SEGMENTATION, TARGETING, AND POSITIONING (STP) PROCESS By: Katelyn Givhan
- 2. SEGMENTATION • Step 1: Establish the overall strategy or objectives - Must be consistent with and derived from the firm’s mission and objectives as well as its current situation – its strengths weaknesses, opportunities, and threats (SWOT)
- 3. SEGMENTATION • Step 2: Use Segmentation methods - Develops descriptions of different segments helping the firm understand the customer profiles in each segment and distinguish customer similarities within a segment and dissimilarities across segments
- 4. TARGETING • Step 3: Evaluate segment attractiveness - Marketers must determine whether the segment is worth pursuing using descriptive criteria: is the segment identifiable, substantial, reachable, responsive, and profitable
- 5. TARGETING Step 4: Select a target market - Determining how to select target markets is not always straightforward, there are different strategies such as: differentiated, concentrated, micromarketing or one-to-one, and undifferentiated or mass marketing
- 6. POSITIONING • Step 5: Identify and develop positioning strategy - Market positioning: Involves a process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products
- 7. POSITIONING • Value positioning: Communicates the customers benefits to be received from a product or service and there by provides reasons for wanting to purchase it • Value Proposition: Represented by the benefits that a firm provides but that its competitors do not. - The main value proposition components are: Target market, offering name or brand, product/service category or concept, and unique point of difference/benefits
- 8. POSITIONING METHODS • Firms position products and services based on different methods such as the value proposition, salient attributes, symbols, and competition.
- 9. POSITION USING PERCEPTUAL MAPPING • Perceptual Map: Displays, in two or more dimensions, the position of products or brands in the consumer’s mind • Ideal Points: The position at which a particular market segment’s ideal product would lie on a perceptual map
- 10. PERCEPTUAL MAPPING • Marketers follow 6 steps: 1. Determine consumers’ perceptions and evaluations of the product or service in relation to competitors product or service 2. Identify the market’s ideal points and size 3. Identify Competitors positions 4. Determine consumer preferences 5. Select the position 6. Monitor the positioning strategy