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Instructors Visual Index

Armstrong/ Kotler Chapter 6: Market Segmentation, Targeting, and Positioning for Competitive Advantage.

Lesson Objectives
When you have completed this lesson you will be able to;
Summarise the relationship between market segmentation, targeting and positioning

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

The STP Process


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

Target Market
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.

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 companys 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

Requirements for Effective Segmentation

Measurable

Size, purchasing power, profiles of segments can be measured. Segments can be effectively reached and served.

Accessible

Substantial

Segments are large or profitable enough to serve.

Differential

Segments must respond differently to different marketing mix elements & programs. Effective programs can be designed to attract and serve the segments.

Actionable

Copyright 2000 Prentice Hall

Instructors Visual Index

Armstrong/ Kotler Chapter 6: Market Segmentation, Targeting, and Positioning for Competitive Advantage.
Step 1. Market Segmentation
Levels of Market Segmentation
Mass Marketing
Same product to all consumers (no segmentation)

Steps in Segmentation, Targeting, and Positioning


6. Develop Marketing Mix for Each Target Segment 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

Market Positioning

Segment Marketing
Different products to one or more segments (some segmentation)

Market Targeting

Niche Marketing
Different products to subgroups within segments (more segmentation)

Micromarketing
Market Segmentation

Products to suit the tastes of individuals and locations (complete segmentation)


Local Marketing
Tailoring brands/ promotions to local customer groups

Individual Marketing
Tailoring products/ programs to individual customers

Step 1. Market Segmentation


Bases for Segmenting Consumer Markets
Geographic
Nations, states, regions or cities

Market Segmentation

Segmenting Consumer Markets


Occasion segmentation divides buyers into groups according to occasions when they get the idea to buy, actually make purchases, or respond to a product Benefit segmentation requires finding the major benefits people look for in the product class, the kinds of people who look for each benefit, and the major brands that deliver each benefit

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
7-15

Market Segmentation

Market Segmentation

Segmenting Consumer Markets


User status divides buyers into ex-users, potential users, first-time users, and regular users of a product Usage rate divides buyers into light, medium, and heavy product users Loyalty status divides buyers into groups according to their degree of loyalty

Using Multiple Segmentation Bases Multiple segmentation is used to identify smaller, better-defined target groups Geodemographic segmentation is an example of multivariable segmentation that divides groups into consumer lifestyle patterns

7-16

7-18

Copyright 2000 Prentice Hall

Instructors Visual Index

Armstrong/ Kotler Chapter 6: Market Segmentation, Targeting, and Positioning for Competitive Advantage.

Market Segmentation

Market Segmentation

Using Multiple Segmentation Bases PRIZM NE classifies every American household into 66 unique segments organized into 14 different social groups. These groups segment people and locations into marketable groups of like-minded consumers that exhibit unique characteristics and buying behavior based on a host of demographic factors.

Using Multiple Segmentation Bases Prizm classifications include


Age Educational level Income Occupation Family composition Ethnicity Housing Behavioral and lifestyle factors Purchases Free-time activities Media preferences
7-20

7-19

Step 1. Market Segmentation


Bases for Segmenting Business Markets
Personal Characteristics

Segmenting Business Markets


Segmentation by customer size or geographic location Four segments of business customers

Demographics

Situational Factors

Bases for Segmenting Business Markets

Operating Characteristics

Programmed buyers Relationship buyers Transaction buyers Bargain hunters

Purchasing Approaches

Step 1. Market Segmentation


Bases for Segmenting International Markets

Linking the Concepts


Using the segmentation bases youve just heard about, segment the Irish clothing

Industrial Markets

Geographic

Economic

Political/ Legal

market.
>Describe each of the major segments and subsegments.

Cultural

Intermarket

Copyright 2000 Prentice Hall

Instructors Visual Index

Armstrong/ Kotler Chapter 6: Market Segmentation, Targeting, and Positioning for Competitive Advantage.
Step 2. Market Targeting
Market Coverage Strategies
Company Marketing Mix
A. Undifferentiated Marketing

Evaluating Market Segments (developing selection criteria)

Step 2. Market Targeting

Segment Size and Growth


Analyze sales, growth rates and expected profitability for various segments.

Market

Segment Structural Attractiveness


Consider effects of: Competitors, Availability of Substitute Products and, the Power of Buyers & Suppliers.

Company Marketing Mix 1 Company Marketing Mix 2 Company Marketing Mix 3


B. Differentiated Marketing

Segment 1 Segment 2 Segment 3

Company Objectives and Resources


Company skills & resources relative to the segment(s). Look for Competitive Advantages.
Company Marketing Mix

Segment 1 Segment 2 Segment 3


C. Concentrated Marketing

Choosing a Market-Coverage Strategy


Company Resources Product Variability Products Life-Cycle Stage Market Variability Competitors Marketing Strategies

Step 2. Market Targeting

Linking the Concepts


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?

Step 3. Positioning for Competitive Advantage


Products Position - 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.

Step 3. Positioning for Competitive Advantage: Strategies


Product Class Away from Competitors Product Attributes Benefits Offered
D B F

G C A

Against a Competitor

Usage Occasions

User Class

Copyright 2000 Prentice Hall

Instructors Visual Index

Armstrong/ Kotler Chapter 6: Market Segmentation, Targeting, and Positioning for Competitive Advantage.
Developing Competitive Differentiation
Product Service

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

Areas for Competitive Differentiation

Image

People

Selecting the Right Competitive Advantages


Important

Step 4 Supporting the positioning strategy


At this stage the company has decided on its

Profitable

Affordable

Criteria for Determining Which Differences to Promote

Distinctive

positioning strategy and must now design a marketing mix to support this strategy. The next part of the

Superior

course looks at Developing the Marketing Mix


Communicable

Preemptive

Reviewing the Concepts

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.

Copyright 2000 Prentice Hall

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