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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
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
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
Measurable
Size, purchasing power, profiles of segments can be measured. Segments can be effectively reached and served.
Accessible
Substantial
Differential
Segments must respond differently to different marketing mix elements & programs. Effective programs can be designed to attract and serve the segments.
Actionable
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)
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
Individual Marketing
Tailoring products/ programs to individual customers
Market Segmentation
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
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
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.
7-19
Demographics
Situational Factors
Operating Characteristics
Purchasing Approaches
Industrial Markets
Geographic
Economic
Political/ Legal
market.
>Describe each of the major segments and subsegments.
Cultural
Intermarket
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
Market
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?
G C A
Against a Competitor
Usage Occasions
User Class
Armstrong/ Kotler Chapter 6: Market Segmentation, Targeting, and Positioning for Competitive Advantage.
Developing Competitive Differentiation
Product Service
Image
People
Profitable
Affordable
Distinctive
positioning strategy and must now design a marketing mix to support this strategy. The next part of the
Superior
Preemptive
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.