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The Marketing Process

Chapter Two & Seven

The Marketing Process


DemographicEconomic
Environment

TechnologicalNatural
Environment

Marketing
Intermediaries

Product
Suppliers

Place

Target
Consumers

Price

Publics

Promotion

PoliticalLegal
Environment

Competitors

SocialCultural
Environment

How do Companies
identify their Target
Consumer?

S-T-P
Market Segmentation

1. Identify bases for


segmenting the market
2. Develop segment profiles

Market Targeting

3. Develop measure of
segment attractiveness
4. Select target segments

Market positioning

5. Develop positioning for


target segments
6. Develop a marketing
mix for each segment

Market Segmentation: determining distinct


groups of buyers (segments) with different
needs, characteristics, or behavior.
Companies divide large,
heterogeneous markets
into smaller segments that
can be reached more
efficiently and effectively
with products and services
that match their unique
needs.

How can you segment the


market?

Sheet

Geographic Segmentation
World Region or Country

City or Metro Size

Density or Climate

Demographic Segmentation
Dividing the market into groups
based on variables such as:
Age
Gender
Family size or life cycle
Income
Occupation
Education
Religion
Race
Generation
Nationality

Psychographic Segmentation
Divides Buyers Into Different Groups Based on:

Behavioral Segmentation
Dividing the market into
groups based on variables
such as:
Occasions
Benefits
User status
Usage rate
Loyalty status
Readiness stage
Attitude toward product

Step 1. Market Segmentation


Requirements for Effective Segmentation
Measurable

Size, purchasing power, profiles

Accessible

Segments can be effectively

of segments can be measured.

reached and served.

Substantial
Differential
Actionable

Segments are large or profitable

enough to serve.

Segments must respond

differently to different marketing


mix elements & programs.
Effective programs can be

designed to attract and serve


the segments.

How Do you think the


following organizations
segment the market?
1.
2.
3.
4.
5.

Pepsi Co.
Lipton
Hyundai
Bibliotheca Alexandrina
Renaissance Movie Theater

Discussion Connections
Can you identify specific companies, other
than the examples already discussed, that
practice each level of segmentation?
Using the segmentation bases, segment
the footwear market.
Describe each of the major segments and sub
segments.

Market Targeting
Evaluating each segments attractiveness
and selecting one or more segments to
enter.

Target Market a set of buyers sharing common needs


or characteristics that the company decides to serve

Evaluating Market Segments


Segment Size and Growth
Analyze current sales, growth rates and expected
profitability for various segments.

Segment Structural Attractiveness


Consider effects of: competitors, availability of
substitute products and, the power of buyers &
suppliers.

Company Objectives and Resources


Company skills & resources needed to succeed in
that segment(s).
Look for Competitive Advantages.

Discussion Connection
At the last Discussion Connection, you segmented
the U.S. footwear 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?

Market Positioning
Arranging for a product to occupy a clear,
distinctive, and desirable place relative to
competing products in the minds of target
consumers.
EXAMPLE: Chevy Blazer is like a rock.

Choosing a Positioning Strategy


Step 1. Identifying
Possible Competitive
Advantages
Step 2. Selecting the
Right Competitive
Advantage
Step 3. Communicating
and Delivering the
Chosen Position

Identifying Possible Competitive


Advantages
Key to winning and keeping customers is to
understand their needs and buying
processes better than competitors do and
deliver more value.
Competitive advantage is an advantage
over competitors gained by offering
consumers greater value, either through
lower prices or by providing more benefits,
that justify competitive advantage,

Communicating and Delivering


the Chosen Position
Once position is chosen, company must
take strong steps to deliver and
communicate the desired position to target
consumers.
All the companys marketing mix must
support the positioning strategy.
Positioning strategy must be monitored and
adapted over time to match changes in
consumer needs and competitors
strategies.

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