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Marketing for MOST Module 06 – STP Strategy

Marketing for MOST Module 06 – STP Strategy. 技術経営コンソーシアム 開発担当者 ： Ritsumeikan Asia Pacific University　 教授: Takamoto, Akihiro 更新日 October, 2003. STP Strategy. Segmentation, Targeting and Positioning Market Segmentation Market Targeting Market Positioning Cases Practice. STP Strategy.

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Marketing for MOST Module 06 – STP Strategy

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  1. Marketing for MOSTModule 06 – STP Strategy 技術経営コンソーシアム 開発担当者 ：Ritsumeikan Asia Pacific University　教授: Takamoto, Akihiro 更新日 October, 2003

  2. STP Strategy • Segmentation, Targeting and Positioning • Market Segmentation • Market Targeting • Market Positioning • Cases • Practice

  3. STP Strategy 1. Market Segmentation 2. MarketTargeting 3. Market Positioning S T P

  4. Market Segmentation • Dividing a Market into distinct groups of buyers on the basis of needs, characteristics or behavior who might require separate products or marketing mixes.

  5. Market Segmentation • A Market Segment is a group of customers who respond in a similar way to a given set of marketing efforts.

  6. Market Segmentation • Geographic Segmentation • Dividing the market into different geographical units such as nations, states, regions, countries, cities, or neighborhoods. (Philip Kotler)

  7. Market Segmentation • Demographic Segmentation • Dividing the market into groups based on demographic variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, and nationality. (Philip Kotler)

  8. Market Segmentation • Psychographic Segmentation • Dividing a market into different groups based on social class, lifestyle, or personality characteristics. (Philip Kotler)

  9. Market Segmentation • Behavioral Segmentation • Dividing a market into groups based on consumer knowledge, attitude, use, or response to a product. (Philip Kotler)

  10. Market Segmentation • Occasion Segmentation • Dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item. (Philip Kotler)

  11. Market Segmentation • Benefit Segmentation • Dividing the market into groups according to the different benefits that consumers seek from the product. (Philip Kotler)

  12. Market Segmentation • Multi-Attribute Segmentation • Crossing several variables to identify smaller, better defined target groups

  13. Market Segmentation

  14. Market Segmentation • Requirements for Effective Segmentation: • Measurable • Accessible • Substantial • Differentiable • Actionable (Philip Kotler)

  15. Market Targeting • Market Targeting: • The process of evaluating each market segment’s attractiveness and selecting one or more segment to enter.

  16. Market Targeting • A target market is a set of buyers sharing common needs or characteristics that the company decides to serve.

  17. Market Targeting • Evaluating and Selecting the Market Segments: Company’s Objectives And Resources Attractiveness of the Market • Size • Growth • Profitability • Scale Economies • Competition • Risks • Synergy

  18. Market Targeting • Five Patterns of Target Market Selection • (by D.F. Abell) S1 S2 S3 P1 Single Segment Concentration P2 P3 P = Products S = Market Segment

  19. Market Targeting • Five Patterns of Target Market Selection • (by D.F. Abell) S1 S2 S3 P1 Selective Specialization P2 P3 P = Products S = Market Segment

  20. Market Targeting • Five Patterns of Target Market Selection • (by D.F. Abell) S1 S2 S3 P1 Product Specialization P2 P3 P = Products S = Market Segment

  21. Market Targeting • Five Patterns of Target Market Selection • (by D.F. Abell) S1 S2 S3 P1 Market Specialization P2 P3 P = Products S = Market Segment

  22. Market Targeting • Five Patterns of Target Market Selection • (by D.F. Abell) S1 S2 S3 P1 Full Market Coverage P2 P3 P = Products S = Market Segment

  23. Market Targeting • Three Alternative Market Strategies • (by Philip Kotler) Undifferentiated Marketing Company Marketing The Market Mix

  24. Market Targeting • Three Alternative Market Strategies • (by Philip Kotler) Differentiated Marketing Mix 1 S1 Mix 2 S2 Mix3 S3

  25. Market Targeting • Three Alternative Market Strategies • (by Philip Kotler) Concentrated Marketing Company Marketing S2 Mix

  26. Market Targeting • Target Market Selection by BMW AG • (BMW AG acquired and then resold the Rover brand) P1 = BMW M1 M2 P2 = Rover

  27. Market Targeting • Target Marketing by Volkswagen Co. • (Volkswagen have bought the Rolls Royce, Lambourghini and Audi Brands) P1 = Bentley Rolls Royce M1 P1 = Lambourghini M2 P2 = Audi M3 M4 P1 = VW

  28. Market Positioning • Market Positioning • Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. (Philip Kotler)

  29. Market Positioning • “Positioning” according to Ries and Trout • “Positioning is what you do to the minds of the prospect. That is, you position the product in the mind of of the prospect. • (Al Ries and Jack Trout: “Positioning: The Battle for Your Mind”, NY Warner Books, 1982) Here!

  30. Market Positioning • “Product Position” • The Way the product is defined by Consumers on important attributes – the place the product occupies in consumers minds relative to competing products. (Philip Kotler)

  31. Market Positioning • Choosing a Positioning Strategy • Identifying and choosing the right competitive advantages • Differentiation • (How many differences to promote?Which Differences to Promote?)

  32. Market Positioning • Product Differentiation • Differentiation is the act of designing a set of meaningful differences to distinguish the company’s offering from competitor’s offerings. • Q: Is only the product differentiable? (Philip Kotler)

  33. Market Positioning • A difference is worth establishing if it is: • Important • Distinctive • Superior • Communicable • Pre-emptive • Affordable • Profitable • Q: Any other Criteria? (Philip Kotler)

  34. Market Positioning • Communicating the Chosen Position • How do you differentiate your message? • How do you get your message across when most people are trying hard to dismiss it – in the midst of information overload?

  35. Market Positioning • Find your USP • (Unique Selling Proposition) • And stand out from the crowd! • (Reference: Find your USP )

  36. Market Positioning • USP defined • The concept of "USP" is credited to Rosser Reeves, chairman of the Ted Bates & Co. advertising agency in the 1950s. He was one of the first to develop a technique for communicating in an overcrowded marketplace. His definition of what makes a USP holds true today.

  37. Market Positioning • USP defined • All advertising must make a proposition to the customer: Buy this, and you will receive a specified benefit. • The proposition must be unique; something competitors cannot claim, or have not chosen to emphasize in their promotions. • The proposition must be so compelling that it motivates individuals to act.

  38. Market Positioning • USP References: • Ref: Your USP: Use it or lose it • Practice: What is your USP? • In the class • When you apply for a Job • When you want to marry!

  39. Cases • Case 1: The USP of Budweiser Beer in Japan • This is the famous Budweiser • The “King of Beers” • World’s largest selling Beer • (the Famous Budweiser ad was created under the direction of A. Takamoto in 1984)

  40. Cases • Case 1: The USP of Budweiser Beer in Japan

  41. Cases • Case 2: The Positioning of Remy Martin Cognac in Japan • “We’ll go this way another 100 years” • “Some things cannot be created just by marketing”

  42. Cases • Case 2: The Positioning of Remy Martin Cognac in Japan • “We’ll go this way another 100 years”

  43. Cases • Case 2: The Positioning of Remy Martin Cognac in Japan • “Some things cannot be created just by marketing”

  44. Cases • Case 3: The “No.2” Positioning of Avis Rent-a-Car • (reminder: You do not have to be No.1!)

  45. Cases • Case 4: “The Law of Leadership” • And “The Law of Category” • Q1: Who was the first pilot to fly solo across the Atlantic? • Q2: Who was the second pilot to fly solo across the Atlantic? • Q3: Who was the first female pilot to fly solo across the Atlantic? • (Ref: Al ries & Jack Trout, The 22 Immutable Laws of Marketing, Harper Business, 1993)

  46. Practice • 1. Choose any five companies you are familiar with and figure out what are their positioning. • 2. Review the students comments on positioning in the attached file and comment on their comments on positioning. • REF: Student Comments on Positioning.

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