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Formulating Strategic Marketing Programs

Formulating Strategic Marketing Programs. Market Segmentation and Positioning. What is Market Segmentation?. Process of dividing a potential market into distinct subsets of consumers with common needs or characteristics. Separating a heterogeneous market into smaller homogeneous units.

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Formulating Strategic Marketing Programs

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  1. Formulating Strategic Marketing Programs Market Segmentation and Positioning

  2. What is Market Segmentation? • Process of dividing a potential market into distinct subsets of consumers with common needs or characteristics. • Separating a heterogeneous market into smaller homogeneous units.

  3. Important Elements of Market Segmentation • Each market segment has unique needs and wants and will have a unique demand curve. • Each market segment requires its own marketing strategy and marketing plan. • Market segmentation produces increased costs to the firm in the short run. • Increased costs are generally offset by increasing sales in the long run.

  4. Market Positioning • Match offerings of firm to the needs and wants of market segments. • Effective positioning involves understanding customers’ perceptions about both the psychological and physical characteristics of offerings.

  5. The Segmentation--Positioning Process Needs-Based Segmentation

  6. Primary needs Exciting needs Articulated needs

  7. The Segmentation Process Needs-Based Segmentation Segment Identification

  8. Geographic Country Region County size SMSA population Density Demographic Age Sex Education Occupation Race Family life cycle Segmentation Bases

  9. Psychographic Social class Personality Lifestyle Activities, interests, & opinions (AIO’s) Behavioralistic Decision unit Usage rate Readiness Benefits sought Occasion Brand loyalty Segmentation Bases

  10. The Segmentation Process Needs-Based Segmentation Segment Identification Segment Attractiveness

  11. The Segmentation Process Needs-Based Segmentation Segment Identification Segment Attractiveness Segment Positioning Strategy

  12. Positioning Strategy • Create positioning statement based on unique customer needs. • Differentiating your product from the competitions’ in the minds of the target customers

  13. Positioning Statement • To communicate positioning, a marketing plan should include a positioning statement following the form: “To (target group and need) our (brand) is (concept) that (point of difference).”

  14. Points to Remember About Positioning: • Based on consumer perceptions of tangible and intangible characteristics of offering. • The intensity of the brand will affect positioning.

  15. The Segmentation Process Needs-Based Segmentation Segment Identification Segment Attractiveness Segment Positioning Strategy Positioning “Acid” Test

  16. Testing the Positioning Statement • Test the positioning statement with target consumers--what do they think, how do they react to the statement? • Assess need level: the stronger the need, the higher the expected customer interest. • “Do you see this product as solving a problem or filling a need for you?”

  17. Testing, continued... • Communicability and believability: if the scores on these dimensions are low, the positioning must be refined or revised. • “Are the benefits clear to you and believable?”

  18. Testing, continued... • Perceived value: The higher the perceived vale, the higher the expected consumer interest. • “Is the price reasonable in relation to the value?”

  19. Testing, continued... • Gap level between the new product and existing products: The greater the gap, the higher the expected consumer interest. • “Do other products currently meet this need and satisfy you?”

  20. Needs-Based Segmentation The Segmentation Process Segment Identification Segment Attractiveness Segment Positioning Strategy Positioning “Acid” Test Strategy Implementation

  21. Segmentation Strategies Mass Marketing Mass Customization

  22. Multisegment Strategy • Pursue two or more segments that are attractive and profitable, but not the whole market.

  23. Sequential Segment Strategy • Multisegment approach, but rather than pursuing all the attractive segments simultaneously, pursue the most attractive first; when cash flow from that segment is positive, then pursue the next most attractive segment, and so on.

  24. Single-Segment Strategy • Focus on just one attractive segment.

  25. Niche Segment Strategy • Focus on a smaller group within a segment. • Requires a further customization of marketing strategy.

  26. Mass Customization Strategy • Focus on all niches within a segment by customizing strategies to each subsegment.

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