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SEGMENTATION, TARGETING, AND POSITIONING (STP)

SEGMENTATION, TARGETING, AND POSITIONING (STP). Mass Marketing versus Target Marketing. Mass Marketing: Views the market as a single market. Target Marketing: Recognizes and acts on differences within a market: Optimum set of 4Ps is (likely) different for different segments.

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SEGMENTATION, TARGETING, AND POSITIONING (STP)

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  1. SEGMENTATION, TARGETING, AND POSITIONING (STP)

  2. Mass Marketing versusTarget Marketing • Mass Marketing: Views the market as a single market. • Target Marketing: Recognizes and acts on differences within a market: • Optimum set of 4Ps is (likely) different for different segments

  3. Target Marketing • 1. Segmentation • Carving up the market • Develop profile • 2. Targeting • Choosing targets • 3. Positioning • Crafting the 4Ps for target(s)

  4. 1. MARKET SEGMENTATION • Dividing the market into distinct groups of buyers who might call for separate 4Ps • Extent of segmentation varies, from treating each individual as a segment (micro-marketing) to recognizing only a few (2 or more) segments • There are many ways to segment a market

  5. Bases For Segmentation • Limited by imagination • Standard Bases • Geographic • Demographic • Psychographic • Behavioral • Multivariable Segmentation

  6. Segment Representation • Tables • Venn Diagrams • Trees

  7. 2. TARGETING • 1. Evaluate Market Segments • Size and growth • Structural Attractiveness • competition • buyer/supplier power • substitutes • Other • Company fit (objectives & Resources) • 2. Choose Targets

  8. Market Coverage • Undifferentiated Marketing • 1 basic set of 4Ps • Differentiated Marketing • Different set of 4Ps for 2 or more segments • At extremes..MICROMARKETING>INDIV. MARKETING • Concentrated Marketing • Concentrate on ONE segment

  9. 3. POSITIONING • PRODUCT POSITION: The place the product occupies in consumers’ minds. • Function of perceptions, impressions and feelings • POSITIONING: • Attempting to influence how people see a product/service (products WILL occupy a position in a customer’s mind)

  10. 3. POSITIONING (Continued) • Develop 4Ps for each of the selected target segments given what customers value, what you can do, and what the competition can (does) do. • Want to develop a sustainable competitive advantage with regard to some segment(s)

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