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Segmentation, Targeting and Positioning

Segmentation, Targeting and Positioning. Chapter 7. Getting it right?. Designing a Customer-Driven Marketing Strategy. product- market. narrow market. product- market. narrow market. Finding Market Opportunities. “ needs ” all customers have. mobility. similar needs

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Segmentation, Targeting and Positioning

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  1. Segmentation, Targeting and Positioning Chapter 7

  2. Getting it right?

  3. Designing a Customer-Driven Marketing Strategy

  4. product- market narrow market product- market narrow market Finding Market Opportunities “needs” all customers have mobility similar needs dissimilar products human transport generic markets product- market product- market similar needs similar products bikes | cars | trucks increasingly- homogeneous “needs” job | recreation

  5. exercisers transportation riders socializers off-road adventurers product- market product- market environmentalists Finding Market Opportunities disaggregating “needs” all customers have generic markets narrow market narrow market

  6. Finding Market Opportunities disaggregating re-aggregating status dependability

  7. Newer Techniques • data mining • http://www.anderson.ucla.edu/faculty/jason.frand/teacher/technologies/palace/datamining.htm • CRM (Customer Relationship Management) • http://www.maximizer.com/ • shopping behaviour analysis • http://www.sbxl.com/

  8. Market Segmentation • Dividing a market into groups with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes • Key consumer variables: • Geographic • Demographic • Psychographic • Behavioral

  9. Market Segmentation • Behavioral segmentation • Use multiple segmentation bases to identify smaller, better-defined target groups • Start with a single base and then expand to other bases • Multivariable segmentation systems such as PRIZM NE (New Evolution) are becoming more common

  10. Segmenting International Markets • Factors used: • Geographic location • Economic factors • Political and legal factors • Cultural factors • Intermarket segmentation: • Segmenting consumers who have similar needs and buying behavior even though they are located in different countries

  11. Effective Segmentation • Measurable • Accessible • Substantial • Differentiable • Actionable

  12. Market Targeting • Market targeting involves: • Evaluating marketing segments • Consider segment size and growth, segment structural attractiveness, and company objectives and resources • Selecting target market segments • Alternatives range from undifferentiated marketing to micromarketing • Being socially responsible

  13. Selecting Target Market Segments • Targeting strategies include: • Undifferentiated (mass) marketing • Differentiated (segmented) marketing • Concentrated (niche) marketing • Micromarketing (local or individual marketing)

  14. Choosing a Targeting Strategy • Factors to consider: • Company resources • Product variability • Product’s life-cycle stage • Market variability • Competitors’ marketing strategies

  15. Ethical Issues in Targeting exploitation “desires” • needs • wants • cravings harm • emotional • financial • other?

  16. Differentiation and Positioning • Product’s position: • Important attributes defined by consumers • The place the product occupies in consumers’ minds relative to competing products “Product are created in a factory, but brands are created in the mind”

  17. High moisturizing 7 4 2 5 8 nondeodorant deodorant 3 1 6 low moisturizing Positioning Jergens Zest Olay Dove Safeguard Coast Lux Dial Lifebuoy Ivory

  18. Differentiation and Positioning • Competitive advantage: • gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices

  19. Differentiation and Positioning • Identifying possible value differences and competitive advantages: • Key to winning - understand their needs better than competitors do and to deliver more value • Examine the entire customer experience

  20. Differentiation and Positioning • Types of differentiation: • Product: Features, performance, style, design • Services: Speedy, convenient or careful delivery • Channels: Coverage, expertise, performance • People: Training staff better than the competitors • Image: Convey distinctive benefits and positioning

  21. Differentiation and Positioning • Worthwhile differences to promote: • Important • Distinctive • Superior • Communicable • Preemptive • Affordable • Profitable

  22. Differentiation and Positioning

  23. Differentiation and Positioning • Developing a positioning statement: • Format: “To (target segment and need) our (brand) is (a concept) that (point of difference).” • Example: “To busy, mobile professionals who need to always be in the loop, BlackBerry is a wireless connectivity solution that gives you an easier, more reliable way to stay connected to data, people, and resources while on the go.”

  24. Communicating and Delivering the Position • All marketing-mix efforts must support the positioning strategy • Companies must monitor and adapt the position over time • Required to match changes in consumer needs and competitors’ strategies

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