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Segmentation, Targeting & Position Chapter - 2

Steps in Market Segmentation, Targeting, and Positioning

Market segmentation: dividing market into distinct groups which will


require separate marketing mixes

Target marketing: choosing which group(s) to appeal to Market positioning: creating a clear, distinctive position in the
consumers mind relative to competition

Basic Market Preference Patterns

Customerization

Combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product and service offering of their choice.

Examples of Market Customization

Segmenting Consumer Markets


Geographic Geographic Demographic Demographic Psychographic Psychographic Behavioral Behavioral

Demographic Segmentation

Age and Life Cycle Age and Life Cycle Life Stage Life Stage Gender Gender Income Income Generation Generation Social Class Social Class

Psychographic Segmentation: The VALS Segmentation System

Behavioral Segmentation
Decision Roles Initiator Influencer Decider Buyer User Behavioral Variables Occasions Benefits User Status Usage Rate Buyer-Readiness Loyalty Status Attitude

Behavioral Segmentation Breakdown

Consumer Market Segmentation

Geographic: Regions Size/density Climate Demographic: Age/generation Gender Family size/life-cycle Income Occupation Religion Ethnic origin

Psychographic: Social class Lifestyle Personality Behavioral: Occasions Benefits User status Usage rate Loyalty status Readiness state Attitude toward product

Business Markets Segmentation

Demographic: Industry Company size Location Operating variables: Technology User/non-user status Customer capabilities Situational factors: Urgency Specific application Size of order

Purchasing approaches: Purchasing organization Power structure Existing relationships General policies Purchasing criteria Personal characteristics: Buyer-seller similarity Attitude towards risk Loyalty

Segmenting International Markets


International markets can be segmented by: Geographic location Economic factors Political and legal factors

Cultural factors Intermarket segmentation: Forming segments of consumers who have similar needs, even though they live in different countries

Requirements for Effective Segmentation To be useful, market segments must be:

Measurable: Size, purchasing power, and profiles can be measured Accessible: Segments can be reached Substantial: Large enough to be profitable Actionable: Programs can be developed to attract and serve the segments

Target Marketing Strategies Three factors used to evaluate segments:

Segment size and growth Structural attractiveness Competition, substitute products, power of buyers/suppliers Company objectives and resources
Figure 9.2

Choosing a Target Marketing Strategy

Factors to be considered:

Company resources Product variability Products life-cycle stage Market variability Competitors marketing strategies

Strategies for Reaching Target Markets


Undifferentiated Marketing: when a firm produces only one product or product line and promotes it to all customers with a single marketing mix Differentiated Marketing: when a firm produces numerous products and promotes them with a different marketing mix designed to satisfy smaller segments

Concentrated Marketing (niche marketing): when a firm commits all of its marketing resources to serve a single market segment Micromarketing: involves targeting potential customers at a very basic level, such as by ZIP code, specific occupation, lifestyle, or individual household

Selecting and Executing a Strategy No single, best choice strategy suits all firms Determinants of a market-specific strategy: Company resources Product homogeneity Stage in the product life-cycle Competitors strategy

Positioning for Competitive Advantage Product position: the way the product is defined by consumers
on important attributes, relative to competing products

Competitive advantage: an advantage gained over competitors


by offering (and delivering) greater value

Sources of differentiation: Product Service Marketing channels People Image

Which Differences to Promote? Unique selling proposition (USP): aggressively promoting one
benefit to the target audience

Three major positioning errors: Under-positioning Over-positioning Confused positioning

Differences should be:


Important Distinctive Superior Communicable Pre-emptive Affordable Profitable

Possible Value Propositions Value proposition: Full positioning of a brand Mix of benefits used for positioning

Figure 9.3

Positioning: a marketing strategy that emphasizes serving a specific market segment by achieving a certain position in buyers minds Attributes Price/quality Competitors Application Product user Product class

Positioning map Graphic illustration that shows differences in consumers perceptions of competing products Reposition Marketing strategy to change the position of its product in consumers minds relative to the positions of competing products

Hypothetical Competitive Positioning Map for Selected Retailers

PERCEPTUAL MAPPING

DEFINITION
Perceptual mapping is a graphics technique used
by asset marketers that attempts to visually display the perceptions of customers or potential customers. Typically the position of a product, product line, brand, or company is displayed relative to their competition.

WHAT IS PERCEPTUAL MAPPING ? Marketing research technique in which consumer's views about a product are traced or plotted (mapped) on a chart. Respondents are asked questions about their experience with the product in terms of its performance, packaging, price, size, etc. Theses qualitative answers are transferred to a chart (called a perceptual map) using a suitable scale (such as the Likert scale), and the results are employed in improving the product or in developing a new one.

PERCEPTUAL MAPPING/POSITIONING MAP


Perceptual mapping is also called positioning map which helps you to develop a marketing positioning strategy for you product or services. Perceptual maps or positioning maps as they are sometimes referred to, are often used to help the organization identify a positioning strategy. Determining attribute importance and mapping the brands across these attributes, we can discover how our brand and competing brands are perceived in the marketplace. It is very rare that using just two attributes adequately reects the diversity of opinion and preferences of the target market. Using multidimensional scaling techniques it is possible to add further attributes and create a composite picture of the main segments that constitute a market. Perceptual mapping can provide signicant insight into how a market operates

PLOTTING OF PERCEPTUAL MAP

When plotting a perceptual map two dimensions are commonly used. Any more is a challenge to draw and confusing to interpret Below is a very basic perceptual map

Analysis of Perceptual Mapping


Positioning between the retailing brands Invogue and Fast Fashion. However, in contrast there is a low level of differentiation between Budget Fashion and Just Fashion. Given the distance of the differing brands from each attribute, also shows us that Invogue and Ladies Manor are more closely associated with the attribute of trendy and stylish; Budget Fashion, Just Fashion, and the Clothing Superstore with the attributes of price and value for money; and Stephanies and Fast Fashion with the attributes of in-store service, opening hours, and store convenience.

If we plot the UK chocolate market we can identify those brands which are high price and high quality. Belgium chocolates are plotted as high quality and high price, and twix is plotted one low quality low price brand. Once completed the perceptual map could help identify where an organization could launch a new brand perhaps at the medium price and quality range.

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