Lecture 2 : Segmentation, targeting, positioning (STP) Flashcards Preview

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Flashcards in Lecture 2 : Segmentation, targeting, positioning (STP) Deck (12):
1

steps in the marketing process

1) segmentation = identify and describe market segments
2) marketing = evaluate segments and decide which on the work with
3) positioning = design a good/service to meet a segment's need and develop a marketing mix that will create a competitive advertisement for selected target market

2

benefits of market segmentation to the organisation (4)

- identification of unfulfilled needs
- better product design
- more targeted promotions
- increase customer satisfaction
All of this create a sustainable profit growth

3

benefits of market segmentation to the customers (4)

- convenience and time savings
- tailored products and services
- relevant offers
- personalised experience
All of this create a a compelling customer experience

4

segmenting consumer markets in 3

- behavioural
- psychographic
- demographic / profile

5

segmentation in the 21st century

- increase complexity and variety of customers
- no longer homogeneous market
- not one segment at a time, now one customer at a time

6

organisational, B2B segmentation (5)

- organisational size
- industry
- geographic location
- choice criteria
- purchasing organisation

7

A viable segment market should be (5)

- effective
- measurable
- profitable
- accessible
- actionable

8

target marketing strategies ( 4)

- undifferentiated marketing = marketing mix for zhole market
- concentrated / focused market = one marketing for one segment
- differentiated marketing = one marketing for each segment
- customised marketing = one marketing for each customer

9

mass customization

modify a basic good/service to meet the needs of an individual
using technology for economies of scale
uses techniques of mass production = output based on on a smaller number of platforms

10

key stages in developing positioning strategies (4)

- identify competitors
- establish customer perceptions of competitive offerings using perceptual maps
- identify gaps in customers needs and preferences
- develop positioning strategy

11

developing a perceptual map (4)

- identify competing brands in market
- identify attributes consumers use when choosing between brands
- conduct quantitatives marketing research where consumers score brands
- plot brands on map

12

repositioning strategies

SAME PRODUCT DIFF PRODUCT
Same target image repostioning pdt repositioning
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Diff target intangible repos Tangible repos
market