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C7 Customer Value - Driven Marketing Strategy (Market Segmentation…
C7 Customer Value - Driven Marketing Strategy
Marketing Strategy
Create Value for targeted customers
Select Customers to Serve
Segmentation
Targeting
Decide on a value proposition
Differentiation
Positioning
Market Segmentation
Segmenting Consumer Markets
Geographic Segmentation
Demographic Segmentation
Age and Life-Cycle Stage
Gender
Income
Psychographic Segmentation
Dividing a market into different segments based on lifestyle or personality characteristics.
Behavioral Segmentation
Occasions
grouped into occasion segmentation,
when they get the idea to buy,
actually make their purchases, or use the purchased items
Benefits Sought
Dividing the market into segments according to the different benefits that consumers seek from the product.
requires finding
the major benefits people look for in a product class
people who buy wearable health and activity trackers are looking
for a variety of benefits
User Status
segmented into nonusers, ex-users, potential users, first-time users, and regular users of a product
Loyalty Status
divided into groups according to their degree of loyalty
whether they own a MacBook Pro, an iPhone, or an iPad, Apple devotees are granite like in their devotion to the brand.
best starting point for building market segments
Usage Rate
segmented into
light, medium, and heavy product users
Using Multiple Segmentation Bases
Segmenting Business Markets
Segmenting International Markets
geographic location
economic factors
political and legal factors
Cultural factors
Requirements for Effective Segmentation
Accessible
market segments can be effectively reached and served
Substantial
market segments are large or profitable enough to serve
largest possible homogeneous group worth pursuing with a tailored
marketing program
Measurable
size, purchasing power, and profiles of the segments can be measured
Differentiable
segments are conceptually distinguishable and respond differently to different marketing mix elements and programs
Actionable
Effective programs can be designed for attracting and serving the segments
Market Targeting
Evaluating Market Segments
Selecting Target Market Segments
Undifferentiated Marketing / Mass Marketing
Differentiated Marketing / Segmented Marketing
Concentrated Marketing / Niche Marketing
firm goes after a large share of one or a
few segments or niches
greater knowledge of consumer needs in the
niches it serves
market more effectively by fine-tuning its products, prices, and programs to the needs of carefully defined segments
Micromarketing / Local or Individual Marketing
Local Marketing
Individual Marketing
Choosing a Targeting Strategy
Socially Responsible Target Marketing
Differentiation and Positioning
Positioning Maps
Choosing a Differentiation and Positioning Strategy
Identifying Possible Value Differences and Competitive Advantages
Choosing the Right Competitive Advantages
Selecting an Overall Positioning Strategy
The Same for Less
Less for Much Less
More for the Same
A company can attack a competitor’s value proposition
by positioning its brand as offering more for the same price
More for Less
More for More
gives prestige to the buyer
Broadly
Narrow