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week 6 - STP and the extended marketing mix, targeting, segmentation,…
week 6 - STP and the extended marketing mix
targeting
market coverage strategies
undifferentiated marketing
targeting all segments with one marketing approach (mass marketing)
differentiated marketing
targeting multiple segments each with a unique approach
concentrated marketing
recognises multiple segments but only targets one of them
evaluating market segments
which segments are most attractive to the organisation?
factors to consider:
segment size and growth
segment structural attractiveness
company objectives and resources
selecting one or more of the market segments and developing marketing programs (including products) that are tailored to each segment
segmentation
segmentation variables
demographic/social
the measurable characteristics of consumers - includes age, sex, location, family size, family life cycle, income, occupation, education, religion, nationality, etc
psychographic
relate to a customers predisposition to behave in certain way - lifestyle, values or personality characteristics (activities, interests and opinions)
behavioural
categorises consumers according to behaviour, usage patterns, and value sought from use - buyer readiness, media and shopping habits, ability to experience, loyalty, usage frequency, innovativeness
benefits sought
benefits sought by customers determine their behaviour much more accurately than demographic characteristics
the process of dividing the market into distinct groups of buyers with similar requirements and characteristics
positioning
positioning process
determine the position that the brand and its competitors currently occupy
determine the position that perfectly matches the target segment's ideal attributes
decide whether to continue to modify the current positioning strategy
develop a positioning strategy
the process of creating in the minds of consumers an image, reputation, or perception of the organisation or its products relative to competitors
the marketing mix
the controllable variables the company puts together to satisfy target markets and achieve the firms objectives
product
price
place
promotion
the extended marketing mix
physical evidence
the environment in which the service is assembled and where the firm and customer interact with eachother
participants/people
all of the human actors who play a part in delivering the offering to the end consumer
process
procedure, mechanisms, and flow of activities that ensure that the customer receives the value they expect