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Customer-Driven Marketing Strategy - Coggle Diagram
Customer-Driven Marketing Strategy
Market Segmentation
Geographic segmentation divides the market into different geographical units, such as nations, regions, states, counties, cities, or even neighborhoods.
Demographic segmentation divides the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
Age and life-cycle segmentation divides a market into different age and life-cycle groups.
Gender segmentation divides a market into different segments based on gender.
Income segmentation divides a market into different income segments.
Psychographic segmentation divides a market into different segments based on social class, lifestyle, or personality characteristics.
Behavioral segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product.
Occasion segmentation divides the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.
Benefit segmentation divides the market into segments according to the different benefits that consumers seek from the product.
User Status
Usage Rate
Loyalty Status
Intermarket segmentation of consumers who have similar needs and buying behavior even though they are located in different countries.
Market Targeting
Evaluating market segments
Must look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.
A target market consists of a set of buyers who share common needs or characteristics that the company decides to serve
Undifferentiated marketing is a strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer.
Differentiated marketing is a strategy in which a firm decides to target several market segments and designs separate offers for each.
Concentrated marketing is a strategy in which a firm goes after a large share of one or a few segments or niches.
Micromarketing is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and lo- cations.
Local marketing involves tailoring brands and promotions to the needs and wants of local customer groups (cities, neighborhoods, and even specific stores)
Individual marketing is tailoring products and marketing programs to the needs and preferences of individual customers.
Differentiation and Positioning
A product’s position is the way the product is defined by consumers on important attributes (the place the product occupies in consumers’ minds relative to competing products)
Perceptual positioning maps show consumer perceptions of a brand versus competing products on important buying dimensions.
A brand’s positioning must serve the needs and preferences of well-defined target markets.
Competitive advantage is an advantage over competitors gained by offering greater customer value (lower prices or benefits that justify higher prices)
Through product, service, channel, people, and image differentiation
Value proposition is the full positioning of a brand—the full mix of benefits on which it is positioned.
Positioning statement summarizes company or brand positioning.
Market segmentation involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
Market targeting (or targeting) consists of evaluating each market segment’s attractiveness and selecting one or more market segments to enter.
Differentiation involves actually differentiating the firm’s market offering to create superior customer value.
Positioning consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.