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CHAPTER 4: CUSTOMER-DRIVEN MARKETING STRATEGY - Coggle Diagram
CHAPTER 4: CUSTOMER-DRIVEN MARKETING STRATEGY
Market Segmentation
Geographic segmentation
Divided by region in the country
Divided by urban size
Divided by region/country in the world
Divided by population density
Divided by climate zone
Demographic segmentation
Divided by gender
Divided by religion
Divided by family size
Divided by race
Divided by age
Divided by education
Divided by family life cycle
Divided by generation
Divide by income
Divided by nationality
Divided by profession
Market segmentation steps
Analyze the requirements of each market segment
Conduct market division
Evaluate the differences of each market segment
Select segmentation criteria
Psychographic segmentation
Divided by user status
Divided by level/stage of readiness
Divide according to buying occasion
Divided by attitude toward the product
Divide by search benefits
Market segmentation
Segments have distinct needs, characteristics, and behaviors
Divide the overall heterogeneous market into small groups (segments)
Each segment requires different marketing strategies and mixes
Behavioral segmentation
Divided by lifestyle
Divided by personality
Divided by social class
Divided by motivation
Organizational market segmentation
According to the average purchase level
By time of purchase
By business type
According to brand
According to business location
According to the benefits sought when buying
International market segmentation
According to geography
According to economics Politics & Law Culture
Market segment requirements
Feasibility: Can design and implement effective marketing programs to attract and serve segments
Distinguishable: Segments can be distinguished; Different segments must respond differently to the marketing program
Accessibility: Recognize and serve well
Have significant scale: Market segments must be large enough and profitable
Measurability: Scale and effectiveness
Selecting target Market Segment
Evaluate market segmentation
Attractiveness of market segment structure
Michael Porter's 5 forces of competition model
Company goals and resources
Does the business possess the skills and resources necessary to succeed in that market segment?
Are the business's skills and resources superior to those of its competitors?
Is that market segment consistent with the company's long-term goals?
Market size and development speed
Growth
Profit
Revenue
Select market segment
Market targeting strategies
Undifferentiated Marketing (Mass Marketing)
Concentrated Marketing (Niche Market Marketing)
Differentiated Marketing (Segmented Marketing)
Market specialization
Selective specialization
Product specialization
Micro Marketing (Personal Marketing)
Personal marketing
Local marketing
Differentiation and Positioning
Positioning methods (approaches).
According to the occasion of use
By user type
According to product benefits
By product type
According to product attributes
Go head-to-head with competitors
Stay away from competitors
Positioning process
Purpose of using navigation map
Is the basis for choosing a position for the product in the target market in relation to competing products
Each position on the positioning chart tells us a concept of image and product/business created in the minds of customers and clearly indicates that the company's products must compete with other products.
Evaluate existing brands on the market
Choose a general positioning strategy
“More for Same” strategy
“The same for less” strategy
“More for More” Strategy
“Less for much less” strategy
Value proposition
“More for less” strategy
The nature of positioning
Create a position in the customer's mind => Loyalty
Positioning based on competitive advantage => long-term, sustainable
Build a unique identity => Attract crowds => Retain
Goal: Survive in a fiercely competitive environment
Build a cognitive positioning map
Positioning statement: is a statement that summarizes and summarizes the positioning of a company or brand
Communication and distribution of selected positioning