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Terms in this set (27)
5 steps in a market segmentation/STP analysis
1) establish overall strategy
3) evaluate segment attractiveness
4) select target market
5) identify and develop positioning strategy
what is the most common segmentation?
based on where you are
where your customers live on a map
self values, self image, lifestyle
best predictor of purchase behavior
how is psychographic segmentation measured?
segmenting based on the benefit that customers derive form using the product
based on how you use the product, usage rate, usage situation
under certain circumstances you use the product
made up of geographic, demographic, and lifestyle information; people who are similar often end up in the same neighborhood
evaluate segment attractiveness; identifiable, substantial, reachable, responsive, profitable
at the end of the day, is the segment worth pusuing?
mostly about size, also purchasing power
customers must know the product exists, what it can do for them, and where they can get it
how do customers react to the product?
current and future profitability of a segment
select target market
undifferentiated target strategy
mass marketing; uniform benefits; low cost; no competitive advantage
differentiated target strategy
target several market segments; provide different offerings; more costs to support many products
concentrated segmentation strategy
niche marketing; single target market selected; go after a large share of segment; good at customer loyalty which should lower costs
one-to-one marketing; mass customization; tailor to individual customer; cocreation; nike id
identify and develop positioning strategy
short reason why buy the product; think of california commercial
2 strategies to identify and develop a positioning strategy
1) Focus on how the product affects the consumer
2) Superiority to competitors offerings
what is the perception of my brand in the mind of the consumer?
moving a product in the mind of the consumer
change your marketing mix / change your competitors position
what are the five steps marketers follow to derive a perceptual map?
1) determine consumers perceptions
2) identify competitors positions
3) determine consumer preferences
4) select the position
5) monitor the positioning strategy
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