One of the key external factors and influences in the study consumer behavior and marketing is culture and subcultures. As indicated by the word, a subculture is a subset of the overall culture.
Let’s firstly check out the definitions of … Read more...
When studying marketing it is important to understand the concept of a market and the exchange process.
When we use the term “market" in a marketing sense, there are actually three possible views that we are considering – the overall … Read more...
When studying consumer behavior and/or the marketing environment, the concept of age cohorts is often discussed within the marketing textbook.
Age cohorts of very large groups of populations that were born in the same time – usually within the same … Read more...
Repositioning is the task of implementing a major change the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products.
A perceptual map is of the visual technique designed to show how the average target market consumer understands the positioning of the competing products in the marketplace.
The following chart is an example of a … Read more...
The aspects of the product offering that are relatively distinct to the offerings of like competitors.
The aspects of the product offering that are largely similar to the … Read more...
Positioning is defined as the target market’s perception of the product’s key benefits and features, relative to the offerings of competitive products.
The important aspects of this definition are:
Niche marketing is a specialized market offering focused on the needs of one tightly-defined market segment.
Usually the niche marketer only offers a very limited product range to this segment. As a result, the niche marketer … Read more...
Target markets should be evaluated on:
A target market is a market segment that has been deliberately selected by an organization in order to focus their marketing efforts and offerings.
A segment profile is a descriptive summary of the size, needs, behaviors and preferences of consumers within a particular market segment, with the goal of evaluating segment attractiveness and developing suitable marketing strategies.
After constructing a set of market segments in the STP process, the market segments are then subject to evaluation against a set criteria.
This is a checkpoint stage in the STP process. Its goal … Read more...
There are two main approaches: cluster analysis (if data is available), otherwise segmentation trees.
Cluster analysis is an analysis designed to categorize objects to a pre-defined number of different groups, with … Read more...
A business segmentation base is definable characteristics or behavior of organizations that can be utilized to classify the organizations into related groups, for the purpose of target marketing.
STP stands Segmentation, Targeting and Positioning
STP is a process where a marketer:
Perceptual maps are often quite difficult to format, so take advantage of the free perceptual map template that I have built for Microsoft Excel.
It is quick and easy to use – … Read more...
