Quick Study Notes for Market Segmentation

Segmentation, Segmentation, Targeting and Positioning / By

Quick Study Notes for Market segmentationDefinition of market segmentationThe process of splitting a market into smaller groups with similar product needs or identifiable characteristics, for the purpose of selecting appropriate target markets.What are segmentation bases?A definable characteristic, identity or behavior of an individual consumer that can be utilized to classify consumers into related groups.Why Use […]

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Quick Study Notes for markets, sub-markets and product-markets

Segmentation, Targeting and Positioning / By

Quick Study NotesMarketConsists of many buyers and sellers, within a particular industry or product category, who are seeking to create or gain value through the exchange of products for money.Sub-marketA smaller and more defined sector of an overall market, which has a number of differing marketing and structural features, which may include distinct distribution channels,

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Quick Study Notes for STP in Marketing

Positioning, Segmentation, Segmentation, Targeting and Positioning, Target market / By

What is STP in Marketing?STP stands Segmentation, Targeting and PositioningSTP is a process where a marketer:Segments an overall market,(segmentation)Evaluates each market segment on a set criteria,Selects the most appropriate target market/s for the firm,Then establishes an appropriate positioning in order to compete in that target market,Which would then be supported by the firm’s marketing mix

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Calculating customer lifetime value on a step-by-step basis

Customer Relationship Management, Videos / By

Customer lifetime value is often called marketing’s golden metric. Certainly in most service industries, customer lifetime value would be a very important marketing metric.Customer lifetime value can be calculated quite simply at times, with a ballpark estimate. This may be appropriate for quick calculations and for general comments within a meeting, but is not suitable

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Classifying business products

Business Behavior, Product Mix / By

Just in the same way that consumer products can be classified into similar categories of products, business or industrial products can also be classed together. These classification schemes are helpful for marketers to understand the fundamental marketing challenges of the products that they manage.In both sets of classification schemes – consumer products and business/industrial products

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Quick marketing checklist for consumer products

Marketing Mix, Product Mix / By

In marketing textbooks, consumer products are often shown classified into one of four classes – namely, convenience products, shopping products, specialty products, and unsought products. This is a very old marketing model that is still current and relevant today.There are several articles on this website discussing the specific marketing implications and marketing mix guidelines for

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