Main positioning categories By product attribute By user By product class Against competition By use or application By quality or value By using a combination of the above options How to choose the best positioning approach? Market gaps – is there a viable gap? Substance and support – can we deliver a marketing mix to
Study Notes for Positioning Examples Find Out More...
What is positioning? 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: Positioning is the perception held by consumers The focus is on the perceptions of the target market Only the key features and benefits
Study Notes for Positioning Find Out More...
What is niche marketing? 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 builds a reputation (brand equity) for being THE expert for providing their products to the
Study Notes for niche marketing Find Out More...
What is undifferentiated marketing? Undifferentiated marketing occurs when a marketing mix is designed for the general needs of an overall market, without regard for the needs of the different segments in that market. What is concentrated marketing? Concentrated marketing is focusing the firm’s market entire offering solely on the needs of one defined target market.
Study Notes for differentiated and concentrated marketing Find Out More...
Outline of the target market selection evaluation criteria Target markets should be evaluated on: Financial Issues Segment size Segment growth rate Profit margins Structural Attractiveness Competitors (direct and indirect) Competitive rivalry Access to distribution channels Current channel relationships Strategic Direction Fit with the firm’s strategic future Growth expectations Marketing Expertise Resources (financial position and staff
Study Notes for target market selection Find Out More...
Marketing Study Notes What is a target market? A target market is a market segment that has been deliberately selected by an organization in order to focus their marketing efforts and offerings. Why is target market selection important? Target market selection is the second major phase of the STP process. It is important because it
Study Notes for Target Markets Find Out More...
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.
What Should be Included in a Segment Profile? Find Out More...
The market segmentation evaluation criteria 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 is to ensure that the segments meet basic requirements and guidelines for usable segments. Main Evaluation
Study Notes for market segmentation evaluation criteria Find Out More...
How to segment a market? (Technical aspects) There are two main approaches: cluster analysis (if data is available), otherwise segmentation trees. Cluster analysis Cluster analysis is an analysis designed to categorize objects to a pre-defined number of different groups, with each group being relatively similar on a range of selected attributes. The resultant groups are
Study Notes for how market segmentation is undertaken Find Out More...
What is a business segmentation base? 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. Main business segmentation bases (with examples) Geographic location/s: Where the business operates. Examples: Countries, regions, spread of operations across areas Business
Study Notes for Business Segmentation Bases Find Out More...
