03.STP_Process.pdf

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levels of competition
firm's resources
buyer's behaviour
limited market size
An effort to influence consumer perception of a brand/product
relative to the perception of competing brands and products
Objective: to occupy a clear, unique,
advantageous position in the consumer's mind
Once a firm has identified the segments within
the market, targeting strategies are used
A target market is a group of customers
business is aiming its marketing efforts at
and ultimately its merchandise towards
Undifferentiated
strategy (full
market coverage, e.g. coca-cola)
Differentiated strategy
(targets
several markets & designs a
separate marketing mix for each,
e.g. health insurance)
Concentrated strategy
(niche/micro
markets, company goes after a large share
of one or a few sub-markets, e.g. Lexus,
Rolex)
Mass Marketing
(mass production, mass
promotion, mass distribution, e.g.: cola, FMCGs)
Segment Marketing
(broad segments isolated
and the needs of the segments matched, e.g.
music artists matched to certain demographics)
Niche Marketing
(niche markets with distinctive
traits, e.g. professional dancing shoes)
Micro marketing
(focus on individual locations,
customisation, e.g.: local sports club jerseys)
supplier power
market tastes
Influenced by
Positioning
Perception the consumers have of the product
Targeting
competitor's strategies
Differentiation
Branding:
personality/identity
Making the product/service different
from competition in a positive way
product (
newer, better
)
services (
better, faster
)
Strategies
Can be based on
S
pecific
M
easurable
A
chievable
R
ealistic
T
ime-scaled
Effective
segmentation
should be
SMART
:
STP
Process
channels (
online, easier
)
Unique Selling Point (USP)
:
people (
friendlier
)
the factor or consideration
presented by a seller as the
reason that one product/service
is different from and better than
that of the competition
'more for more'
- the most upscale product/service for high price
'more for the same'
- comparable quality at no extra price
Segmentation
Main variables for
segmentation
A market must be accessible, so
segments must be reachable
through communication and
distribution channels.
A market is segmented into
variables so it can be measured.
Brand's
value
position
Geographic
(geographic units)
'same for less'
- good value & average quality at low price
'less for much less'
- low quality at much lower price
Levels of
segmentation
Demographic
(age, life cycle, income, social class)
Psychographic
(study of consumer lifestyles, dividing market
based on activities/interests/opinions, e.g. certain sports fans)
Behavioural
(study of relationships between the consumer & the
product, buying attitudes and practices, e.g. gift buying, loyalty cards)
Dividing up the market into more
manageable segments to match
products to people

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