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The Strategy of Target Marketing Economic Empowerment Fellows Program Session 1: The Strategy of Target Marketing • Target Marketing Strategy – What is it? – Why is it relevant? • Target Marketing Strategy: 3–step process – Segmentation – Targeting – Positioning Step 1: Segmentation • 3 segmentation variables – Demographics: pop. size, age, gender, ethnicity, etc. – Psychographics: behavioral (AIO’s & VAL’s) and psychological characteristics – Behavior: use and usage (80/20 rule) • Segmenting B2B markets: Organizational demographics – type, size, location of org. Step 2: Targeting • Evaluation of target markets identified – Purchasing power of each target market – Can segment be “reached” – Is segment large enough to satisfy organizational sales goals and/or to be profitable – Market share capture • Determine Target Marketing Strategy – concentrated, differentiated or undifferentiated – what is appropriate for one org. is not necessarily appropriate for another, what is appropriate depends on your org’s goals Step 3: Positioning • Influencing how target market(s) should perceive your product relative to competition – Analyze competitor’s product and how their product is positioned – Determine your product’s competitive advantage • relative to competing alternatives • differentiating factor(s): compelling reason(s) for target market to purchase your product instead of competing alt’s – Finalize Marketing Mix – Evaluate Response and re–position if necessary • Re–evaluate positioning and marketing mix
