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What We Will Discuss Today Recap of Previous Session » Marketing Concept Revisited Marketing Strategy » Video » Factors Introduction to STP What We Will Discuss Today Segmentation » Defined » Game » Bases Targeting » Evaluating Market Segments » Selecting Market Segments Marketing Strategy Marketing strategy is the plan, method, or series of maneuvers for obtaining a specific marketing goal or result. Background on STP Mass Marketing Product Variety Marketing Target Marketing Relationship Marketing STEP 1: Segmentation Market Segmentation: Process of identifying distinct groups of buyers within a market who possess relatively similar purchase related characteristics. » Within group differences on relevant characteristics are low » Between group differences on relevant characteristics are high STEP 2: Targeting Market Targeting: Process of evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter. STEP 3: Positioning Market Positioning: Process of formulating a competitive positioning for a product and a detailed marketing mix. » Goal of Positioning: The product should occupy a clear, distinctive, and desirable place relative to competing products in the minds of consumers. Bases for Segmentation Geographic Demographic Psychographic » Social class » Lifestyle » Personality Behavioral » Occasions » Benefits sought » Loyalty Market Targeting Evaluating Segments » Attractiveness – Size – Growth potential – Competitive situation – Substitutes – Power of suppliers and buyers Selecting Segments » Undifferentiated » Differentiated » Concentrated Factors Affecting Targeting Strategy Resources Variability (Product and Market) Competitors’ Strategies What We Discussed Today Recap of Previous Session » Marketing Concept Revisited Marketing Strategy » Video » Factors Introduction to STP What Discussed Today Segmentation » Defined » Game » Bases Targeting » Evaluating Market Segments » Selecting Market Segments