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Group Warm-up

Group Warm-up. Segment the Interlake school “market” using each of these factors Demographics Psychographics Geographics. STP / Segment – Target - Position. Segmenting the Market Target Marketing Positioning Product within Market. S TP - Segmenting. Market Segmentation.

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Group Warm-up

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  1. Group Warm-up • Segment the Interlake school “market” using each of these factors • Demographics • Psychographics • Geographics

  2. STP / Segment – Target - Position Segmenting the Market Target Marketing Positioning Product within Market

  3. STP - Segmenting

  4. Market Segmentation • Analyzemarketand break into smaller, more precise clusters of buyers • Identifygroups of buyers • Share similar needs & wants • Demonstrate similar buying behavior • Target- develop unique marketing mix (4- Ps) for each chosen segment

  5. Segmentation Factors Demographics Psychographics Geographics Behavioral

  6. Segmentation Factors • Demographics – group using statistics that describe people (longest-running, most widely used) • Age – generational groupings (Baby-boomer, Gen-X, Gen-Y, Millenials)) • Gender • Income (disposable vs. discretionary) • Lifestyle stage – bachelor, newly married, nested (households w/ children), empty nesters, retirees, solitary survivor • Ethnicity

  7. Segmentation Factors • Psychographics – grouped by social class, lifestyle, & personality characteristics. • Product purchases reflect individual’s characteristics and patterns of living. • Social Class – occupation (high managerial, middle managerial, supervisor, clerical, skilled labor, unskilled labor, unemployed) • Lifestyle – values, opinions, beliefs, interests

  8. Lifestyle Classifications

  9. Segmentation Factors • Geographics– grouped according to where people live. Identify factors to consider when marketing in an area (language, climate, lifestyles) • Neighborhood, city, county, region, national or global • Combine with demographics (where certain types of people live)

  10. Segmentation Factors • Behavioral– groupedbymarket’s knowledge, attitudes, uses and responses to a product • Occasions – when or why people buy • Benefits Sought – what people want from the product • Usage Rate – heavy, medium, light usage • User Status – non-users, potential users, first-time users, regular users, ex-users • Loyalty Status – level of loyalty to a product • Buyer Readiness

  11. Buyer Readiness (“Marketing Funnel”) Customer Awareness Brand Knowledge Brand Liking Brand Preference Purchase Conviction Purchase Loyalty Advocacy

  12. Warm-up • After segmenting a market, how does a business determine which segment(s) to market to?

  13. Evaluating a Market Segment (DAMAS) • Differential – unique segment that will respond to unique marketing strategies • Actionable - can provide products to the segment • Measurable – size & purchasing power • Accessible – cost effective (Benefits > Costs) • Substantial - generate profit

  14. STP - Targeting

  15. Target Marketing • Focus Marketing Efforts • Gather information on a segment • “Target” that group of people • tailor P’s towards segment • Customer Profile • A clear picture of a market segment • Demographics, Psychographics, Geographics, Behavioral

  16. The Marketing Mix • Design marketing elements towards a market segment; • Product: features they like, what’s important to them? • Place: Where (or how) do they like to shop? • Price: How much are they willing & able to pay? • Promotion: Where can I reach them, what do they want to hear or see? • Physical Evidence: What do they want or expect to experience? • People: How do they expect to be treated? • Process: What are their expectations for service?

  17. Target Marketing Approaches Single strategy for multiple segments, no differentiation Strategies designed for each targeted segment Highly focused strategies, target very specific segment Mass Marketing Differentiated Marketing Niche Marketing

  18. Warm-up Discussion • What did this airline want us to believe about their product?

  19. Positioning

  20. What is Positioning? • Tool to rank businesses or products in a given market according to customer’s perception • Corporate Image (brand) • USPs (unique selling points)

  21. Position Maps • Visual tool to show customer’s perceptions • Based on research of the market’s perception • Compares products or brands in a given market segment

  22. Positioning Activity • Identify 2 (A & B) variables for your product category • Identify 5 products/brands in the category • Group discuss and agree on perception values for each variable for each brand • Fill in variables and brands on 7 sheets

  23. Positioning Activity - Continued • Create Position Map Matrix Template • Label the axis (chosen variables) • Label each quadrant • Plot brands on matrix • Based on perceptions • Evaluate Positioning • Identify brands that need to be re-positioned. • Identify marketing opportunities.

  24. Effective Positioning • Cost leadership – offer lowest prices • Differentiation – distinct products (branding, design) • Focus - on a particular market segment

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