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Chapter 3: Focusing Marketing Strategy with Segmentation and Positioning

Chapter 3: Focusing Marketing Strategy with Segmentation and Positioning. 1. Understand why marketing strategy planning involves a process of narrowing down from broad opportunities to a specific target market and marketing mix.

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Chapter 3: Focusing Marketing Strategy with Segmentation and Positioning

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  1. Chapter 3: Focusing Marketing Strategy with Segmentation and Positioning

  2. 1. Understand why marketing strategy planning involves a process of narrowing down from broad opportunities to a specific target market and marketing mix. 2. Know about the different kinds of marketing opportunities. 3. Understand why opportunities in international markets should be considered. 4. Know about defining generic markets and product-markets. 5. Know what marketing segmentation is and how to segment product-markets into submarkets. 6. Know three approaches to market-oriented strategy planning. 7. Know dimensions that may be useful for segmenting markets. 8. Know what positioning is— and why it is useful. 10. Understand the important new terms. Chapter 3 Objectives When you finish this chapter, you should 3-2

  3. Narrowing down tofocused strategy with screening criteria Customers S. W. O. T. Segmentation & Targeting Product Place Company TargetMarket Differentiation & Positioning Price Promo Competitors External Market Environment Marketing Strategy Planning Process Exhibit 3-1 3-3

  4. Four Basic Types of Opportunities Market Penetration Present Products New Products Product Development Present Markets Market Development Diversification New Markets Types of Opportunities Exhibit 3-2 3-4

  5. Considering International Opportunities Competitive Advantage Smaller World Better Trends? Early Start 3-5

  6. Selecting target marketing approach Segmenting into possible target markets Narrowing down to specific product-market Single target market approach All customer needs Some generic needs One broad product market Homogeneous (narrow) product markets Multiple target market approach Combined target market approach Narrowing Target Markets Exhibit 3-3 3-6

  7. Customer (user) needs Customer types Geographic area Product type (good and/or service) + + + Generic and Product-Market Definitions Generic Market Definitions Product- Market Definitions Exhibit 3-4 3-7

  8. Submarket 1 (Exercisers) Submarket 3 (Transportation riders) Submarket 4 (Socializers) Submarket 2 (Off-road adventurers) Submarket 5 (Environmentalists) Market Segmentation Broad product-market (or generic market) name goes here (The bicycle-riders product-market) Exhibit 3-5 3-8

  9. A. Product-market showing three segments B. Product-market showing six segments Status dimension Status dimension Dependability dimension Dependability dimension Market Segmentation Exhibit 3-6 3-9

  10. A segmenter The Strategy Market-Oriented Approaches Using single target market approach— can aim at one submarket with one marketing mix Exhibit 3-7 3-10

  11. A segmenter Strategy One Strategy Three Strategy Two Market-Oriented Approaches Using multiple target market approach— can aim at two or more submarkets with different marketing mixes Exhibit 3-7 3-11

  12. Market-Oriented Approaches A combiner Using combined target market approach—can aim at two or more submarkets with the same marketing mix The Strategy Exhibit 3-7 3-12

  13. All Potential Dimensions Qualifying Dimensions Focus: Relevant Purchase Behavior Determining Dimensions (Product Type) Focus: Relevant Customer Type Determining Dimensions (Brand Specific) Focus: Specific Purchase Influence Focus : Attraction to Brand Segmentation Dimensions Exhibit 3-12 3-13

  14. Positioning of Different Bar Soaps High moisturizing • Tone • Zest 7 4 • Lever 2000 • Dove 2 5 • Safeguard • Lux 8 Nondeodorant Deodorant 3 1 • Lava • Dial “Product Space”Representing Consumers’ Perception for Different Brands of Bar Soap • Lifebuoy 6 Low moisturizing Exhibit 3-13 3-14

  15. Key Terms Breakthrough Opportunities Competitive Advantage Differentiation S.W.O.T. Analysis Market Penetration Market Development Product Development Diversification Market Generic Market Product-Market Market Segmentation Segmenting Market Segment Single Target Approach Multiple Target Approach Combined Target Approach Combiners Segmenters Qualifying Dimensions Determining Dimensions Clustering Techniques Positioning 3-15

  16. Case Study: Personal Auto Insurance Buyers Background: Our client, a national property/casualty insurer, distributes its personal and small commercial products through independent agents.

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