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Companies are recognizing that they cannot serve all buyers in the marketplace.
There are various types of customers with different needs and buying behavior.
Rather than competing in the entire market (mass marketing) companies identify
parts of the market that they can serve well and profitably (market segmentation
and targeting).
Market Segmentation – dividing a market into distinct groups with distinct needs,
characteristics, or behavior who might require separate products or marketing
mixes
1. Strategic Segmentation:
2. Managerial Segmentation:
3. Operational Segmentation:
1. Strategic Segmentation:
It refers the Tactic Links Product Benefits with the Mgmt Vision & Strategic
Tactics
Strategic segmentation depends on the maturity of the market, competitive
structure and organization experiences and capabilities. Deploying 100%
available knowledge in important finding from existing customer base. In order to
determine segmentation, 5 criteria are suggested in strategic market
segmentation –
a) Response differences
b) Identifiable segments
c) Actionable segments
d) Cost/benefit of segmentation
e) Stability over time.
3. Operational Segmentation:
• The tactic Concentrates on delivering revenant messages to Targets
There are three factors that a firm can use in evaluating different market
segments. These are size and growth of the segment, segment structural
attractiveness, and company objectives and resources. Segments that should be
chosen are those with the right size and growth characteristics. However, the
largest and fastest growing segments are not always the most attractive. The
structural factors that affect attractiveness of a potential segment must also be
examined. For example if there are already many companies serving the same
segment then it becomes less attractive.
4. Targeting strategies:
PLC illustrates that the range of product market structure are denoted as :
- Emerging Market
- Growth Market
- Mature Market
- Declining Market
Emerging market: Targeting strategy depends on whether a totally new product
market and new technology is involved.
Mature market:
6. Positioning Strategy
After deciding which segment/s to serve, the company must decide what
positions it wants to occupy in the minds of those segments. Positioning involves
implanting the brand’s unique benefits and differentiation in consumers’ minds.
Positioning concept:
Functional: Applies to Solve External Generated Consumption-Related Needs.
e.g. Cleaner
Positioning Decision:
According to Philip Kotler there are seven positioning strategies which are
as follows:
After you have decided on the positioning strategy for your brand you should
communicate this to your target audiences: internal and external. The following
are the important elements of communication:
- The Research Provides Info that Helps Designing Positioning Strategy &
Evaluating Results
- Multivariate Testing (MVT) may be Used to Find the Causal Factors Affecting
Market Response
- MVT Examines the Effects of Several Factors at the Same Time
- The Effect of each Factor Can Be Measured using Field Tests To Vary the
Level The Factor Exposed to Targeted Buyers
Test Marketing:
- Test Reduces the Risks, Forecast Demand & Fine-Tune the Marketing
Program