MK 201 Marketing Strategy: Segmentation, Targeting, and Positioning – Flashcards
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Situation (4Cs) Analysis
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Company Customers Competitors Climate
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4Ps Planning
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Products Price Promotion Place
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Marketing Strategy Formulation S-T-P
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Segmentation Targeting Positioning
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What is market segmentation?
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Divide market into homogeneous subsets of customers E.g.) needs, buying power, price sensitivity
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Segment Base
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1) Geographic 2) Demographic 3) Psychographics 4) Behavioral
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Effective segmentation
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1. Size and buyer power 2. Accessible 3. Large or profitable enough 4. Differential responsiveness
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Undifferentiated Targeting
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One plan => multiple markets
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Differentiated Marketing/ multi segment
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Different strategies => different markets
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Concentrated Targeting
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One plan => one market
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Positioning
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Product position is the place the product occupies in consumers' minds relative to competing products
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Choosing Positioning Strategy
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1) list advantages 2) focus on the best 3) effectively communicate that to the market
