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Establish Overall Strategy or Objectives

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Step 1 in STP Process: the firm must clearly articulate the vision or objectives of the company's marketing strategy

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Segmentation Methods

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Step 2 in STP Process: to use a particular method or combination of methods to segment the market

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Evaluate Segment Attractiveness

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Step 3 in STP Process: is the segment identifiable, substantial, reachable, responsive, and profitable?

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Select Target Market

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Step 4 in STP Process: key factor here is the marketer's ability to pursue such an opportunity or target segment

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Develop Positioning Strategy

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Step 5 in STP Process: Market positioning involves a process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products

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Value Proposition

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the unique value that a product provides to its customers and how it is different from those of competitors

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Product attributes

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To focus on what about the product is most important to target market

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Symbols

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Trademarked, they are so strong and well known that they create a position for the brand that clearly distinguishes it from its competition

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Positioning against a specific competitor

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for example Goodrich tires were promoted as "the other guys," or the ones without the blimp, to set them apart from Goodyear tires.

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Geographic Segmentation

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This organizes customers into groups on the basis of where they live, depends on different needs of customer in each region

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Demographic segmentation

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Groups consumers according to easily measured, objective characteristics such as age, gender, income, and education. EX: Kellogg's Cereal

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Psychographic segmentation

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This method involves understanding three components: self-values, self-concept, and lifestyles. How consumers describe themselves

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Geodemographic segmentation

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Uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers. EX: Consumers in the same neighborhood buy same type of products and shop at same stores

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Benefit Segmentation

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This groups consumers on the basis of the benefits they derive from products.

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Behavioral Segmentation

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This divides customers into groups based on how they use the product or service Occasion: prom dress, Loyalty: retaining customers

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Undifferentiated Targeting Strategy

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Mass Market: when everyone could be potential user. EX: salt, sugar, gasoline

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Differentiated Targeting Strategy

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In this, firms target multiple market segments with a different offering for each. Example: Condé Nast magazines

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Concentrated Targeting Strategy

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This is when a firm selects a single, primary target market and focuses all its energies on providing a product to fit that market's needs. EX: Startups, hyper-specific kickstarters

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Micromarketing

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When a firm tailors a product to suit an individual customer's wants or needs, it is undertaking an extreme form of segmentation called micromarketing or one-to-one marketing

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Defining the Objective and Research Needs

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Step 1 in Marketing Research: to establish in advance exactly what problem needs to be solved

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Designing the Research

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Step 2 in Marketing Research: identifying type of data needed and determing the type of research necessary to collect it.

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Data Collection Process

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Step 3 in Marketing Research: finding data for research

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Analyzing Data And Developing Insights

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Step 4 in Marketing Research: analyze and make use of the collected data in order to generate meaningful information

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Action Plan and Implementation

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Step 5 in Marketing Research: the researcher prepares the results and presents them to the decision-makers who use that information to formulate marketing strategies.

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Secondary data

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data that have been collected for some other purpose and that can be used for this project (example: searching company records, census data).

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Primary data

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data collected specifically to address the problem at hand (example: focus groups, in-depth interviews, surveys).

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Brand equity

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representing the value of the brand, is the set of assets and liabilities linked to the brand

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Product mix

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the complete set of all products offered by a firm

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Product line

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which are groups of associated items that consumers tend to use together or think of as part of a group of similar products

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Product mix breadth

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represents a count of the number of product lines offered by the firm

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Product line depth

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equals the number of products in a product line

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Brand awareness

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measures how many consumers in a market are familiar with the brand and what it stands for.

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Brand dilution

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occurs when the brand extension adversely affect consumer perceptions about the original brand

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Co-branding

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practice of branding two or more products together, in marketing them

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Brand loyalty

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occurs when a consumer buys the same brand repeatedly over time rather than buying from multiple suppliers within the same category

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Introduction stage

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1st stage in Product Life Cycle: launch phase in new product

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Growth stage

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2nd stage in Product Life Cycle: marked by a growing number of product "adopters," rapid growth in industry sales, and increases in the number of competitors and the number of product versions

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Maturity stage

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3rd stage in Product Life Cycle: characterized by the adoption of the product by the late majority and intense competition for market share among firms

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Decline stage

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4th stage in Product Life Cycle: which firms either position themselves for a niche segment of diehard consumers or those with special needs or completely exit the market

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Diffusion of Innovation

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Process of how a product, a service, or a process spreads throughout a market group over time, and across various categories of adopters

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