MKTG - Guide to Marketing Strategies .docx - B. MARKETING...

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B. MARKETING STRATEGYDefinition of Marketing StrategyThe marketing logic to which the company hopes to create customer value and capture valuefrom its customers.Comprehensive plan formulated particularly for achieving the marketing objectives ofthe organizationBegins with identifying the customer’s needs and wantsSTP ApproachSegmentation:The process of dividing a market into distinct group of buyers who havedifferent needs, characteristics, or behaviors and who might require separate marketingstrategies.Geographic.grouping customers with regards to their physical location. This can bedefined in any number of ways such as country, region, city, or postal code.Demographic.looks at identifiable non-character traits such as: age, gender, ethnicity,income, level of education, religion, profession/role in a company.Psychographic.focused on your customers’ personalities and interests. Here we mightlook at customers and define them by their: personality traits, hobbies, life goals, values,beliefs, and lifestyles.Behavioral.Possibly the most useful of all for e-commerce businesses. Here we groupcustomers with regards to their: spending habits, purchasing habits, browsing habits,interactions with the brand, loyalty to brand, previous product ratings.Targeting.Evaluating each market segment’s attractiveness and selecting one or moresegments to serve.Undifferentiated marketing.Known asmass marketing, treats all buyers, or potentialbuyers, as a homogeneous group.oRather than producing different marketing strategies for different segments ofsociety, or even different products for different groups, undifferentiated marketingattempts to reach all potential buyers using one marketing strategy.Differentiated marketing.Known assegmented marketing, is deployed when thecompany settles on one market segment or a few market segments that provide the best
opportunities for them. Each segment is targeted with special offer designed to appealspecifically to the buyers of that market.

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