MARK4210 Class 6 STP complete Spring 2018 Feb 26.ppt - MARK 4210 Spring 2018 Professor Eugene R Raitt 1 SEGMENTATION TARGETING POSITIONING MARK4210

MARK4210 Class 6 STP complete Spring 2018 Feb 26.ppt - MARK...

This preview shows page 1 - 8 out of 29 pages.

SEGMENTATION, TARGETING & POSITIONING MARK4210 Spring MARK4210 Spring 2018 2018 MARK 4210 Spring 2018 Professor Eugene R. Raitt 1
Image of page 1
Situation Analysis (Customer, Competitor, Company) Market Selection (Segmentation, Targeting, Positioning) Marketing Mix Formulation (Product, Pricing, Distribution, Promotion) - Quantitative Analysis - Consumer Behavior Simulation Game PharmaSim Elements of Marketing Strategy Fundamentals Application Course Roadmap Course Roadmap MARK 4210 Spring 2018 Professor Eugene R. Raitt 2
Image of page 2
THE STP PROCESS Segmentation Targeting Positioning MARK 4210 Spring 2018 Professor Eugene R. Raitt 3
Image of page 3
MARK 4210 Spring 2018 Professor Eugene R. Raitt 4
Image of page 4
MARKET SEGMENTATION Dividing a heterogeneous market into groups of (potential) customers (i.e., market segments) with smaller groups of consumers with distinct needs, characteristics, or behaviors across groups, but homogeneous within the group – and thus, reacts differently to specific marketing strategies. Why do it? Source: A Note of Consumer Market Segmentation, Harvard Business School MARK 4210 Spring 2018 Professor Eugene R. Raitt 5
Image of page 5
MARKET SEGMENTATION Firms can serve the needs of segments more efficiently and effectively with products that match segment needs Identify groups that can be more effectively targeted with specific marketing efforts Minimizes “guessing” in formulating marketing mix strategy Leads to more effective implementation of marketing mix Provides basis for long range planning (e.g., market evolution, product development) Source: A Note of Consumer Market Segmentation, Harvard Business School MARK 4210 Spring 2018 Professor Eugene R. Raitt 6
Image of page 6
Based on consumers market history Product usage: frequency of brand/product use, brand loyalty Product benefit: needs product must fill Decision process: shopping patterns, information search, price sensitivity Based on consumer characteristics Geography Demographic: age, gender, income, education level, social status Psychographic: personality traits, attitudes General lifestyle: activities, interests No single best way to segment a market, often need to combine variables and identify smaller, better- defined target groups Typical Segmentation Typical Segmentation Variables Variables Source: A Note of Consumer Market Segmentation, Harvard Business School MARK 4210 Spring 2018 Professor Eugene R. Raitt 7
Image of page 7
Image of page 8

You've reached the end of your free preview.

Want to read all 29 pages?

  • Spring '18
  • Marketing, Eugene R. Raitt, Professor Eugene R.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture