MARK4210 Class 6 STP beforeclass.pdf - Segmentation Targeting Positioning MARK4210 Spring 2018 Course Roadmap Fundamentals Elements of Marketing

MARK4210 Class 6 STP beforeclass.pdf - Segmentation...

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Segmentation, Targeting & Positioning MARK4210 Spring 2018
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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
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The STP Process Segmentation Targeting Positioning
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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
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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” – leads to more effective formulation and implementation of marketing mix Provides basis for long term planning (e.g., market evolution, product development) Source: A Note of Consumer Market Segmentation, Harvard Business School
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Typical Segmentation Variables Source: A Note of Consumer Market Segmentation, Harvard Business School
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Criteria for Selecting Segmentation Variables Differentiable : group is internally homogenous (similar characteristics/behavior) and different from other groups Identifiable : individuals can be easily assigned to a segment
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  • Spring '17
  • Marketing, Harvard Business School, consumer market segmentation

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