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Principles+-+Ch3+-+Segmentation+and+Targeting

Principles+-+Ch3+-+Segmentation+and+Targeting -...

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Segmentation and Targeting STP (Segmentation, Targeting, and Positioning) Needs-based segmentation Cluster Analysis Discriminant Analysis
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Principles Chapter 3: Segmentation and Targeting - © DecisionPro 2007 Market Segmentation Market segmentation is the subdividing of a market into distinct subsets of customers. Segments Members are different between segments but similar within.
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Principles Chapter 3: Segmentation and Targeting - © DecisionPro 2007 STP is a Core Business Process To identify and select groups of potential customers... Organizations, Buying Centers, Individuals Whose needs within-groups are similar and whose needs between-groups are different (S) Who can be reached profitably (T) With a focused marketing program (P) STP - (Segmentation, Targeting, Positioning) is a Decision Process
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Principles Chapter 3: Segmentation and Targeting - © DecisionPro 2007 Segmentation Identify segments Targeting Select segments Positioning Create competitive advantage Marketing resources are focused to better meet customers needs and deliver more value to them Customers develop preference for brands that better meet their needs and deliver more value Customers become brand/supplier loyal, repeat purchase, communicate favorable experiences Brand/supplier loyalty leads to increased market share and creates a barrier to competition Fewer marketing resources needed over time to maintain share due to brand or supplier loyalty Profitability (value to the firm) increases How STP Creates Value
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Principles Chapter 3: Segmentation and Targeting - © DecisionPro 2007 How Many Different Groups of Cards Are Here?
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Principles Chapter 3: Segmentation and Targeting - © DecisionPro 2007 The Many Uses of Segmentation Short term segmentation applications: Salesforce allocation/call planning Channel assignment Communication program Pricing Today’s competitors and my current relative advantage to the customer
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Principles Chapter 3: Segmentation and Targeting - © DecisionPro 2007 T he Many Uses of Segmentation Longer term: Emerging needs New and evolving market segments to serve Planning for segment development/growth Not in kind competition/threats (satisfying customer needs in different ways) Lead user identification and management Market driving (vs. customer focused)
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A Four-Phase Process for Conducting a Successful Segmentation Project Internal Assessment & Planning Objective(s) of segmentation Resources Constraints Database Review Primary data already available Secondary data Prototype Implementation Exercises What ifs? Relevant groups involved? ….. Qualitative Research Interview Materials Development Qualitative Data Collection Deep needs” Identification Decision- Making Process Assessment Quantitative Survey Sample Design Questionnaire Development Data Collection Segmentation Analysis Cluster Analysis
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