Market Segmentation, Positioning, and the Value Proposition

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Presentation transcript:

Market Segmentation, Positioning, and the Value Proposition Chapter 6 Market Segmentation, Positioning, and the Value Proposition Copyright © 2006 Thomson Business and Economics. All rights reserved.

STP Marketing and the Evolution of Marketing Strategy Target Market A sub-group of a larger market chosen as the focal point for a marketing or advertising campaign. Positioning Designing and representing a brand in a way that is distinct in the consumer’s mind. Positioning Strategy Selecting key themes to communicate to a target market. Marketing Strategy: Evolves as a result of 1-3 Copyright © 2006 Thomson Business and Economics. All rights reserved.

Beyond STP–Regular Assessment Reassess segmentation strategy: A detailed examination of the current target segment to develop new and better ways of meeting its needs, or a need to change the target and reposition the brand to a new segment. Pursue product differentiation strategy: Product differentiation is a firm’s effort to emphasize or even create differences in brands to distinguish them from competitors. Advertising plays a critical role as part of the product differentiation strategy because the consumer will have to be convinced that the difference is meaningful. Copyright © 2006 Thomson Business and Economics. All rights reserved.

The STP Marketing Process (Segmenting, Targeting, Positioning) Break the market into smaller, more homogenous segments Specifically target discrete market segments Position the brand to appeal to the targeted segments Copyright © 2006 Thomson Business and Economics. All rights reserved.

Identifying Target Segments: Market Segmentation Geography Demographics Psychographics Lifestyles Commitment Levels Benefits Usage Patterns Copyright © 2006 Thomson Business and Economics. All rights reserved.

Segmenting by Usage and Commitment Advertising and promotion targeted to: Heavy users Nonusers Brand-loyal users Switchers/Variety seekers Emergent Consumers Copyright © 2006 Thomson Business and Economics. All rights reserved.

Demographic Segmentation Age Gender Race Marital Status Income Education Occupation Copyright © 2006 Thomson Business and Economics. All rights reserved.

Which demographic segment is targeted by this advertising campaign? Copyright © 2006 Thomson Business and Economics. All rights reserved.

What is the target demographic for this advertising campaign? Copyright © 2006 Thomson Business and Economics. All rights reserved.

Geographic Segmentation Copyright © 2006 Thomson Business and Economics. All rights reserved.

Psychographics and Lifestyle Segmentation Activities Lifestyle Opinions Interests Lifestyle segmentation provides insight into consumers’ motivations Copyright © 2006 Thomson Business and Economics. All rights reserved.

Benefit Segmentation Passenger Safety? Prestige? Fuel Economy? Copyright © 2006 Thomson Business and Economics. All rights reserved.

Business to Business Markets Markets segmented by: Usage rates Geographic location SIC (Standard Industrial Classification) Code Stage in the purchase process: first time vs. experienced buyers Benefits desired Copyright © 2006 Thomson Business and Economics. All rights reserved.

Prioritizing Target Segments Examine your ability to deliver value to the segments and costs of new capabilities—distinct competencies of the firm Research segment size, growth potential and usage frequency Assay the competitive environment Find a niche you can scratch Copyright © 2006 Thomson Business and Economics. All rights reserved.

Effective Positioning…. …is based on the substance of the brand’s values. …is consistent over time. …is both simple AND distinctive. Copyright © 2006 Thomson Business and Economics. All rights reserved.

Fundamental Positioning Themes Benefit Positioning User Positioning Competitive Positioning Copyright © 2006 Thomson Business and Economics. All rights reserved.

Do you think this ad for Panasonic is emphasizing benefit, user or competitive positioning? Copyright © 2006 Thomson Business and Economics. All rights reserved.

Repositioning Used to revive an ailing brand or fix a lackluster new market entry The challenge: changing perceptions of a brand forged over years of advertising. Copyright © 2006 Thomson Business and Economics. All rights reserved.

Capturing the Value Proposition Benefits Relative Price Functional Emotional Self-expressive Copyright © 2006 Thomson Business and Economics. All rights reserved.