Chapter 6 Market Segmentation, Positioning, and the Value Proposition.

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Presentation transcript:

Chapter 6 Market Segmentation, Positioning, and the Value Proposition

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. Ch 6: Segmenting Markets 2

The STP Marketing Process (Segmenting, Targeting, Positioning) Break the market into smaller, more homogenous segments Specifically target the discrete market segments Position the product or service to appeal to the targeted segments Ch 6: Segmenting Markets 3

How would you describe the demographic segment targeted by this advertising campaign?

How about this ad? What is the target demographic for this ad campaign?

Identifying Target Segments: Market Segmentation Geography Demographics Psychographics Lifestyles Commitment Levels Benefits Ch 6: Segmenting Markets 6 Usage Patterns

Segmenting by Usage and Commitment Advertising targeted to: Heavy users Nonusers Brand-loyal users Switchers/Variety seekers Emergent Consumers Ch 6: Segmenting Markets 7

Demographic Segmentation Age Gender Race Marital Status Income Education Occupation Ch 6: Segmenting Markets 8

Geographic Segmentation Ch 6: Segmenting Markets 9

Psychographics and Lifestyle Segmentation Activities Lifestyle Opinions Lifestyle segmentation provides insight into consumer’s motivations Interests Ch 6: Segmenting Markets 10

Benefit Segmentation Passenger Safety? Prestige? Fuel Economy? Ch 6: Segmenting Markets 11 Fuel Economy?

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 Ch 6: Segmenting Markets 12

STP Marketing is used in the business-to-business market as well as the consumer market

Prioritizing Target Segments Examine your ability to deliver value to the segments and costs of new capabilities Research segment size, growth potential and usage frequency Assay the competitive environment Find a niche you can scratch Ch 6: Segmenting Markets 14

Effective Positioning Is based on substance of the brand’s values Reflects internal values and structure of the firm’s market orientation Is consistent over time Is both memorable AND distinctive Ch 6: Segmenting Markets 15

Fundamental Positioning Themes Benefit Positioning User Positioning Competitive Positioning Ch 6: Segmenting Markets 16

Do you think this ad for Ryka shoes is emphasizing benefit, user or competitive positioning?

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. Ch 6: Segmenting Markets 18

Capturing the Value Proposition Benefits Relative Price Functional Emotional Self-expressive Ch 6: Segmenting Markets 19