Marketing - week 3 - STP

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  • Created by: jf00632
  • Created on: 01-04-19 16:21
What are the 2 main stages of designing a customer driven marketing strategy?
selecting customers to serve and deciding on a value proposition
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What is involved in the "selecting customers to serve" part?
segmentation and targeting
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What is involved in the "deciding on a value proposition" section?
Differentiation and positioning
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What is the The segmentation, targeting and positioning process: Baines et al 2016 (1)
1. The disaggregated market - The characteristics of individual customers are understood
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What is the The segmentation, targeting and positioning process: Baines et al 2016 (2)
2. The segmented market - Customers are grouped into segments on the basis of having similar characteristics
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What is the The segmentation, targeting and positioning process: Baines et al 2016 (3)
3.The target market-
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Why is there a need for market segmentation in today’ s business environment? Doyle 1994
• As different groups of customers have different needs and wants that can be satisfied- e.g. different types of meracades for different people. family’s, business man, bachelor
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What are the benefits of market segmentation? Fahy and Kotler 2012 (1)
Better matching of customer needs: 1. Enhanced opportunities for growth
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What are the benefits of market segmentation? Fahy and Kotler 2012 (2)
Better matching of customer needs: 2. Improved customer retention
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What are the benefits of market segmentation? Fahy and Kotler 2012 (3)
Better matching of customer needs: 3. Enhanced profitability
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What are the benefits of market segmentation? Fahy and Kotler 2012 (4)
Better matching of customer needs: 4.More effective targeting of communications
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What are the benefits of market segmentation? Fahy and Kotler 2012 (5)
Better matching of customer needs: 5. Opportunities of segment dominance
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When does positionig happen? (Armstrong)
• This happens once the company has decided what segments pf the market it will target, the company must decide what potision it wants to occupy in those segments
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What is a product or service position? (Armstrong)
• A product or service position is the way it is defined by consumers on important attributes- the place the product/service occupies in consumers minds relative to competing products
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What is competitvie positionig? (Armstrong)
• Competitive positioning is the when a company designs an offer and image so that they have a meaningful and distinctive poston in the target customers mind (kotler and kelier)
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What are the 2 stages of positionig- first stage
1. Plan position that will give the product the greatest advantage in selected target markets
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What are the two stages of positioning- second stage
2. Must design marketing mixes to create these planned positions
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What does a firm create differentiation on? (5)
– Product – Services – Channels – People – Image
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How can segmentation, targeting and psotioing help an organisation? (5) 1.
1. Satisfying customer demands
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How can segmentation, targeting and psotioing help an organisation? (5) 2.
2. Understanding a new consumer
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How can segmentation, targeting and psotioing help an organisation? (5) 3.
3. Adapting to the every changing market
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an segmentation, targeting and psotioing help an organisation? (5) 4.
4. Maintenance and enhancement of brand loyalty-
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an segmentation, targeting and psotioing help an organisation? (5) 5.
5. Assessing the pricing strategy to meet the target consumer
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Card 2

Front

What is involved in the "selecting customers to serve" part?

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segmentation and targeting

Card 3

Front

What is involved in the "deciding on a value proposition" section?

Back

Preview of the front of card 3

Card 4

Front

What is the The segmentation, targeting and positioning process: Baines et al 2016 (1)

Back

Preview of the front of card 4

Card 5

Front

What is the The segmentation, targeting and positioning process: Baines et al 2016 (2)

Back

Preview of the front of card 5
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