1. Marketing Strategy
1.1. Segmentation Divide the total market into smaller segments
1.2. Targeting Select the segment or segment to enter
1.3. Differentiate Differentiate the market offering to create superior customer value
1.4. Positioning Position the market offering in the minds of target customers
2. Market Segmentation
2.1. Segmenting consumer markets
2.1.1. Geographic segmentation divides the market into different geographical units
2.1.2. Demographic segmentation divides the market into groups based on variables
2.1.2.1. Age and life-cycle Dividing a market into different age and life-cycle groups
2.1.2.2. Income segmentation Dividing a market into different income segmentation
2.1.2.3. Gender segmentation divides the market based on sex
2.1.3. Psychographic segmentation divides buyers into different groups based on social class, lifestyle, or personality traits
2.1.4. Behavioral segmentation based on their knowledge, attitudes, uses, or responses to a product.
2.1.4.1. Occasion segmentation divides buyers into groups according to occasions when they get the idea to buy, actually make purchases, or respond to a product.
2.1.4.2. Benefit segmentation finding the major benefits people look for in the product class,
2.1.4.3. User status divides buyers into ex-users, potential users, first-time users, and regular users of a product.
2.1.4.4. Usage rate divides buyers into light, medium, and heavy product users.
2.1.4.5. Loyalty status divides buyers into groups according to their degree of loyalty
2.1.5. Using Multiple Segmentation Bases
2.1.5.1. Multiple segmentation is used to identify smaller, better-defined target groups.
2.1.5.2. Geodemographic segmentation divides groups into consumer lifestyle patterns.
2.2. Segmenting business markets
2.2.1. - Customer-operating characteristics - Purchasing approaches - Situational factors - Personal characteristics
2.3. Segmenting international markets
2.3.1. - Geographic location - Economic factors - Political and legal factors - Cultural factors
2.4. Requirements for effective segmentation
2.4.1. Measurable: Examples include the size, purchasing power, and profiles of the segments
2.4.2. Accessible: Refers to the fact that the market can be effectively reached and served
2.4.3. Substantial: Refers to the fact that the markets are large and profitable enough to serve
2.4.4. Differentiable: the markets are conceptually distinguishable and respond differently to marketing mix elements and programs
2.4.5. Actionable: effective programs can be designed for attracting and serving the segments
3. Marketing Target
3.1. Evaluating Market Segments
3.1.1. Segment size and growth
3.1.2. Segment structural attractiveness:
3.1.3. Company objectives and resources
3.2. Selecting Target Market Segments
3.2.1. Undifferentiated marketing targets the whole market with one offer
3.2.2. Differentiated marketing targets several different market segments and designs separate offers for each
3.2.3. Concentrated marketing targets a larger share of one or a few smaller segments or niches
3.2.4. Micromarketing = products and marketing programs to suit the tastes of specific individuals and locations.
3.2.4.1. Local marketing involves tailoring brands and promotion to the needs and wants of local customer groups
3.2.4.2. Individual marketing involves tailoring products and marketing programs to the needs and preferences of individual customers
3.2.4.3. Mass customization is the process through which firms interact one-to-one with masses of customers to design products and services tailor-made to meet individual needs
3.2.5. Choosing a Targeting Strategy
3.2.5.1. Company resources
3.2.5.2. Product variability
3.2.5.3. Product life-cycle stage
3.2.5.4. Market variability
3.2.5.5. Competitor’s marketing strategies
3.2.6. Socially Responsible Target Marketing
3.2.6.1. Benefits customers with specific needs
3.2.6.2. Concern for vulnerable segments
4. Differentiation and Positioning
4.1. Product position is the way the product is defined by consumers on important attributes
4.2. Positioning maps show consumer perceptions of their brands versus competing products on important buying dimensions.
4.3. Choosing a Differentiation and Positioning Strategy
4.3.1. Identifying a set of possible competitive advantages to build a position by providing superior value
4.3.1.1. Competitive advantage is the advantage over competitors gained
4.3.2. Choosing the Right Competitive Advantages
4.3.3. Selecting an Overall Strategy
4.3.3.1. Value proposition is the full mix of benefits upon which a brand is positioned
4.3.4. Developing a Positioning Statement
4.3.4.1. Positioning statement states the product’s membership in a category