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STP: Segmentation, Targeting and Positioning

Market segmentation, targeting, and positioning

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STP: Segmentation, Targeting and Positioning

  1. 1. Market Segmentation Dr. Gopal Thapa Tribhuvan University
  2. 2. Fundamentals of New Marketing Concept Target market focus,  Customer orientation,  Integrated marketing and  Profitability/ objective achievement 6/1/2020 Copy right reserved 2
  3. 3. Market Segmentation  Market segmentation is the subdividing of a market into homogeneous subsets of customers, where any subset may conceivable be selected as a market target to be reached with a distinct marketing mix. - Kotler  Market segmentation is the process of taking the total heterogeneous market for a product and dividing it into several sub-markets or segments, each of which tends to be homogeneous in all significant aspects. - Stanton 6/1/2020 Copy right reserved 3
  4. 4. Requirements for Effective Market Segmentation Requirements for Effective Market Segmentation Requirements for Effective Market Segmentation Accessibilit y Differentiabl e Actionable Substantial Measurability 6/1/2020 Copy right reserved 4
  5. 5. SADAM Criteria for Segmentation  Substantial:Thesegmenthastobelargeandprofitableenough  A Accessible:Itmustbepossibletoreachitefficiently  D Differential:Itmustresponddifferentlytoadifferentmarketingmix  A Actionable:Youmusthaveaproductforthissegment  M Measurable:Sizeandpurchasingpowercanbemeasured 6/1/2020 Copy right reserved 5
  6. 6. Market Segmentation Process  Market survey  Segment identification  Segment profiling  Segment selection  Product positioning 6/1/2020 Copy right reserved 6
  7. 7. Bases for Consumer Markets  Geographic variables  Demographic variables  Psychographic variables  Behavioral variables 6/1/2020 Copy right reserved 7
  8. 8. Bases for Consumer Market Segmentation Bases for Consumer Market Segmentation CONSUMER MARKET SEGMENTATION DEMOGRAPHICGEOGRAPHIC BEHAVIOURALPSYCHOGRAPHIC  Area  Topography and climate  Population density  Age group  Gender  Education  Family size  Family life cycle  Occupation  Social class  Income  Religion  Ethnicity  Personality  Life style  Buying motives  Benefits desired  Usage occasion  Usage rate  Users' status  Loyalty status 6/1/2020 Copy right reserved 8
  9. 9. Geographic Variables  Area  Development region, zone, district  Topography/climate  Mountain, hills, terai  Temperate, alpine, tropical  Population density  Urban, sub-urban, rural market 6/1/2020 Copy right reserved 9
  10. 10. Demographic Variables  Age group  Gender  Family size  Family lifecycle  Education  Occupation  Income  Social class  Religion  Ethnicity 6/1/2020 Copy right reserved 10
  11. 11. Psychographic Variables  Buying motives  Rational, emotional or patronage  Personality  Introvert, extrovert, emotional stability, tip top, rough top  Lifestyle  Activities, interest, opinion 6/1/2020 Copy right reserved 11
  12. 12. Behavioral Variables  Benefits desired  Usage Occasions  Users’ status  Usage rate  Loyalty status  Hardcore/undivided loyal  Split/divided loyal  Shifting loyal  No loyal /switchers 6/1/2020 Copy right reserved 12
  13. 13. Variables for Business Market Segmentation  Geographic variables  Location, topography, climate  Demographic variables  Type of industry, size of customer  Operating variables  Technology, usage rate, service needed  Purchase related  Purchase organization, documentation, negotiation period 6/1/2020 Copy right reserved 13
  14. 14. Process of Market Segmentation ProcessofMarketSegmentation Marketsurvey Segment identification Segment profiling Segment selection Positioning 6/1/2020 Copy right reserved 14
  15. 15. Market Segmentation Process  Market survey  Segment identification  Segment profiling  Segment selection  Product positioning 6/1/2020 Copy right reserved 15
  16. 16. Evaluation of Market Segments  Segment attractiveness  Size and growth, profitability ,competition ,technology, customer loyalty, risks  Organizational objectives and resources  Government rules and regulations 6/1/2020 Copy right reserved 16
  17. 17. Segment Attractiveness (Michael Porter’s Five Factor Model)  Threat of intense segment rivalry  Threat of new entrants  Threat of substitute products  Threat of buyers’ growing bargaining power  Threat of suppliers’ growing bargaining power 6/1/2020 Copy right reserved 17
  18. 18. Selection of Target Market  Single segment concentration  Selective specialization (Multi-segment coverage)  Product specialization  Market specialization  Full market coverage 6/1/2020 Copy right reserved 18
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  20. 20. Positioning  Act of designing the company’s offer and image so that it occupies a distinct and value place in the target customer’s mind 6/1/2020 Copy right reserved 20
  21. 21. Bajaj’s Positioning Table:ExampleofValuePropositions CompanyandProduct TargetCustomers ValueProposition BajajPulsar Youth /teenage customers Style BajajAvenger Middle aged customers Comfort BajajPlatina Price sensitive customers Economy 6/1/2020 Copy right reserved 21
  22. 22. Positioning Process  choosing a frame of reference by identifying the target market and relevant competition  identifying the optimal points-of-parity and points-of- difference brand associations given that frame of reference, including emotional branding, and  creating a brand mantra summarizing the brand’s positioning and essence. 6/1/2020 Copy right reserved 22
  23. 23. Choosing a Competitive Frame of Reference  The competitive frame of reference defines which other brands a brand competes with and which should thus be the focus of competitive analysis.  A good starting point in defining a competitive frame of reference for brand positioning is category membership, the products or sets of products with which a brand competes and that function as close substitutes. 6/1/2020 Copy right reserved 23
  24. 24. Choosing a Competitive Frame of Reference  It would seem a simple task for a company to identify its competitors.  Pepsi knows Coca-Cola is a major competitor for its non-alcoholic carbonated beverage ;  NABIL bank knows Standard Chartered Bank is a major competitor. 6/1/2020 Copy right reserved 24
  25. 25. Kotler’s view while monitoring Competitors  Share of market: The competitor’s share of the target market.  Share of mind: The percentage of customers who named the competitor in responding to the statement “Name the first company that comes to mind in this industry.”  Share of heart: The percentage of customers who named the competitor in responding to the statement “Name the company from which you would prefer to buy the product.” 6/1/2020 Copy right reserved 25
  26. 26. Identifying PODs and POPs Point of Parity Point of Difference 6/1/2020 Copy right reserved 26
  27. 27. PODs  Points-of-difference (PODs) are attributes or benefits that consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand.  Strong brands often have multiple points-of- difference.  Two examples are Nike (performance, innovative technology, and winning) and Southwest Airlines (value, reliability, and fun personality 6/1/2020 Copy right reserved 27
  28. 28. PODs  In the view of Keller, three criteria determine whether a brand association can truly function as a point-of-difference: desirability, deliverability, and differentiability. 6/1/2020 Copy right reserved 28
  29. 29. PODs  Desirable to consumer. Consumers must see the brand association as personally relevant to them.  Deliverable by the company. The company must have the resources and commitment to feasibly and profitably create and maintain the brand association in the minds of consumers. The ideal brand association is pre-emptive, defensible, and difficult to attack.  Differentiating from competitors. Consumers must see the brand association as distinctive and superior to relevant competitors 6/1/2020 Copy right reserved 29
  30. 30. POPs  Points-of-parity (POPs) are attribute or benefit associations that are not necessarily unique to the brand but may in fact be shared with other brands.  These types of associations come in three basic forms: category, correlational, and competitive. 6/1/2020 Copy right reserved 30
  31. 31. Category points-of-parity  Category points-of-parity are attributes or benefits that consumers view as essential to a legitimate and credible offering within a certain category, although not necessarily sufficient conditions for brand choice.  Category points-of-parity may change over time due to technological advances, legal developments, or consumer trends. 6/1/2020 Copy right reserved 31
  32. 32. Correlational points-of-parity  Correlational points-of-parity are potentially negative associations that arise from the existence of positive associations for the brand.  One challenge for marketers is that many attributes or benefits that make up their POPs or PODs are inversely related.  In other words, if your brand is good at one thing, such as being inexpensive, consumers can’t see it as also good at something else, like being “of the highest quality.” 6/1/2020 Copy right reserved 32
  33. 33. Competitive points-of-parity  Competitive points-of-parity are associations designed to overcome perceived weaknesses of the brand considering competitors’ points-of-difference.  One good way to uncover key competitive points-of-parity is to role-play competitors’ positioning and infer their intended points-of- difference.  Competitor’s PODs will, in turn, suggest the brand’s POPs.  For an offering to achieve a point-of-parity on a particular attribute or benefit, a sufficient number of consumers must believe the brand is “good enough” on that dimension 6/1/2020 Copy right reserved 33
  34. 34. Choosing Specific POPs and PODs  Marketers typically focus on brand benefits in choosing the points-of-parity and points- of- difference that make up their brand positioning.  Brand attributes generally play more of a supporting role by providing “reasons to believe” or “proof points” as to why a brand can credibly claim it offers certain benefits.  Multiple attributes may support a certain benefit, and they may change over time. 6/1/2020 Copy right reserved 34
  35. 35. Emotional Branding  Many marketing experts believe a brand positioning should have both rational and emotional components.  It should contain points-of-difference and points-of-parity that appeal to both the head and the heart.  A person’s emotional response to a brand and its marketing will depend on many factors.  An increasingly important one is the brand’s authenticity.  Brands such as Wai wai, Mayos, Rara, Rumpum, and Jo jo that are seen as authentic and genuine can evoke trust, affection, and strong loyalty. 6/1/2020 Copy right reserved 35
  36. 36. Emotional Branding  Authenticity also has functional value.  Lifebouy is seen by consumers as “wholesome, authentic, and real.”  The brand reinforces those credentials by focusing on its ingredients, increasingly important for consumers who want healthy life. 6/1/2020 Copy right reserved 36
  37. 37. Brand Mantra  To further focus brand positioning and guide the way their marketers help consumers think about the brand, firms can define a brand mantra.  A brand mantra is a three- to five-word articulation of the brand’s heart and soul, closely related to other branding concepts like “brand essence” and “core brand promise.”  Brand mantras must economically communicate what the brand is and what it is not.  What makes a good brand mantra?  Dabur Glucose’s “Instant energy” captures its brand essence and core brand promise. 6/1/2020 Copy right reserved 37
  38. 38. Brand Mantra  A good brand mantra should communicate the category and clarify what is unique about the brand.  It should also be vivid and memorable and stake out ground that is personally meaningful and relevant.  For brands anticipating rapid growth, it is helpful to define the product or benefit space in which the brand would like to compete,  as Nike did with “athletic performance” and Disney with “family entertainment.” But for it to be effective, no other brand should singularly excel on all dimensions. 6/1/2020 Copy right reserved 38
  39. 39. Types of Positioning  Attribute positioning  Benefit positioning  Image positioning  Usage occasion positioning  User positioning  Competitive positioning  Product class positioning 6/1/2020 Copy right reserved 39
  40. 40. Positioning and Branding a Small Business  Find a compelling Product or service performance advantage  Focus on building one or two strong brands based on one or two key associations  Encourage product or service trail in any way possible  Develop cohesive digital strategy to make the brand “bigger and better” 6/1/2020 Copy right reserved 40
  41. 41. Positioning and Branding a Small Business  Create buzz and a loyal brand community  Employ a well-integrated set of brand elements  Leverage as many secondary associations as possible  Creatively conduct low cost marketing research 6/1/2020 Copy right reserved 41
  42. 42. Product Differentiation  Differentiation is the act of designing a set of meaningful differences to distinguish the company’s offering from competitor’s offerings.  - Philip Kotler  Product differentiation is a strategy which attempts (through innovative design, packaging, positioning etc.) to make a clear distinction between products serving the same market segments.  Dictionary of Marketing
  43. 43. Product Differentiation Variables  Physical parameter differentiation  Service differentiation  Personnel differentiation  Channel differentiation  Promotion differentiation  Image differentiation
  44. 44. Physical Parameter Differentiation  Form  Features  Quality  Durability  Reliability  Design
  45. 45. Service Differentiation  Ordering ease  Delivery  Installation  Customer training  Repairability
  46. 46. Personnel Differentiation  Competence  Courtesy  Credibility  Reliability  Responsive  Communicative
  47. 47. Channel Differentiation  Design  Coverage  Expertise  Performance
  48. 48. Promotion Differentiation  Advertising  Sales promotion  Public relations
  49. 49. Image Differentiation  Symbols  Media  Atmosphere  Event sponsorship
  50. 50. Criteria for Effective Differentiation  Important  Distinctive  Communicable  Superior  Preemptive  Affordable  Profitable  Consistent
  51. 51. Promotion Differentiation  Advertising  Sales promotion  Public relations
  52. 52. Image Differentiation  Symbols  Media  Atmosphere  Event sponsorship
  53. 53. Any Queries? Thank You 6/1/2020 Copy right reserved 53