Market Segmentation, Targeting, Positioning & Product Strategy
Understanding Customer Demands and Market Segmentation
Customers’ demands encompass their needs, attitudes, behaviors, tastes, and interests.
Steps in the Segmentation Process:
- Select the Market: Eliminate markets that have no need for the product or are inappropriate for other reasons (Market definition, situational analysis, SWOT).
- Apply Segmentation Variables:
- Behavioral: Analyze the specific value that a particular group expects from the offering. Consider usage occasion, status, loyalty status,
Marketing Essentials: Objectives, Mix, and Consumer Behavior
Marketing Essentials
1: Objectives of Marketing
Key Objectives: Customer Value, Brand Building, Need Fulfillment, Advertising Effectiveness, Market Research, Pricing Strategies, and Promotion Tactics.
2: Roles of Marketing
The most important role of marketing is to create demand.
Levels of Demand
- Increasing Demand: Acquire new consumers.
- Timing of Demand: Maintain demand throughout the year.
- Composition of Demand: Influence consumer perception.
3: The Marketing Mix (The 4 P’s)
Product: What you are selling
Marketing Management: Concepts, Strategies, and Insights
Marketing Management
Marketing Management is the analysis, planning, implementation, and control of programs designed to help marketing.
Marketing Concepts
Marketing Concepts: Production concept, Product concept, Selling concept, Marketing concept, and Societal marketing concept.
Product Concept
The Product Concept suggests that companies should focus on improving their products. Companies with strong research and development, and technology, often follow this concept.
Production Concept
The Production
Read MoreMarket Research and Competitive Analysis for Startups
Commercial Viability
Market Research
To achieve good results when creating a company, it is not enough to have a good business idea. It’s crucial to conduct thorough market research.
A market survey involves collecting, processing, and analyzing information about the industry environment, the state of competition, and the characteristics of potential consumers. This prior information is necessary for proper planning of actions within the firm and allows for management decisions with greater chances
Read MoreTotalizer 1.1/EL Report: Research, Integrity, and Communication
Totalizer 1.1/EL Report: Research and Integrity
This document discusses the Totalizer 1.1/EL Report’s role in research and ensuring its integrity. It focuses on how the report reflects the investigation process.
The Report from a Process Perspective
From a process viewpoint, the report comprises a series of tasks designed to meet the requirements of the research demand. Research involves numerous tasks, such as:
- Preparing recording equipment
- Personnel training
- Planning outings
- Monitoring collected information
The
Read MoreMarket Segmentation, Targeting, Positioning & Product Strategy
Market Segmentation, Targeting, and Positioning (STP)
Customer demands encompass needs, attitudes, behaviors, tastes, and interests. The segmentation process involves these steps:
- Select the Market: Eliminate markets that have no need for the product or are inappropriate for other reasons (Market definition, situational analysis, SWOT).
- Apply Segmentation Variables:
- Behavioral: Analyze the specific value that a particular group expects from the offering, usage occasion and status, loyalty status, technological