Special Topics in Marketing Notes

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Special Topics in Marketing
Designing Customer Driven Strategies: Positioning Differentiation Targeting

Segmentation Create Value for the Targeted Customers
Decide on a Value Proposition
Select Customers to Serve

To Design a Customer Driven Strategy: * Select Customers to Serve: * Segmentation:
Dividing the market into smaller groups with distinct needs, characteristics or behaviours who might require separate products or marketing mixes * Targeting:
The process of evaluating the attractiveness of each segment and selecting one or more segments to enter * Decide on the Value Proposition: * Differentiation:
Differentiating the firm’s offering to create a value for the target customers * Positioning:
Arranging for a market offering to occupy a clear, distinctive and desirable place relative to competition in customers’ minds.

Chapter One:
Segmentation:
Segmentation is dividing the market into smaller groups with distinct needs, characteristics or behaviours who might require separate products or marketing mixes
Requirements for Effective Segmentation: * Accessible * Substantial * Differentiable * Actionable
Types of Market Segmentation: * Segmenting Consumer Markets: * Geographic:
Divides the market into different geographical units such as nations, regions, states, countries or cities * Demographic:
Divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation and nationality (easiest form of segmentation) * Psychographic :
Divides buyers into different groups based on social class, lifestyle or personality traits * Behavioral:
Divides buyers into groups based on their knowledge, attitudes, uses or responses to a product…...

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