Studied by 11 people
Looks like no one added any tags here yet for you.
what is STP
segmentation, targeting, positioning
which people are in a segmentation
similar needs
who is in a targeting process
who can be reached profitably
4 segmentation bases
geographic, demographic, psychographic, behavioural
targeting strategies
mass marketing, multisegmented, concentrated, micromarketing
advantages of mass marketing
cost saving
disadvantage of mass marketing
unimaginative, weak to competition
advantages of concentrated targeting
saves resources, can meet their needs, strong positioning
disadvantages of concentrated targeting
segments too small and changing, large competitors market better
advantages of multisegmented targeting
financial success, economies of scale in producing/marketing
disadvantages of multisegmented targeting
high costs, cannibalization
advantages of one to one targeting
customized service, customer engagement and retention, increased loyalty
disadvantages of one to one targeting
high costs
three factors to segment a market successfully
diverse, accessible, cost effective
2 phases of segmentation
segment market using basis variables, describe them
3 phases of targeting
evaluate attractiveness of each segment, select target segments, find and reach them
positioning
the place the product occupies in consumers minds relative to competing products
positioning methods
value, attributes, benefits, symbolism, competition, market leadership
differentiation vs positioning
what you do to an offering vs what you do to customers minds
how to calculate value
benefits - price
Note 
Flashcard (34)