Before start think about marketing (4P), you must understand what is STP. Terms of STP include : market strategy; target markets; positioning; market segmentation and target markets; market segmentation and demographics
Segmentation
Segmentation : Identifying al segments for the product/service. Many of the resources listed in module 3 will be helpful to you when you develop segments. To be useful, segments should be:
Measurable
Accessible (can you reach them)
Profitable
Distinct from one another
The objective of segmentation is to find attractive markets. Strategies include
Break market into components
Regroup into market segments
Select which segment to target
Positioning.
Positioning is an essential component — and skill – in good marketing. Perceptual maps are used to determine the position of a product, firm, person, service or idea. Positioning maps, or perceptual maps can be simple, yet very effective marketing tools. One definition of Positioning Theory is: the science of perceptual strategy. It is based on a theory that strategy can only be planned in the mind of the consumer, not the marketplace*.
It is important to understand the levels of competition because positioning applies at all levels of competition. For example:
Product Level (e.g., Pepsi vs. Coke)
Category Level (e.g., Cola vs. Root beer)
Corporate Level (e.g., Pepsi Inc. vs. Coca Cola Company)
Industry Level (e.g., Beverage Industry vs. Snack food Industry)
Targeting.
What is target?. This is the real goal/objective in market that marketer want to reach.
As a simple questions are :
What percent of the population uses the product at all?
What percent uses your brand?
How does that compare to competing brands?
What is the demographic profile of the product category?
Which media reach the users of this category?
Marketing Matrix?
/in Marketing /by 3 CreatedA Marketing Matrix is essentially a plot on a two-dimensional plane according to how well they meet customers’ key requirements.
You can do this by drawing two lines in the form of a cross. These two lines represent a continuum of bad to good performance for two benefits or attributes that are the most important in an industry.
For example, take computers. If the two most important things to customers are “performance” and “price” then, put the word “performance” at the top of, say, the vertical line and put the word “price” to the right of the horizontal line.
High performing computers would be plotted at the top of the vertical line, and low performing computers at the bottom of the vertical line.
Now, for each computer in the market you would plot where that computer fits on the performance line (compared to other computers) and on the price line.
One comment: A marketing matrix is essentially a perceptual map. You can read more about snake plots as a better way of doing this since a marketing matrix forces you to do this in 2 dimensions, and often more than two dimensions properly characterize a market.
Source : http://www.marketingprofs.com/
Fokus On Profitable Customers
/in Marketing /by 3 CreatedAdvantage of watching what specific customers pay, not just what they say, is that this enables the tracking of lifetime purchases, a critical ingredient in determining the lifetime value of specific customers and customer segments. To be
profitable, investments made to increase satisfaction and value must focus on the customers with the highest potential value. Satisfaction research applied broadly across the entire customer base,while statistically correct, ensures that scores will
be influenced by the responses from unprofitable customers. For example, a bank branch manager might hear many complaints about long teller lines but the most profitable customers may not care.
Source : loyaltyrules.com
Segmentation, Targeting, Positioning (STP)
/in Marketing /by 3 CreatedBefore start think about marketing (4P), you must understand what is STP. Terms of STP include : market strategy; target markets; positioning; market segmentation and target markets; market segmentation and demographics
Segmentation
Segmentation : Identifying al segments for the product/service. Many of the resources listed in module 3 will be helpful to you when you develop segments. To be useful, segments should be:
Measurable
Accessible (can you reach them)
Profitable
Distinct from one another
The objective of segmentation is to find attractive markets. Strategies include
Break market into components
Regroup into market segments
Select which segment to target
Positioning.
Positioning is an essential component — and skill – in good marketing. Perceptual maps are used to determine the position of a product, firm, person, service or idea. Positioning maps, or perceptual maps can be simple, yet very effective marketing tools. One definition of Positioning Theory is: the science of perceptual strategy. It is based on a theory that strategy can only be planned in the mind of the consumer, not the marketplace*.
It is important to understand the levels of competition because positioning applies at all levels of competition. For example:
Product Level (e.g., Pepsi vs. Coke)
Category Level (e.g., Cola vs. Root beer)
Corporate Level (e.g., Pepsi Inc. vs. Coca Cola Company)
Industry Level (e.g., Beverage Industry vs. Snack food Industry)
Targeting.
What is target?. This is the real goal/objective in market that marketer want to reach.
As a simple questions are :
What percent of the population uses the product at all?
What percent uses your brand?
How does that compare to competing brands?
What is the demographic profile of the product category?
Which media reach the users of this category?
3. get them to actually buy
4. get them to buy again (and again…)
Marketing is how you define your product, promote your product, distribute your product, and to maintain a relationship with your customers.
Marketing theory is made up of the 5 P's . Product, Positioning, Place, Price, Promotion. Each "P" contributes to your marketing mix.'>
What is Marketing?
/in Marketing /by 3 CreatedA little bit of marketing theory…
All it takes is a little theory practiced and applied, and soon you will find that marketing comes naturally.
Marketing is more than sales. Marketing is the set of activities used to
1. get your potential customer’s attention
2. motivate them to buy
3. get them to actually buy
4. get them to buy again (and again…)
Marketing is how you define your product, promote your product, distribute your product, and to maintain a relationship with your customers.
Marketing theory is made up of the 5 P’s . Product, Positioning, Place, Price, Promotion. Each “P” contributes to your marketing mix.
Emotional Branding
/in Marketing /by 3 CreatedEmotional Branding is a virtual movement. It began in 2001, when a profoundly different brand design strategy was developed from the creation of Marc Gobé’s bestselling book. The Emotional Branding strategy marked a simple but revolutionary shift in thinking: placing the consumer, not the product, at the forefront of a brand’s strategy. Marketing in the 20th century had deviated from this basic principle, adopting a guerrilla-warfare, “us (the marketers) against them (the consumers)” mentality.
Emotional Branding has opened the pathway to an entirely new kind of thinking, which explores how brands can connect with people in a more sensitive and humanistic way and touch people profoundly at the level of the senses and emotions.
One of the most amazing discoveries of Emotional Branding has been that by empowering consumers, brands are ultimately empowered themselves. Emotional Branding allows a brand to own a unique and compelling strategic, visual, tactical and verbal vocabulary—creating a rich personality that enables the brand to stand out completely from the competition and win people’s hearts.
The Emotional Branding strategy has been successfully implemented by Desgrippes Gobé with some of the world’s most-loved brands, both on a domestic and global level. Companies like Coca-Cola, AOL, Godiva, Victoria’s Secret and Estée Lauder have recognized the concept’s power and used it to revitalize their brands, with enormous success.