Segmentation, targeting, and positioning together comprise a three stage process. We first (1) determine which kinds of customers exist, then (2) select which ones we are best off trying to serve and, finally, (3) implement our segmentation by optimizing our products/services for that segment and communicating that we have made the choice to distinguish ourselves that way.
• Market segmentation: dividing market into distinct groups with distinct needs, characteristics, or behaviours, who might require separate products or marketing mixes
• Target marketing: choosing which group(s) to appeal to
• Market positioning: creating a clear, distinctive, and desirable position in the target consumer’s mind, relative to competition
STP—Segmentation, Targeting, Positioning: The Heart of Modern Strategy in Marketing
· How segmentation embodies the marketing concept
· Fundamental marketing principles and their relationships to segmentation: product positioning, distribution, communication, pricing, salesforce strategy
Customer Value Measurements
· How to conceptualize and quantify both functional value (product performance) and supplier/service value in the business marketplace
· Why and how to use customer value assessment as the basis for business market segmentation
Segmentation Research
· Alternative approaches: qualitative and quantitative
· Measurement techniques and their use
· Selection of organizations and respondents
· Using in-company data
· Interpreting and using results
STP Tools and Analysis for
· Segmenting markets based on customer needs
· Targeting the most attractive set of customers or markets
· Positioning offerings in crowded markets with perceptual maps
The Process Data Model
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