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STP: Segmentation, Targeting and

Positioning

Presented by: Ravi Ramoliya


What are Markets?

• Market: people or institutions with


sufficient purchasing power, authority,
and willingness to buy
Requirements of a Markets

Need
Ability
+ Willingness
Authority
Role of Market Segmentation
• It is a massive mistake if you try to market to every consumer
on Earth. What can benefit your company more is marketing to
individual segments of the marketplace and develop
product/services that would suit those segments.
• Market Segmentation: division of the total market into smaller,
relatively homogeneous groups
• You need to select the segment in which your venture will fit in
perfectly. The application of segmentation will help you further
develop your competitive knowledge which will have a strong
effect on your newly formed competitive advantage.

• Why?
• Levels – Mass, Segment, and Niche
Why segment?

Most Most
efficient effective
Many Groups
of One
One Mass
Market
The Importance of Market
Segmentation

 Markets have a variety of product needs and preferences.

 Marketers can better define customer needs.

 Decision makers can define objectives and allocate


resources more accurately.
No Market Segmentation
Segmented by Gender
Segmented by Age
Segmentation Process
• Marketers follow two methods to determine the
bases on which to identify markets:
– Segments are predefined by managers based
on their observation of the behavioral and
demographic characteristics of likely users
– Segments are defined by asking customers
which attributes are important and then
clustering the responses
Criteria for Effective Segmentation
Responsiveness

Accessibility

Measurability /
Identifiability

Substantiality
Most important point
• In relation to responsiveness to different marketing
mixes, segments must be:
• Homogeneous within
• Heterogeneous between
Bases for Segmenting Consumer
Markets
Characteristics of individuals,
groups, or organizations used to
divide a total market into segments.
(variables)
Bases for Segmentation
Segmenting Consumer Markets

• Geographic Segmentation: Dividing an


overall market into homogeneous groups on
the basis of their locations
• Geographic – By country, region, city,
county, etc.
Segmenting Consumer Markets
• Demographic segmentation: dividing consumer groups
according to characteristics such as gender, age, income,
occupation, education, ethnicity, household size, and
stage in the family life cycle.
• Demographic – You segment consumers by personal
characteristics such as age, gender, marital status,
ethnicity, education, occupation, etc.
Psychographic Segmentation
• Psychographic Segmentation: dividing a population into
groups that have similar psychological characteristics, and
lifestyles.

• Lifestyle: people’s decisions about how to live their daily


lives, including family, job, social, and consumer activities.

• Psychographic – Their personality, values, lifestyle,


attitudes, interests, and opinions. Among the strongest
sources that form these factors are families, region,
schooling, and society.
Behavioral Segmentation

Behavioral – How they use the products?


Are they loyal to any product? What
benefits are people looking for from these
products?
Bases for Segmenting Business
Markets
Producers

Resellers

Government

Institutions

Company Buying
Characteristics Processes
Steps in Segmenting Markets

1 2 3 4 5 6
Select Choose Select Profile Select Design,
a market bases descriptors and target implement,
for for analyze markets maintain
study segmen- segments marketing
tation mix

Note that steps 5 and 6 are actually marketing activities that follow market segmentation (steps 1 through 4).
When you rationally segment your target customers you’ll
discover more and better sales opportunities. The best
market segments satisfy the following criteria:

• Group Identity – The best target groups are similar


inside segments and diverse across groups.
• Methodical Behavior – Segments must react similarly
to a given marketing tactic.
• Efficiency Potential – Feasibility and cost of reaching a
segment as well as its stability over time depending on
marketplace conditions.
Targeting

• Choosing one or more segments for which to design your


marketing operations
• According to the popular “DAMP” approach to targeting, as
defined by Philip Kotler (1984), for market segmentation to be
effective, all segments must be:
• Distinct: each segment must clearly differ from other
segments, which makes different marketing mixes necessary.
• Accessible: buyers must be able to be reached through
appropriate promotional activities and distribution channels.
• Measurable: the segment must be easy to identify and
measure.
• Profitable: the segment must be sufficiently large to provide a
stream of constant future revenues and profits.
Identify the Appropriate Targeting Strategy

Undifferentiated Strategy

Differentiated

Concentrated
Undifferentiated Strategy

Single
Marketing
Mix

Organization
Target Market
Differentiated Strategy

Marketing Mix 1

Marketing Mix 2
Organization

Target Market
Concentrated Strategy

Single
Marketing
Mix

Organization
Target Market
Cannibalization

Cannibalization

Situation that occurs when


sales of a new product cut into
sales of a firm’s existing
products.
STRATEGIES FOR REACHING
TARGET MARKETS
• No single, best choice strategy suits all
firms
• Determinants of a market-specific
strategy:
– Company resources
– Product homogeneity
– Competitors’ strategy
One-to-One Marketing

An individualized marketing method


that utilizes customer information to
build long-term, personalized, and
profitable relationships with each
customer.
- ‘share of customer’
Product Positioning
• The last part of the STP model is positioning, which
means to ensure that a brand occupies the right spot in
the mind of target consumers.
• Positioning is the means by which goods and services can
be differentiated from one another and thereby give
consumers a reason to buy.
• It encompasses two key elements.
• The first concerns the physical attributes, functionality,
and capability that a brand offers, such as a car’s engine
specification and design.
• The second element concerns the way in which a brand is
communicated and how consumers perceive the brand
relative to competing brands in the marketplace.
Perceptual Mapping

A means of displaying or graphing, in two or


more dimensions, the location of products,
brands, or groups of products in customers’
minds.
Repositioning

Changing consumers’ perceptions of


a brand in relation to competing
brands.
Benefits of using the STP Model
The key benefits of using the STP model include:
• enhancing a company’s competitive position
• providing direction and focus for marketing strategies
(including targeted advertising, new product
development, and brand differentiation) by allocating
resources to target segments
• identifying market growth opportunities through
identification of new customers or product uses
• effective and efficient matching of company resources
to target market segments which promise the greatest
return on marketing investment (ROMI)
THANK YOU

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