BSB126 Lecture Notes - Lecture 3: Kfc, Bottled Water, Pizza Hut
Marketing – Segmentation, Targeting, and Positioning (marketing strategy)
- Marketing Strategy – Create value for targeted customers
oIdentify who the right customers are
Segmentation – Divide the total market into smaller segments
Targeting – Select the segment(s) to enter
oValue proposition – why they should buy from you
Differentiation – Differentiate market offering to create superior value
Positioning – position offering in the minds of target customers
- Process
oDivide total market into smaller segments
Each group has similar needs
oSelecting which segment to target
What’s the best marketing mix for each segment
Serve segment a and segment b, but not segment c because of lack of
resources, competitiveness, lack of expertise etc.
oDifferentiate product in all forms to create superior value in the minds of customers
oPosition the product in the customer’s mind as favourable
- Vital to understand target customers so the product can be segmented and positioned
better
- Strategic Thinking
oStrategy and Tactics need to be aligned
oStrategy (the why) is ‘invisible’
- Understanding the customers
oStep 1 – Identify the target market
oStep 2 – Develop a value proposition
- Marketing Mix
oProduct service
All attributes – sizes, shapes, forms, colours, varieties, which features it has,
big/small
What services come with it – installation, how to use, networks
oBrand
Premium
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Marketing segmentation, targeting, and positioning (marketing strategy) Marketing strategy create value for targeted customers: identify who the right customers are. Segmentation divide the total market into smaller segments. Targeting select the segment(s) to enter: value proposition why they should buy from you. Differentiation differentiate market offering to create superior value. Positioning position offering in the minds of target customers. Process: divide total market into smaller segments. Each group has similar needs: selecting which segment to target. What"s the best marketing mix for each segment. Vital to understand target customers so the product can be segmented and positioned better. Strategic thinking: strategy and tactics need to be aligned, strategy (the why) is invisible". Understanding the customers: step 1 identify the target market, step 2 develop a value proposition. All attributes sizes, shapes, forms, colours, varieties, which features it has, big/small. What services come with it installation, how to use, networks: brand. How will customers hear/see/observe communications: distribution.
