MARK 300 Lecture Notes - Lecture 5: Root Mean Square
Document Summary
Designing customer value driven market strategy select customers decide on value proposition segmentation differentiation create value for targeted customers targeting positioning. Segmentation- divide total market into smaller segments. Differentiation- differentiate market offering to create superior customer value. Positioning- position market offering in minds of target customers: always takes place relative to competitor and in the minds of customers. 4 major segmentation variables: geographic, demographic, psychographic, behavioral, choosing variables can lead to high levels of success or failure. Requirements for effective segmentation: measurable, accessible, substantial. Market targeting: evaluating various segments based on: Company objectives and resources: selecting target market segments. Target market- set of buyers sharing common needs or characteristics that the company decides to serve. Market targeting strategies undifferentiated marketing concentrated marketing targeting broadly targeting narrowly differentiated marketing micromarketing. Identifying possible value differences and competitive advantages: competitive advantage- advantage over competitors gained by offering greater customer value either by:
