Mkt 3010 1st Edition Lecture 8 Outline of Last LectureMarket segmentation/STP analysisStep 1: Establish Overall Strategy or ObjectivesStep 2: Segmentation- 6 MethodsStep 3: Evaluate Segment attractivenessOutline of Current Lecture Ch. 9Step 4: Select Target Market- Undifferentiated, Differentiated, Concentrated, MicromarketingStep 5: Identify and Develop Positioning StrategyPositioning StrategiesRepositioningCh. 10Marketing research- objectives and considerationsCurrent LectureFeb. 10, 2015 Chapter 9: STP strategiesStep 4: Select Target Market- Undifferentiated Targeting Strategy-looking at entire market***was mostly used in production era and least likely to see todayo Mass marketingo Uniform benefits (one type of product)o No separate strategies createdThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.o Lowest cost option but no customer loyalty- Differentiated Targeting Strategy- breaks up the marketo Target several market segmentso Provide variety of different offeringso Costly but builds brand loyalty and company strength—don’t have to rely on one product to do wello Beware of Cannibalization- producing two or more different products for the same segment (only way this is worth it is if the product attracts consumers from competitors) - Concentrated Segmentation Strategy- breaks up market but only target one segmento Niche Marketingo Single target market selectedo Go after a large share of segmento Most young companies start hereo Gets to know customers really well- Micromarketing- segmenting and targeting to individual customerso One-to-one marketingo Mass Customizationo Tailor to individual customero Economic downfall lead to an increase in this kind of marketing because people were looking for the increased value that personalized products provided.o Technology also lead to an increase because more consumers are feeling comfortable buying onlineStep 5: Identify and Develop Positioning Strategy- Define marketing mix variables- Understand product- Value proposition- statement that summarizes the product value compared to competition- 2 Strategies:o Focus on how product affects the consumer (depends on how much market share a product has) Value, Salient Attributes (determinant attributes), symbol (branding)o Superiority to competitor’s offering- trying to turn consumers away from competitor’s productPositioning Strategies- Perceptual map- for a segment, where does product fall on this map in terms of the determinantattributes.- Identify competitor’s positions- Determine consumer preferences- Select the position- Monitor the positioning strategyRepositioning- “Moving” a product in the consumer’s mind- Change your marketing mix- Change competitions’ positionChapter 10: Marketing ResearchMarketing Research- Objective: Successful decision making- Data is systematically:o Collectedo Recordedo Analyzedo Interpreted- Three things must considered before you researcho Will research be useful?o Will management be willing to support and abide by the results?o How much should you be spending on the project and what is the size?Key Terms:Undifferentiated targeting strategyDifferentiated targeting strategyConcentrated segmentation strategyMicromarketingCannibalizationValue PropositionPosition mapRepositioningMarketing