Summary how to make a successful marketing strategy in 3 steps (marketing management)
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Course
Marketing Management (BT1203)
Institution
Erasmus Universiteit Rotterdam (EUR)
the summary outlines how to make a successful STP, segmenting, targeting, and positioning. The content presents explicit explications of the procedural stages, case studies, practical implementation instances, and scholarly literature integration as rediscovering marketing segmentation, and analyzi...
Marketing Management
STP: how to make a successful marketing strategy in 3 steps
(Segmenting, Targeting, Positioning)
—> What is STP?
—> Segmentation :
- Why segment?
- Vertical & horizontal segmentation
- Segmentation variables & criteria
- When should we segment :
- The key trade-o of segmentation
- Readings: Rediscovering marketing segmentation & note on consumer segmentation
—> Targeting :
- How to target?
- Targeting strategies
- Determine segment attractiveness (inter-segment synergies & con ict, cannibalization)
—> Positioning :
- E ective positioning
- Developing a positioning strategy
- The 5-Box Positioning Statement
- Why is customer belief important?
- Analyzing customers perceptions
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, STP (who exactly are we talking to, what do they currently and desirably believe, what do we
need to say to shift their beliefs)
I. Segmentation (identify segmentation variables and segment the market & develop pro les
of the resulting segment)
—> divide the customers into meaningful groups with distinct needs, behavior, and wants
(homogeneity & same response to market stimulus). E ective tool linking marketing strategy
and customer behavior
• Why segment?
◦ E ciency (success) vs e ectiveness (least amount of time)
• Mass market strategy > e cient but not e ective > short but not success
• Customized strategy > e ective but not always e cient > success but
long-
• Segmentation > balance
◦ Allow for competition —> competing organizations —> rms should stay
realistic in the customers they want to target
◦ Cater to di erent needs > cant satisfy all customers with just one product (a
product for everybody is a product for nobody // Seth Godin )
• Target speci c niches > easier to satisfy few people
• Di erent groups of customers desire di erent bene ts and di er in how
they react to your 4Ps
◦ The fallacy of aggregation > something individual assumed for the entire group
• You can not segment to target everyone's needs > average is not
representative of the whole market
• person A likes strawberries and person B likes only bananas, it is
not possible to satisfy both with one single product
◦ Limited resources > luxury fashion can't a ord to manufacture for every
segment (quality product)
• Vertical & horizontal > best = both
◦ Vertical —> narrow selling focus to target customers in smaller groups (quality)
• Pro or normal version of a product
◦ Horizontal —> produce a wide spectrum of consumers, versions (quantity)
• Color, texture, con guration
◦ The long tail
• Less popular products developing a business sales model based upon
products in the long tail
• Provide a greater variety of inventory
• Low market demand and low sales volume
• Segmentation e orts will ideally yield “mutually exclusive and collectively
exhausted” segments
◦ ME: segments su ciently di erent so they do not overlap
◦ CE: identi cation should include all customers
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