College aantekeningen

Chapter 7 Marketing Notes

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Marketing

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Vrije Universiteit Brussel (VUB)

Chapter 7 of Marketing course of year 1 of Bachelor of Business Economics. Comprehensive notes completed with information from class and the slides provided by the teacher, and all the graphs and schemes seen in the course. Hope they can help you study for the exam :)

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chapter 7: Customer value-driven Marketing
Strategy
Type Lecture

This document discusses customer-driven marketing strategy, specifically focusing on market
segmentation, targeting, and differentiation and positioning. It emphasizes the importance of
understanding customer needs and behaviors, and highlights different segmentation criteria such
as geographic, demographic, psychographic, and behavioral. The document also explores
Description various targeting strategies, including undifferentiated mass targeting, differentiated segmented
marketing, concentrated niche marketing, and micromarketing. Additionally, it explains the
concept of product positioning and provides techniques for developing a mission or positioning
statement. Overall, the document emphasizes the significance of creating value for target
segments and effectively differentiating a brand or product in the market.

Reviewed

CUSTOMER-DRIVEN MARKETING STRATEGY
customers differ in needs, wants and buying behaviour

one of the most important marketing decisions is to determine which customers to build a customer
relationship with

THE STP STRATEGY:

chapter 7: Customer value-driven Marketing Strategy 1

, MARKET SEGMENTATION
Usually a company does not try to appeal to everyone → targets and attracts some type of customers and
rejects other types of customers

market segmentation = dividing a heterogeneous market into smaller segments with distinct needs,
characteristics or behaviours that might require separate marketing strategies or mixes

= the process of dividing a company’s market
with potential customers into subsets of potential
customers with similar needs and behaviours

Reasons for market segmentation:

in line with the marketing concept

chapter 7: Customer value-driven Marketing Strategy 2

, heterogeneous markets with different needs

different reactions toward marketing

organisational capabilities are different

competition

new technologies and communication techniques

Why market segmentation is the first step?

getting to know the target audience(s) is fundamental → gathering insights on needs, preferences,
behaviour

going into marketing mix tactics prematurely before knowing the audience is a common pitfall in marketing
strategies ⇒ choosing and knowing the segments should precede positioning, and marketing mix
decisions such as pricing, promotion channels, messages

segmentation is the foundational step in marketing strategy development because it ensures that
subsequent decisions about positioning and the marketing mix are aligned with the needs of the target
audience

https://www.youtube.com/watch?v=Mco8vBAwOmA

Pros and cos of market segmentation:

PROs CONs

matching customer preferences market research costs

more effective marketing and advertising design costs
strategy
production costs
stronger marketing messages (not generic)
promotion costs
boosts client satisfaction and retention
inventory costs

small segmentation may not be profitable

Segmentation criteria

many possible criteria exist to divide the market into different segments

the main criteria that are being used are geographic, demographic, psycho-graphic, behavioural

often a combination of segmentation criteria is used

SEGMENTATION OF CONSUMER MARKETS SEGMENTATION OF BUSINESS MARKETS

geographic geographic

country country

region region

city city

density density

climate climate

demographic demographic

age industry

chapter 7: Customer value-driven Marketing Strategy 3

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