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Need an account? Click here to sign up. Download Free PDF. Segmentation, Targeting, and Positioning. Majid Ayoubi. Niranjana Srinivasan. Stefy Retxe. Adebola Oriola. Delphister Mutale. A short summary of this paper. Market segmentation nowadays is a major activity providing companies with the ability to successfully identify customers, to match with their products.
The three aspects are in importance for the decision planning process. The Process of Segmentation, Targeting, and Positioning. The formula - segmentation, targeting, positioning STP - is the essence of strategic marketing. Figure 1 provides an overview of these elements.
STP positions itself with key advantages through facilitating the creation of marketing communication plans, providing marketers with the capability to prioritize propositions, and then develop and deliver personalized, and relevant messages to different customers Ellson, Figure 1. Ellson, Segmentation comes along with massive data, ranging from customers demographics, incomes, preferences, profiles, educational achievements, and on top of all that a wide array of changing customer needs, the challenge poses itself through translating the big data analyzed, and transform it into an effective marketing mix of product, price, place, promotion, ensuring it satisfies the people, and processes.
Although literature regarding market segmentation is abundant, the guidance stays to its minimal for managers to accomplish and achieve Dibb , Product positioning necessitate that marketers keeps it as a point of reference in a product roll outs, as it can side line what customers really want or need from a specific product or service, as what really matter to customer is the perceived benefits of the product. Positioning of a brand, appeals to consumer needs, because of a unique feature, shaping the consumer preference, and leading to creating loyalty fuchs, Segmenting the Market.
This allows companies to approach customers with products addressing their needs, and meeting the preferences, while maintaining their competitive edge. Targeting By identifying the market segments, marketers need to decide which market place they intend to serve or offer their products. Upon deciding on or identifying the target group the company may select to apply a single or a combination of marketing strategies; such as mass marketing undifferentiated marketing , single segment differentiated marketing or multi-segment concentrated marketing Simkin, The question remains which strategy the company shall apply is highly dependent on a number of market, product offering, and competitive factors.
By considering the above, targeting specific population becomes more organized, to ensure cost efficiency, and effectiveness of resources in the marketing efforts, instead of offering it to a mass market Kotler et al, Figure 3. Positioning The third and final stage in the market segmentation process covers positioning. Once the company identifies the segments and chosen which segment or segments to target the final step is to decide on precisely, on how and where in targeted segments to pitch a product or a brand.
As Describes by Aaker, what differentiates a product is not just calling a feature unique, it must mean something to customers in the manner of being relevant and important. Upon definition of the same then draw a clear image on what perception each market segment has about the products, enabling marketers to position their product in a more competitive angle, assisting in devising an effective market campaign appreciated in the minds of customers.
Ernst et al. The marketing team will launch a communication plan to the target customers, with an objective of creating customer awareness on the availability of such product in the market. If the associated steps are not carefully assessed during implementation, product credibility may be at stake, such as overemphasizing product attributes during positioning with a limited opinion about the product in the market Ernst et al.
Product may fail to satisfy the need of the customer, resulting in customer attritions. Failure to use appropriate positioning methods and channels can result in a weak positioning, implying that positioning messages are incorrectly communicating the attributes of a product to the target market.
Improper communication, may push the customer to purchase from competitors products, due to the fact of having a vague picture of the company products, and having a full understanding of competitors. Overall, market positioning is a vital activity that allows the customers to differentiate a product from competitors in the market. Through positioning, new customers are attracted and old customers retained.
Successful positioning is an indication that the business has understood the customer needs and expectations Ernst et al. STP Critique STP have been found to be an effective strategy in creating and expanding in markets, yet this strategy has been limited by current economic trends Lynn, Globalization has opened markets both domestically and internationally, increasing the competition world-wide, making it easier for customers to purchase from any business around the world, posing a challenge on marketers in creating an effective segmentation or strategic positioning.
Consequently, governments adopting free-market economic systems has resulted in increased competition because of high number of services and products providers availability locally and globally.
At some point, all the useful segments in a market will have been identified and any further segmentation will produce segments that are insufficiently differentiated in terms of drivers of demand or too small to profitably target Lynn, Additionally, emergence of e-commerce has exposed consumers to new purchasing channels, implying that a customer may be influenced by a company targeting and positioning strategy, yet, for pricing, delivery, or convenience reasons, the customer may decide to purchase online from another supplier in another region.
Critiques of STP state that consumers belong to more than one segment rather than just one segment. Further, it is wrong to assume that it is more profitable to target segments with the greatest response because segments outside the target group are in most cases aware of the marketing mix and targeting the segment with the greatest response is not necessarily the same as producing the marketing mix with the greatest response Lynn, Implying a lost business opportunity and may lead to discrimination and exploitation in some instances.
Al STP Application. American Express marketing strategies at its core revolves around STP, with its global presence through its 3 main product lines: Consumer, corporate, travel accounts and services. Over Years plus of history, American Express has positioned itself as an accessible, convenient, secure and trustworthy, Bhasin et. The success of American Express company can be accredited to its ability to identify viable, profitable, and long-term segments, and tailor products meeting the needs and demands of global markets across the years of its service.
American Express Segments their market primarily on geographical location, psychographics, and demographics. Targeting American Express target affluent professionals, business travelers, seeking experience around the payment services offered, and features across the board that may meet their needs, while providing a peace of mind. Applying differentiated marketing, American express effectively reaches to target groups based on their lifestyle, shopping, travel, and status preferences. For example, American Express target early career graduates whose income bracket is between to USD by the Bleu credit card, offering them financial flexibility, and revolving payment options.
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