MKTG__6_Customer_Value_Driven_Marketing_Strategy__Ch.6_.pdf | Download for quality grades | 100% correct answers|

Document Content and Description Below

Chapter 6 – Customer Value-Driven Marketing Strategy Objective 6-1 Define the major steps in designing a customer value-driven marketing strategy: market segmentation, targeting, differentiation, ... and positioning. Marketing Strategy – ● Figure 6.1 shows the four major steps in designing a customer value-driven marketing strategy. ● In the first two steps, the company selects the customers that it will serve. ● Market segmentation involves dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. ● The company identifies different ways to segment the market and develops profiles of the resulting market segments. Market targeting (or targeting) consists of evaluating each market segment’s attractiveness and selecting one or more market segments to enter. ● In the final two steps, the company decides on a value proposition—how it will create value for target customers. ● Differentiation involves actually differentiating the firm’s market offering to create superior customer value. ● Positioning consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Objective 6-2 List and discuss the major bases for segmenting consumer and business markets. Market Segmentation – ● Buyers in any market differ in their wants, resources, locations, buying attitudes, and buying practices. ● Through market segmentation, companies divide large, diverse markets into smaller segments that can be reached more efficiently and effectively with products and services that match their unique needs. ● In this section, we discuss four important segmentation topics: segmenting consumer markets, segmenting business markets, segmenting international markets, and the requirements for effective segmentation. Segmenting Consumer Markets – ● There is no single way to segment a market. A marketer has to try different segmentation variables, alone and in combination, to find the best way to view market structure. ● Table 6.1 outlines variables that might be used in segmenting consumer markets. Here we look at the major geographic, demographic, psychographic, and behavioral variables. [Show More]

Last updated: 10 months ago

Preview 1 out of 20 pages