International Marketing 3.2
3.2 Targeting and Positioning (STP)
3.2 Targeting and Positioning (STP)
Set of flashcards Details
| Flashcards | 13 |
|---|---|
| Language | Deutsch |
| Category | Marketing |
| Level | University |
| Created / Updated | 24.11.2014 / 13.03.2015 |
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Market targeting is...
"The choice of which market segment(s) to serve with a tailored marketing mix.”
After identifying market segments, the marketer decides which present the greatest opportunities
5 Requirements for effective targeting
Measurable
Accessible
Substantial
Actionable
Differentiable
Measurable
Degree to which size, purchasing power and profits of a market segment can be measured
Accessible
Degree to which a market segment can be reached and served
Substantial
Degree to which a market segment is sufficiently large or profitable
Actionable
Degree to which effective programmes can be designed for attracting and serving the given market segment
Differentiable
Degree to which a segment is conceptually distinguishable and responds differently to different marketing-mix elements and programs
Assessing market potential
Three basic criteria
1.Current size of the segment and anticipated growth potential
2.Competition
3.Feasibility and compatibility with the company's overall objectives
Company capabilities
It must be also assessed whether the company has the capability to compete in the targeted market segment. The following criteria must be assessed:
Capability to Compete
- Exploitable marketing assets
- Cost advantages
- Technological Edge
- Managerial Capabilities and Commitment
MARKET POSITIONING
The act of designing a company’s offering and image to occupy a distinctive place in the minds of the target market. The goal is to locate the brand in the minds of consumers to maximize the potential benefit to the firm.
According to Ries and Trout, there are three positioning alternatives:
- Strengthen a brand’s current position in the mind of the consumers
- Search for a new unoccupied position that is valued by enough consumers and occupy that
- De-position or re-position the competition
In order to position a brand you must decide…
…who the target consumer is
…who your main competitors are
…how the brand is similar to your competitors
…how the brand is different from your competitors
International positioning decisions
- Standardisation
- Adaptation
