Marketing Fundamentals Week 2 Deakin University PDF

Preview

Summary

Notes for Marketing Fundamentals Deakin Uni 2018/2019. Details core concepts & theories...

Description

Marketing Week 2 Consumer Behaviour and Consumer Markets

Consumer-Driven Marketing Strategy (STDP)

Step 1: Market Segmentation

Requirements for Effective Segmentation Market Segments must be -

Accessible: o Able to be reached and served

-

Substantial o Segment size is profitable Differentiable o Segments are conceptually different and respond to different marketing mix Actionable o Effective programs can be designed to serve segments

Step 2: Market Targeting Strategies

Step 3: Differentiation and Positioning

Selecting an overall positioning strategy The value proposition is the full positioning of a brand – the full mix of benefits upon which it is positioned

Developing a Positioning Strategy A positioning statement summarises company or brand positioning and normally takes the following form:

Positioning Map

Communication and Delivering the Chosen Position

STDP Strategy for Mercedes A Class Step 1: Segmentation, Develop a Segmentation Table

Segmentation Table

Step 2: Targeting

Targeting From the three viable market segments developed: -

Young Professional Corporate Executive Empty Nester

Who should Mercedes Target? -

The young professional because they o Live in a major city o Is aged between 25 and 45 years and is tertiary educated o Is ambitious and aspirational o Spend free time with friends and visibly show their success

Step 3: Differentiation and Positioning

Differentiation and Positioning -

Considering the Target Market, what is Mercedes’ value proposition, i.e., how should it differentiate the A Class Car?\...