The STP process

Brief introduction to the STP process - A marketing strategy is based on expected customer behavior in a certain market. In order to know the customer and its expected buying process of segmenting, targeting and positioning is needed.

Transcript

1. Segmentation - Targeting - Positioning Maximize your marketing impact ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
2. Who is your product for? ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
3. Who is your product NOT for? ...better yet ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
4. Segmentation Positioning Targeting ( Make a choice ) ( Increase relevance ) ( In the consumers mind ) ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
5. Get to know your customer ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
6. Segmentation is the process of understanding why people buy products and services like yours, which of those people you can best satisfy and what you can do to make your product simply irresistible to them ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
7. Demographic: ▪ Age ▪ Income ▪ Marital Status ▪ Education ▪ Family Size ▪ Gender ▪ Geographic Location ▪ Social Status ▪ Occupation Segm entation Criteria ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
8. Psychographic: ▪ Brand Preferences ▪ Price Sensitivity ▪ Conservative/Liberal ▪ Enviro-Friendly ▪ Hobbies ▪ Lifestyle ▪ Service Preferences ▪ Spontaneity ▪ Influenced by Peers ▪ Relationship Importance Segm entation Criteria ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
9. Behavioral: ▪ Purchase History ▪ Where They Shop ▪ Type of Store Preferences ▪ Association Memberships ▪ Internet Usage ▪ Impulsiveness ▪ Information Sources ▪ Buy Based on Trends ▪ Benefits sought Segm entation Criteria ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
10. The fundamental philosophy behind customer segmentation is that customers will be more inclined to buy something or take action when doing so addresses their specific needs ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
11. Example 1st. apartment moving in together buying house getting children remodeling project moving to something smaller (opportunity) (industry focus) summer cottage *(Segmentation - Targeting - Positioning) Example: Paint industry Existing focus and potential opportunities uncovered by STP*. Segmentation by - life stage + benefit sought ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
12. Example product $ price place promotion existing target segment indoor outdoor finish surface technical properties price driven paint retailer segment aligned ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
13. Example product $ price place promotion target segment (opportunity) non toxic eco friendly anti bacterial relevant added values premium related distribution (ex. baby equipment store) segment aligned ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
14. Predictability of consumer choice behaviour High Low Easy & Low Difficult & high Ease and cost of measurement Psychological Behaviour Demographics More specific knowledge = Difficult and costly to acquire More specific knowledge = Predictable behaviour equally ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
15. Best to use multiple approaches in order to identify smaller, better-defined target groups. Start with a single criteria and then expand to other bases. ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
16. Compatibility how aligned is this market to our goals? 5 criteria that indicate whether you have selected a viable target market Size how large is this target market? Worth pursuing? Expected Growth even if the market is small, it may be profitable if there are indications that it will grow. Competitive Position low competition equals attractive market. Cost to Reach is this market accessible with our tactics? 1 2 3 4 5 ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
17. Increase relevance ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
18. COMPANY your segments marketing mix a Undifferentiated targeting strategy ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
19. COMPANY your segments marketing mix a b c d Differentiated targeting strategy ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
20. COMPANY your segments marketing mix a UNSERVED UNSERVED UNSERVED Focused targeting strategy ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
21. segments marketing mix ( Men ) ( 50+ ) ( Sun ) ( Women ) Example Variation in Product, Price, Promotion & Place ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
22. How do you want to be perceived? ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
23. 1. Understanding target consumers 2. Analyzing Market/Competition 3. Defining Competitive Advantage(s) 4. Identifying relevant attributes 5. Communicating and Delivering Chosen position Developing the positioning strategy ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
24. The position should be different believable relevant position ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
25. Product / Service Promotion / Image Price / Value Place / Distribution People / Culture Differentiation Points choose one point of differentiation or a combination of many ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
26. Write your Positioning Statement For who the is a that unlike our product target consumer need or opportunity product name product category key benefit primary competition primary differentiation ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
27. public relations advertising media design distribution sales price public relations service event POS product competitions sponsorship Position should be supported in all touch points ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
28. A good positioning helps guide marketing strategy by clarifying the brand's essence, what goals it helps the consumer achieve, and how it does so in a unique way. ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
29. “The un-cola” “We try harder” “The fashion watch” “Safety” ( Volvo ) Great positions are unique, memorable and effective ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G
30. ANTHONY/HÖDAR B U S I N E S S & M A R K E T I N G Cris Anthony Hödar tel. 3042 4000 cris@anthonyhodar.com www.anhtonyhodar.com Want to learn about all of our rservices and how we can help your company? Please contact: