MKC3140 Final:

• School: Monash University
• Department: Business - Marketing - MKC
• Course: MKC3140
• Professor: Felix

Document Summary

Segmenting, targeting, and positioning (stp) approach: to better match heterogeneous customer needs, firms focus their efforts on small homogenous customer groups. Segmenting: dividing market into groups of similar customers (slice the pie into pieces) Targeting: selecting best customer group to sell to (picking the slice to eat) Positioning: improve your relative advantage in the minds of your targeted customers (also addresses marketing principle 3 by building. Consists of dividing the market into groups of customers where: customers within group have very similar needs, customers across groups have different needs. Needs: needs and benefits desired by customers for your offering, segment on needs/benefits not descriptors, uses one of the cs as input: customers. Descriptors: observable customer characteristics that help you find and classify customers (e. g. , gender, age, income, size, education, etc. ) Segmentation steps: identify and refine pool of potential customers needs and descriptors (qualitative research, collect data from random assortment of potential customers on.