BU352 Chapter Notes - Chapter 6: Psychographic
BU-352 Chapter 6: Segmentation,
Targeting, and Positioning
Segmentation-Targeting-Positioning Process
1. Establish Overall Strategy or Objectives
a. Articulate mission and objectives of marketing strategy
2. Segmentation Bases
a. Geographic
b. Demographic
c. Psychographic
c.i. VALS, Questionnaire that classifies consumers into 8 segments
c.ii. Innovators, Thinkers, Believers, Achievers, Strivers, Experiencers, Makers,
Survivors
d. Behavioral
3. Evaluate Segment Attractiveness
a. Is the segment identifiable?
b. Is the segment reachable?
c. Is the segment responsive?
d. Is the segment sustainable and profitable?
4. Select Target Market
a. Undifferentiated Strategy
a.i. Used if the product is perceived to provide the same benefits to everyone with
no need to develop separate strategies for different groups
b. Differentiated Strategy
b.i. Used by a firm that targets several market segments with a different offering for
each
c. Concentrated Strategy
c.i. Selecting a single primary target market and focusing all energy on providing a
product that fits that market’s needs
d. Micro Marketing Strategy
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Document Summary
Segmentation-targeting-positioning process: establish overall strategy or objectives, articulate mission and objectives of marketing strategy, segmentation bases, geographic, demographic, psychographic c. i. Vals, questionnaire that classifies consumers into 8 segments c. ii. Is the segment sustainable and profitable: select target market, undifferentiated strategy a. i. Used if the product is perceived to provide the same benefits to everyone with no need to develop separate strategies for different groups: differentiated strategy b. i. Used by a firm that targets several market segments with a different offering for each: concentrated strategy c. i. Selecting a single primary target market and focusing all energy on providing a product that fits that market"s needs: micro marketing strategy d. i. Extreme form that tailors a product to an individual customer"s needs/wants. Identify and develop positioning strategy: positioning a. i. The mental picture that people have about a company and its products relative to competition: positioning statement b. i. Competition c. v. market leadership: positioning by using perceptual mapping d. i.
