Chapter 7. Customer-Driven Marketing Strategy: Creating Value for Target Customers. Md. Afnan Hossain. Lecturer, School of Business & Economics
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1 Chapter 7 Customer-Driven Marketing Strategy: Creating Value for Target Customers Md. Afnan Hossain Lecturer, School of Business & Economics Source: P. Kotler & G. Armstrong (2015) Principles of Marketing; V.S.Bahar, Presntation, NSU MKT 202
2 Chapter Outline Customer-Driven Marketing Strategy Market Segmentation Market Targeting Differentiation and Positioning
3 Designing a Customer-Driven Marketing Strategy In concept, marketing boils down to two questions: (1) Which customers will we serve? and (2) How will we serve them?
4 Market Segmentation
5 Market Segmentation Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
6 Segmenting Consumer Markets Geographic segmentation Demographic segmentation Psychographic segmentation Behavioral segmentation
7 Segmenting Consumer Markets
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11 Geographic Segmentation Geographic segmentation divides the market into different geographical units such as nations, regions, states, counties, or cities (Magic vs Colgate; rural vs urban). A company may decide to operate in one or a few geographical areas, or even operate in all areas but pay attention to geographic differences in needs and wants. World region/country; Country region; City or metro size; Density (urban, rural, suburban); Climate (northern, southern).
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13 Psychographic Segmentation Psychographic segmentation divides buyers into different groups based on social class, lifestyle, or personality traits. Personality refers to the unique psychological characteristics. Lifestyle is a person s pattern of living and how they interact in the world.
14 The Benjamin Hotel in New York City provides dog beds in a variety of styles and doggie bathrobes, as well as canine room service and DVDs for dogs. Refer to the case: W Hotels: Not Just a Room- It s a Trendsetter Lifestyle. Page - 219
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18 Criteria for effective Segmentation Four things that are considered before considering a segment a viable target for a company: Individuals or businesses within the segment should be homogeneous. The segment should differ from other segments. The segment should be large enough It should be reachable through some type of media OR channels of distribution. Measurable Accessible Substantial Differentiable Actionable
19 Market targeting
20 These Three Things to Consider Segment Size & Growth Segment Structure Attractiveness Company Objective & Resources
21 Market Targeting strategy: selecting segments Company Marketing Mix Market A. Undifferentiated Marketing Company Mix 1 Company Mix 2 Company Mix 3 Segment 1 Segment 2 Segment 3 B. Differentiated Marketing Company Marketing Mix Segment 1 Segment 2 Segment 3 C. Concentrated Marketing
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23 Undifferentiated (mass) Marketing Example: For many years, Coca Cola offered only one product version for all consumers.
24 Differentiated (segmented) Marketing Example: Holiday Inn Crowne Plaza, and Holiday Inn Economy hotels.
25 Concentrated (Niche) Marketing Example: Rolls Royce has focused its automobile business exclusively on the high income segment.
26 Micromarketing (Local Marketing) Example: In Manhattan, around Penn Station and the Port Authority, it sells sandwiches and quick lunches to the area s many office workers.
27 Criterions to select a targeting strategy Competitors Strategies Company Resources Market Variability Factors Affecting targeting Strategy Decisions Product Variability Stage in Life Cycle
28 Criterions to choose a targeting strategy Company resources: limited resources concentrated marketing. Product variability: Uniform products, undifferentiated marketing. Steel; mineral water. Variety products, differentiation or concentration. Automobiles. Cameras. Industry life-cycle stage: new: one version, undifferentiated or concentrated marketing. Mature stage, Differentiated. Market variability: same tastes, buy same amounts, react same way to marketing offers, undifferentiated. Competitors marketing strategies: competitors use differentiated or concentrated, then undifferentiated is suicidal. Competitors use undifferentiated, then differentiated gain advantage.
29 Differentiation and Positioning
30 What is Positioning? Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. Shoe Industry: Bata durable, Hush Puppies comfort. Nike Athletic performance. Car industry: Maruti Suzuki economy, Cadillac/Mercedes luxury, Volvo Safety, Toyota Fuel efficient. Discussion: Why is it important that the positioning should be differentiable?
31 The 3-C s Model by Kevin Lane Keller Customers Company Positioning Competitors
32 Case of HSBC Customers Hate faceless banks, Want global expertise, Hate Globalised offerings The world s Local Bank Company Localised Expertise, Decentralised No Fixed Origin, Competitors National Identities, No Differentiation Cold, Uncaring
33 Choosing a Positioning Strategy 1. Identifying possible value differences and competitive advantages. 2. Choosing the right competitive advantages. 3. Selecting an overall value positioning strategy.
34 Identifying possible value differences and competitive advantages Marketer must understand customer needs better than competitors do and deliver more customer value. offer consumers greater value, either through lower prices or by providing more benefits that justifies higher prices. In what specific ways company can differentiate its offer? Market offer can be differentiated along the lines of product, services, channels, people, or image.
35 Identifying possible value differences and competitive advantages Product differentiation: can be done via product features (XPEL lavender), performance (Hero Honda performance in terms of mileage), design (shada kalo ; Aarong). Services differentiation: speedy, convenient, careful delivery. (DBBL: most number of ATM booths, FedEx - overnight delivery, Lexus after sales service. People differentiation: better trained people. (Disney world). Channel differentiation: channels coverage, expertise, and performance. (Fresh direct, Amazon). Image differentiation: company or brand image Rolex (status via top notch design) Tiffany s. Symbols: apple for Apple computer, Mofiz of Magic, Blue for GP, Orange for Bangla Link.
36 Choosing the right competitive advantages How many differences to promote and which ones. How many differences to promote: only one benefit (Colgate - protection) (Magic dur hok mukher durgondho). more than one benefit: Loreal total repair 5 (anti-hair fall, dullness, dryness, roughness, split ends); Lever 2000 (three-in-one bar soap I.e. offering cleansing, moisturizing and deodorizing benefits).
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38 Discussion: Pros and cons of promoting one benefit and promoting multiple benefits.
39 Choosing the right competitive advantages Differences to promote should be: page 235. Important Distinctive Superior Communicable Preemptive Affordable Profitable
40 Selecting an overall value positioning strategy Value proposition is the full mix of benefits upon which a brand is positioned. Why should I buy your brand? customer s question.
41 Five winning value propositions upon which companies can position their products: More for more: upscale product at higher price. Mercedes-Benz automobiles; Tiffany s ring More for the same: Lexus vs Mercedes The same for less: Wal-Mart, Kindle Fire tablet Less for much less: Costco More for less: winning value proposition. P&G laundry detergent (best cleaning and everyday low price), Home Depot.
42 Developing a Positioning Statement A statement that summarizes company or brand positioning. To (target segment and need) our (brand) is (concept) that (point of difference). Evernote - To busy multitaskers who need help remembering things, Evernote is digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet and the web
43 Communication and Delivering the Chosen Position Choosing the positioning is often easier than implementing the position.
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