Marketing Strategies and Customer Relationship Management Essay.

Marketing Strategies and Customer Relationship Management Essay.

Target Marketing Strategy: Selecting and Entering a Market



Steps in the Target Marketing Process

Marketing Strategies and Customer Relationship Management Essay.

  • The STP Process
    • Segmentation
      • Identify and describe market segments
    • Targeting
      • Evaluate segments and decide which to go after
    • Positioning
      • Develop a marketing mix that will create a competitive advantage in the minds of the selected target market




  • Division of market into meaningful groups based on shared characteristics
  • Basic criteria for a segment
    • Homogeneous within
    • Heterogeneous between (differentiable)
    • Substantial
    • Meaningfully defined
    • Accessible
  • Segmenting by demographics: age and generational marketing
    • Children
    • Teens
    • Generation Y
      • Born between 1979 and 1994
    • Gender
      • Many products appeal to on sex or the other
    • Other Variables
      • Family life cycle
        • Family needs change over time
        • Different product categories ascend or descend in importance over the life style
      • Income
        • Strongly correlated with buying power
      • Social class
        • Consumers buy according to image they wish to portray rather than where they fall in the framework
      • Race and Ethnicity
        • Race and ethnicity
          • African Americans
          • Asian Americans
          • Hispanic Americans
        • Psycho graphics
          • Use psychological, sociological and anthropological factors to segment a market
        • Behavior
          • Behavioral segmentation:
            • Segments consumers based on how they act toward, feel about, or use a product
          • User status
          • 80/20 rule and
            segmentation by
            usage status
          • Long tail concept
          • Usage occasions

Marketing Strategies and Customer Relationship Management Essay.

Evaluation of market segments


  • A viable target segment should:
    • Have members with similar product needs/wants who are different from members of other segments
    • Be measurable in size and purchasing power
    • Be large enough to be profitable
    • Be reachable by marketing communications
    • Have needs the marketer can adequately serve


Developing Segment Profiles


  • After segments are identified, profiles or descriptions of the “typical” customer in a segment are developed
    • Segment profiles might include demographics, location, lifestyle, and product-usage characteristics


Choosing a Targeting Strategy


  • Customized marketing strategy
    • Tailoring specific products to individual customers
    • Common in personal and professional services, and in industrial marketing
    • Mass customization
      Modifying a basic good or service to meet the needs of an individual
  • Evaluating possible targeting strategies
    • Market with 5 different segments
    • Types of strategies
      • Undifferentiated
        • One strategy for everyone (mass marketing)
      • Differentiated
        • Different product offerings for each segment
      • Concentrated
        • Only focusing on one segment (do what you do best). Most companies start with this




  • Developing a marketing strategy to influence how a particular market perceives a good/service in comparison to the competition
  • Modifying positioning strategies
    • Repositioning is commonly used to change the brand image
      • Requires redoing a product’s position in response to marketplace changes
    • Repositioning may breathe life into retro brands
      • A once-popular brand that has been revived to experience a popularity comeback, often riding a wave of nostalgia. Marketing Strategies and Customer Relationship Management Essay.

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