THE UNIVERSITY OF NORTHAMPTON MODULE: STRATEGIC MARKETING (MKTM028-AUTAM)
MODULE TUTOR: PROF ASHISH GADEKAR
ASSESSMENT 2
SEGMENTATION, TARGETING AND POSITIONING
STUDENT ID: 17449034 STUDENT NAME: RAMLAL GEERISH
DATE: 06/06/2018 WORD COUNT: 3304 WORDS
Table of Content
List of Tables ............................................. ..................................................................... ............................................... ............................................... ................................. ......... 1 List of Figures ............................................................... ....................................................................................... ................................................ ..................................... ............. 1 1.
Introduction to STP ................................................ ....................................................................... .............................................. ..................................... .............. 2
2.
Segmentation ............................................. ...................................................................... ................................................ ............................................... .......................... 3 2.1. The identified variation and evaluation of segmentation base. ................................. ................................. 4 2.2. The Segment Evaluation Evaluation Criteria ............................................. ...................................................................... ................................. ........ 8
3.
Targeting Market ................................................ ........................................................................ ............................................... ........................................ ................. 9 3.1. Selections tools for targeting ............................................. ..................................................................... ...................................... .............. 10
4.
Positioning .............................................. ...................................................................... ............................................... ............................................... ........................... ... 16 4.1. Value Proposition Proposition - Positioning Statement ................................... .......................................................... .......................... ... 16
5.
Recommendation ................................................ ........................................................................ ............................................... ...................................... ............... 19
6.
References .............................................. ...................................................................... ............................................... ............................................... ........................... ... 20
List of Tables TABLE 1
STARBUCKS SEGMENTATION STRATEGY
TABLE 2
JAGUAR SEGMENTATION SEGMENTATION STRATEGY
TABLE 3
SAMSUNG SEGMENTATION SEGMENTATIO N STRATEGY
TABLE 4
MARKET SEGMENTATION SEGMENTATION CRITERIA
TABLE 5
STARBUCKS TARGETING STRATEGY
TABLE 6
SINGLE SEGMENT STRATEGY BY STARBUCKS
TABLE 7
SINGLE SEGMENT STRATEGY BY PEPSI CO LTD
TABLE 8
DIFFERENCIATED DIFFERENCIATED STRATEGY ADOPTED BY JAGUAR LTD
TABLE 9
SEGMENT SEGMENT EVALUATION MATRIX & DIRECTIONAL POLICY MATRIX
TABLE 10
CRITICAL REVIEW OF STP APPROACH USING VARIOUS LITERATURES
TABLE 11
VARIABLE FOR ASSESSING MARKET SEGMENTS SEGMENTS AND ATTRACTIVENESS ATTRACTIVENESS
TABLE 12
SAMSUNG SAMSUNG LTD TARGETING POLICY
List of Figures FIGURE 1
STAGES OF STP
FIGURE 2
SEGMENT SEGMENT EVALUATION CRITERIA
FIGURE 3
PERPETUAL MAP OF STARBUCKS
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1. Introduction to STP
Morton (1967) characterised the idea of marketing as “Identifying, anticipating & satisfying the market”. Henceforth, market”. Henceforth, segmentation has been regarded as a key theory in marketing (Wind, 1978, cited in Piercy & Morgan, 1993). “A market segment is therefore a group of individuals, groups or organisations sharing one or more similar characteristics” (Dibb, ( Dibb, et al., 2012). Hence, this specific group could possess the same characteristics namely some comparable needs and wants, the equivalent level of disposable income, and same geographic location, buying propensities and purchasing habits (Kotler, 2001). The concept of segmentation helps in targeting a specific group of customers adapted for the services and products offered. Therefore, in the midst of globalisation and enhance d awareness, businesses’ focal point must be on their clients in order to recognize and relate their company to the client’s client’s needs. Stiff competitiveness has generated the urge for organisations to preserve their prevailing market share while trying to conquer undiscovered market before their competitor. (Morton, 1967; Kotler, 2001; Morritt, 2007; Dibb and Simkin, 2008; Weinstein, 2011). The effective utilisation of this theory could upsurge new market segments through the classification of similar clients as individual markets. (Smith, 1956). Effective segmentation of the market usually aids firms to realize more profits than projected (Wind 1978).
“The formula - segmentation, targeting, positioning (STP) - is the essence o f strategic marketing” Restrepo (2010).
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Figure 1: Stages of STP
Adapted from: Kotler (2000)
2.
Segmentation
Segmentation, Targeting, Positioning (Yoo et. al., 2010), this approach is perceived to be one of the vital step in starting to market a product or service (Morton, 1967; Mehta & Vera, 1990) and can be used in a refined way to identify and attract more prospective clients in exploited and unexploited markets as well (Simkin and Dibb, 2010; Tabbachi, 2010; Weinstein, 2011). Similar basic needs and wants of individuals may be grouped altogether and tailor-made and affordable products or services can be supplied to this specific market segment in order to satisfy ones’ particular prerequisites. “Market segmentation involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviours that might require separate marketing strategies or mixes” (Kotler and and Armstrong, 2014). It affirms affirms to be the most essential and primary component (Jain, 2000) which controls the heterogeneity amongst the consumers (Dibb and Simkin, 2008). The observations of various scholars can be abridged in affirming that the identification of prospective clients by studying their prerequisites needs and wants and to develop an effective strategy to concentrate on those specific requirements thus generating brand
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loyalty. This is a comprehensive base in conducting business as it could be a tactical and or a planned benefit (Cahill 1997; Piercy and Morgan, 1993; Weinstein, 2011). Therefore, segmentation can be stipulated as the course of identification, division and proliferation of present and probable market based on their similarities or or differences. However, numerous scholars have challenged the practicality of this approach while conducting business in this dynamic market. This is in accordance to the failure of businesses and researchers in evaluating the validity and stability of market segments (Wright, 1996), its inability to suit particular objectives (Piercy and Morgan, 1993) and incompetence of basic models (Weinstein, 2011). There is the need to demonstrate that higher profit is generated from a focused market segments in contrast to unfocused ones. Hence this criticises the theoretical segmentation approach (Wright, 1996; Cahill, 1997). For example without conducting a proper market research a company could raise its chance to fail in this dynamic market like Apple Newton’s market entry as a PGA in the technological arena. arena. Thus segmentation has been acknowledged as very crucial element in marketing but the inability of its theoretical models to perform practically is often criticised. However, the theoretical models could be assessed by the increased level of profitability and performance on the market making the STP approach significant s ignificant in all industries. 2.1. The identified variation and evaluation of segmentation base.
The first tool used in most methodologies while conducting the segmentation approach is the identification of the variables which will determine the base of the segment (Piercy and Morgan, 1993). Many scholars have agreed upon the use of two common bases for segmentation namely profile or product based . “The variables considered in the profile based namely the geographical, demographical, behavioural, and psycho-graphical” psycho-graphical” (Kotler, 2001; Dibb and Simkin, 2008). Table 1, Table 2 and Table 3 analyses the segmentation adopted by various company.
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Furthermore, (Kotler, 2001; Dibb and Simkin, 2008) claimed that the variables that are usually considered “in product based variables are consumption patterns, benefits-sought, purchase occasions, attitude to product/ service.” service.” The “How alive are you?” campaign launched by Jaguar Car Company proved to be a success as being seductive, expressive, distinctive, spirited and great presentation and power – classy classy and audacious, and authenticity is usually perceived for Jaguar Collection, thus providing a stronger positioning power and emotional pull of Jaguar’s vehicles. Asd fgh jsd fghj kl;’# dg gf
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In spite of having large amount of data on these conventional criteria as from Table 4, the use of these bases to segment the market are subjected to criticism as they seldom coincide with the strategic goals of the business and thus choosing these criteria is usually an arbitrary practice instead of an analytical one. (Wright, 1996; Piercy & Morgan, 1993). Sometimes identifying segments is an arbitrary process. In addition, segmentation is unstable sometimes as consumers ‘demands tend to change significantly significantly (Hoek et al. 1993). 1993). An empirical evident where this concept is inadequate is with the Black and Decker company who faced a worldwide drop in its market share from 20% to 15%, as a result of an aggressive marketing competition from Japanese firms. Because of this Black and Decker shifted from providing customized products for each market segment and concentrated on providing standard products that could sell everywhere (Pizam2010). The use use of innovative criteria in segmenting a market proved to be very beneficial in some scenarios as well. An well. An outcome-based segment is actually the consumer's desired outcomes. An empirical example is the Motorola Company which discovered that approximately 100 desired outcomes are generated by radio users.
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Additionally, Parasuraman, et al. (2000) by the use of the Technology Readiness Index (TRI) have found a growing feeling of scepticism about technology amongst the mature usage of technology will not be beneficial that employing newer technology to accomplish tasks. In addition, Abu Dhabi educators were grouped in category of “laggards” and “explorers”. The outcomes of this reading recommend that this index might fit for a cross-culturally validation in Abu Dhabi education sector. Asd fgh jsd fghj kl;’# dg gf There is barely ever a single right approach in segmenting the market (Wind, 1978; Dibb and Simkin, 2008). Subsequently, the situational factor methodology has been established which is extremely definite as per its business or external condition within a precise time-period which could have a straight effect on its business. These variables are usually identified by the 7|Page
marketing specialists of that activity (Piercy and Morgan, 1993). An example of such a scenario can be the event before Olympics in 2012, where various hotels in UK would be segmenting prospective clients to increase their sales figures. figures. Asd fgh jsd fghj kl;’# dg gf 2.2. The Segment Evaluation Criteria
Once the segmentation model has been implemented, their effectiveness should be assessed by marketers (Kotler, 2001; Dibb and Simkin, 2008). Numerous readings have questioned the credibility and significance of such variables (Dibb and Simkin, 1998; Piercy & Morgan, 1993). The collective suggestions of these authors to access its effectiveness include the “measurability, sustainability, accessibility, action-ability, distinctiveness, compatibility” compatibility” (Kotler, 2001; Dibb and Simkin, 2008). A comprehensive record of these standards is suggested by myriad scholars is shown in Figure 2. Asd fgh jsd fghj kl;’# dg gf
Measurability – the the size, the purchasing ability, features Sizable – outsized outsized and cost-effective
Kotler (2000)
Accessibility – attainable attainable
Morritt (2007)
Differentiable – react react differently to diverse marketing mixes
Dibb and Simkin (2008)
Actionable – may may be attracted & served Accessibility Sales potential Profitability Environment situation sensibility Level of risk Strategic relevance
Sarabia (1993)
Level of interest Necessity for action Level of adequacy Sustainability against competitors Stability Figure 2: Segment Evaluation Criteria
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The judgment shaped after analyzing these conditions altogether stands in tandem to the suggestion made by authors Piercy and Morgan (1993). They argued that the most evaluative criteria were tested rationally and were demarcated b y the method of segmentation. In this phase of segmentation, it is usually regarded as a filtering stage to unearth more segments that are genuinely operable and accessible. Additional studies can be done before targeting the segment. Therefore, effective segmentation that made use of the simple model can be evaluated using such segment evaluation criteria namely “Measurability, Sustainability, Accessibility, & Action-ability can be considered effectively weighed for targeting”. targeting”. (Kotler, (Kotler, 2000) 3.
Targeting Market
"Target market very simply put is the market or sub market section like a segment at which firm aims its business” (Cahill, business” (Cahill, 1997). Target Marketing comprises of the method in assessing each and every market segment's pulling factor then picking one or more segments to explore (Kotler and Armstrong, 2006). Hence targeting can be termed as the process of the decision making with involves the assessment of segment pull prospect alongside existing resources in addition to organizational competencies (Dibb and Simkin, 2008). The significance of selecting a target market has been extensively studied by various researchers (Doyle, 1995; Cahill, 1997; Dibb and Simkin 2008; Kotler, 2001) and this is a fundamental fragment for forecasting procedure thus providing the organisation with the precise notion to the number and kind of segments to satisfy (Jain, 2000; Kotler, 2001). Target Marketing usually facilitates various businesses to earn an accurate strategic and representative plan amid its clients, products and services amongst them (Cahill, 1997). Table 5 shows its applicability through Starbucks Company. Asd fgh jsd fghj kl;’# dg gf Conversely, Wright (1996) asserts that market reaction is factual in nature and thus has no valid reason for picking a particular type of targeting over the other. Based on an experimental sampling research done on consumer goods in New Zealand (Wright, 1996) revealed that target marketing partook slight consequence on sales that originated from selected market sector compared to other segment. Asd fgh jsd fghj kl;’# dg gf
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Table 5: Starbucks Targeting Strategy Case Study: Starbucks
Starbucks sought to build a strong bond with its customers. Starbucks primarily targeted the parents having young kids and this proved to be successful. Then the company could increase its segment by targeting early teens plus enhancing its product range in the market (Kotler and Armstrong, 2006).
But this contradicting statement could be easily questioned as those case studies which were selected were very subjective and faltering (Cahill, 1997). Additionally, it is very difficult to measure the profitability of a standardised model in contrast of a product-specific model which would definitely provide an exact return and target segments would appear lucrative (Piercy and Morgan, 1993). Therefore, effective targeting might unquestionably be considered as an indispensable fragment of planning method. Asd fgh jsd fghj kl;’# dg gf
3.1. Selections tools for targeting
Numerous styles of targeting strategies have been exhibited by various researchers. Though Kotler (2001) enumerated five heterogeneous categories namely “the single segment concentration, selective specialization, product specialization, market specialization and full market coverage”. coverage”. Two Two types of strategies were formulated namely the “single-segment “single-segment strategy and the multi-segment multi-segment strategy” by strategy” by Dibb and Simkin (2008). Different businesses select different tactics rather adaptably which is further explained in Table 6 and Table 7. When Starbucks was first launched, the company employed the undifferentiated marketing strategy then Starbucks formed and preserved their marketing mix by capturing the market as a single segment (Table 6). Asd fgh jsd fghj kl;’# dg gf Asd fgh jsd fghj kl;’# dg gf Asd fgh jsd fghj kl;’# dg gf
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Table 7: Single Segment Strategy by PepsiCo Case Study: PepsiCo
Another example is that Pepsi Co originally used full market coverage
then
modifying
it
to
market
specialization.
Entertainment networks like Being Sports and SPR Sport concentrate on single segment strategy targeting the market of sports-lovers.
Boshoff et al (2002) suggested that with the concentrated targeting strategy, a niche market is carefully chosen to target market efforts. For instance, the Dunhill company market their products on high-priced regarded as a luxury end of its markets (Kotler, 1999). The multi-segmented strategy is the same as the differentiated strategy, thus the company offers various things to different segments (Randall, 2003). This methodology enables the company to fulfil different needs to the different segments for example is the Jaguar Motor Company Case as in Table 8. Asd fgh jsd fghj
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l;’# dg g Whatever tactics the businesses might choose to use; a systematic approach of assessing attainable segment is best to choose which is normally found by using the different targeting concept present (Dibb and Simkin, 2010). Asd fgh jsd fghj kl;’# dg gf The principal method that researchers establish evaluated market segments onto a two axes diagram, first axis representing ‘the needs segment satisfies’ and other axis matching ‘accessibility’ (Harris et. al., 1974). Since then numerous frameworks were established to aid companies to choose preferential segments. segments. The Starbucks targeting concept is prevalent among them. This simple method which is essential for expansion of all these procedures can be summarized in description of two basic models as summarised in Table 9.
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Table 10 and Table 11 provide the list of different criteria for segments attractiveness, segment qualification and business strengths. This is accompanied by suggestive weighing / ranking of each is included. Asd fgh jsd fghj kl;’# dg gf
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After reviewing these two models we can conclude that the optimal method of targeting would be a situational s ituational analysis as the t he SEM performs better when a new market product pr oduct is launched or new segment is targeted as it exclusively analyse two diverse scopes of segments while the DPM model should utilised as soon as industry’s industry’s strengths hold a vital part in the targeting plan. Similarly, for the case in segmentation, the factors for the two axes is required to modify when being used for a specific sector of organization and experts in that field should be consulted for making a final decision.
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These models can be used to select targeted market according to the how the strength of the business affects the targeting strategy of the corporation. Segment attractiveness dynamics must be selected after consulting of marketers’ experts marketers’ experts of the organisation. 4.
Positioning
“Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the target markets mind” (Kotler, 2001), the image of the product that has been perceived by its customers cust omers is the key component in this concept con cept (Rise and Trout, 1982 cited in Sagar et. al. 2010). A product is positioned in such a manner that it is perceived by consumers on important attributes namely quality, price, competitor, application and product class (Kotler & Armstrong, 2004). The Market Positioning is the strategic process for a product to occupy distinctive, clear and desirable place relative to similar products in the minds of target customers. A product’s position product’s position is the place that the product occup ies relative to competitors in the consumer’s minds. minds.
4.1. Value Proposition - Positioning Statement
Value proposition infers “a verbal statement that matches up the firm’s distinctive competencies with the needs and preference of a carefully designed set of potential needs” (Webster, 1994 cited in Morritt, 2007). The Positioning maps enlighten the price proposal proposed by management whilst positioning statement clarifies it to consumer attracting them. Positioning map/perceptual map (as shown in Figure 3) is a powerful marketing tool diagram which represents consumer’s insights consumer’s insights of the product and brand contributions and which might be utilised to quantify plus to assess the positioning strength of the particular product (Dibb and Simkin, 2008). Additionally, the positioning maps help to discover niche or openings in the marketplace (Morritt, 2007).
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Figure 3: Perceptual map
Source : Czinkota et al. (1997) The variable that is usually considered by numerous businesses for drawing axis is the value for money as seen in the example above of Starbucks Cafe. Despite the high price, more emotional benefits are a b etter choice than functional benefits, it is c oncluded that Starbucks Café is highly rated in the eyes of the customers. The company made an attempt to position itself as a premium service in its its industry. High standards were introduced alongside alongside new products with tremendous tremendous service. The approach of total quality management (TQM) was implemented having all stakeholders to relentlessly be involved in developing the quality of products (Kanji, 1996). The use of healthier products like non-fat items and the new Frappuccino made a substantial growth in the profitability of Starbucks. Gradually cookies, pastries, sandwiches and salads were also available in their shelves. This demonstrates exactly how wary the company was to maintain their high standard and goodwill in the market. When launched, Starbucks was costly and was positioned to its premium price as the company promised to offer premium services to its market. The premium raw materials were used to ma ke coffee, operational and proficient training were provided to staffs. These elements have supported their pricing policies and their positioning.
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Additionally,
“Samsung mobile has been the main developer in the 3G segment of mobile technology and has branded itself as the synonym for quality” (Bajaj, 2017). SamsungnMobile symbolizes style and expertise for the younger generation, with its forward-looking design and premium features. Samsung phones tend to have the fastest processors and brightestndisplays, as well as integrate innovative features such as curved displays which can be seen in Galaxy Note 8.
The positioning statement consists of a set of questions that has been questioned to describe several parts of operations / service relevant to customer. The 6 questions model consist in this statement is namely “‘for whom’, ‘what’, ‘when’, ‘where’,’ how’ and ‘why’” ‘why’” which was suggested by (Harris et. al. 1974).
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5.
Recommendation
Whenever a company or an institution is aiming to enter a new market or to harness unexploited market, the STP strategy allows the company to have a strategic advantage over its competitors. The division of the market can be done into homogeneous groups which identify the best group that the business will satisfy to its optimum. Hence, the company could easily target this portion of population to sell their product or service. The em ployment of this model helps to better plan a cost effective way to meet the needs of the target segments than the existing competitors. However, this strategy can be easily being replicated by the rivals of the company to gain its benefits. Despite, using this effectively model, there should always be efforts to target even narrower segments to fulfil various kinds of people. As a conclusive standpoint, different strategies must be used in different types of markets developed and exploited versus underdeveloped and unexploited market. The institution must employ the best market researchers so as to harness the market information. The segmentation, targeting and positioning is a tool create a better perception of the product in the eyes of its prospective customers. Different statistical approaches must be done in order to segment the market correctly and to target the required requ ired customers with a goal to exploit new markets.
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6.
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