Quick Study Notes for Market Segmentation

Segmentation, Segmentation, Targeting and Positioning / By

Quick Study Notes for Market segmentationDefinition of market segmentationThe process of splitting a market into smaller groups with similar product needs or identifiable characteristics, for the purpose of selecting appropriate target markets.What are segmentation bases?A definable characteristic, identity or behavior of an individual consumer that can be utilized to classify consumers into related groups.Why Use […]

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Quick Study Notes for markets, sub-markets and product-markets

Segmentation, Targeting and Positioning / By

Quick Study NotesMarketConsists of many buyers and sellers, within a particular industry or product category, who are seeking to create or gain value through the exchange of products for money.Sub-marketA smaller and more defined sector of an overall market, which has a number of differing marketing and structural features, which may include distinct distribution channels,

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Quick Study Notes for STP in Marketing

Positioning, Segmentation, Segmentation, Targeting and Positioning, Target market / By

What is STP in Marketing?STP stands Segmentation, Targeting and PositioningSTP is a process where a marketer:Segments an overall market,(segmentation)Evaluates each market segment on a set criteria,Selects the most appropriate target market/s for the firm,Then establishes an appropriate positioning in order to compete in that target market,Which would then be supported by the firm’s marketing mix

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Why Use a Brand Persona?

Consumer Behavior, Customer Relationship Management, Promotion Concepts, Segmentation, Targeting and Positioning, Services Marketing / By

Brand personas are commonly used in customer journey mapping, but are generally helpful in most aspects of marketing strategy development. This is because a brand persona – which is a representation of the typical customer in a target market – helps the firm more clearly understand the consumer.Generally firms will develop multiple brand personas –

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Brand Personas

Consumer Behavior, Customer Relationship Management, Promotion Concepts, Segmentation, Targeting and Positioning, Services Marketing / By

Using Brand Personas in Customer Journey MappingA fundamental principle of modern day marketing is to segment the market and select appropriate target markets. For more information on the market segmentation process, please refer to the market segmentation study guide.Target markets are smaller parts of the overall market, where consumers are grouped into sets of similar

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Difference between Positioning and a Value Proposition

Introductory Concepts, Positioning / By

 A key aspect of a successful marketing strategy is the clear definition and communication of a sought-after value proposition. A good way to think about the firm’s value proposition is consider what is different and beneficial about the firm’s (or brand’s) offering/s in the marketplace.Difference between Positioning and a Value PropositionIn business life, it is

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Challenges of product repositioning

New Product Process, Positioning / By

 In the classification of new products, product repositioning is considered to be a new product task. There are a numerous challenges and benefits associated with product repositioning as discussed in the following article. Please refer to a separate article for the benefits of repositioning, as well as an example of repositioning.What is product repositioning?Product repositioning

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National Australia Bank Repositioning Case Study

Marketing Strategy, Positioning, Promotion Concepts, Services Marketing, Videos / By

NAB’s Repositioning in the Australian Banking MarketThis video highlights a major campaign undertaken by the National Australia Bank (NAB). As you will see, this is probably one of the best executed campaigns that you will see, given that it uses so many different communication tools and its core message was effectively communicated in a very

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