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After studying this chapter you will: Understand why marketing strategy planning involves a process of narrowing down from broad opportunities to a specific target market and marketing mix, know about the different kinds of marketing opportunities, understand why opportunities in international markets should be considered,. | Chapter 3: Focusing Marketing Strategy with Segmentation and Positioning When you finish this chapter, you should 3-2 Chapter 3 Objectives 1. Understand why marketing strategy planning involves a process of narrowing down from broad opportunities to a specific target market and marketing mix. 2. Know about the different kinds of marketing opportunities. 3. Understand why opportunities in international markets should be considered. 4. Know about defining generic markets and product-markets. 5. Know what marketing segmentation is and how to segment product-markets into submarkets. 6. Know three approaches to market-oriented strategy planning. 7. Know dimensions that may be useful for segmenting markets. 8. Know what positioning is— and why it is useful. 10. Understand the important new terms. Exhibit 3-1 3-3 Marketing Strategy Planning Process Customers Company Competitors S. W. O. T. Segmentation & Targeting Differentiation & Positioning Product Place Promo Price Narrowing down to focused strategy with screening criteria External Market Environment Target Market Summary Overview Marketing strategy planning tries to match opportunities to the firm’s resources and its objectives. A key feature of successful marketing strategy planning is identifying attractive opportunities uniquely fitted to the strengths of the firm. Attractive Opportunities Breakthrough Opportunities. The best opportunities come when innovators develop hard-to-copy marketing strategies that will be profitable for a very long time. Teaching Tip: For a long time, Intel had a competitive advantage and high profits because most of the popular software was designed to work only on Intel computers. Competitive Advantage. With or without a breakthrough opportunity, long run success requires competitive advantage -- that is, having a marketing mix that the target market sees as better than a competitor’s mix. Differentiation. This means that the firm’s marketing mix if distinct from and better than what . | Chapter 3: Focusing Marketing Strategy with Segmentation and Positioning When you finish this chapter, you should 3-2 Chapter 3 Objectives 1. Understand why marketing strategy planning involves a process of narrowing down from broad opportunities to a specific target market and marketing mix. 2. Know about the different kinds of marketing opportunities. 3. Understand why opportunities in international markets should be considered. 4. Know about defining generic markets and product-markets. 5. Know what marketing segmentation is and how to segment product-markets into submarkets. 6. Know three approaches to market-oriented strategy planning. 7. Know dimensions that may be useful for segmenting markets. 8. Know what positioning is— and why it is useful. 10. Understand the important new terms. Exhibit 3-1 3-3 Marketing Strategy Planning Process Customers Company Competitors S. W. O. T. Segmentation & Targeting Differentiation & Positioning Product Place Promo Price Narrowing down to .
