Notes from our lecture with Anirudh Dhebar at Babson College, 18/9/17.
STP – segmentation, targeting and positioning.
- Demographics based segmentation
- Application based segmentation
- Benefits based segmentation
- Behavioural based segmentation
Principles for good segmentation
- Definition – must be homogenous in segment and heterogenous across segments
- Segments must be actionable
- Must be separable
- Segments must be large enough.
Segment customers, not your product/interests.
First you segment, then you target…
Then you position with this statement:
For (1) customer segment, our (2) product offers (3) USP compared to (4) competitors and this is the (5) basis for this claim.
How to create a marketing plan:
Three big sections with subsections…
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Discerning market sensing
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Situation analysis
- Contextual analysis
- PESTEL analysis about different environments: Political, Economic, Social, Technological, Environmental regulations, Legal.
- Industry analysis
- Michael Porter five forces framework + Anirudh’s extra 3
- Changing power of the buyer
- Changing power of the supplier
- Rivalry among incumbents
- Threat of new entrants
- Threat of substitutes
- Dynamics of technology
- Dynamics of complementary products
- Dynamics of standards and regulations
- Michael Porter five forces framework + Anirudh’s extra 3
- Contextual analysis
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Contextual and Industry analysis provides opportunities and threats.
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- Self
- Now you can examine your strengths and weaknesses in the context of your opportunities and threats
- Self
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Understanding markets and customers
- Demand side
- Supply side
- Competitors
- Complementors
- Coopetitors
- Substitutors
- Rules governing the market
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Compelling market engagement
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Segmentation, targeting and positioning
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Marketing goals and objectives
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Marketing strategy
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Marketing Programme
- Product
- Product mix – eg categories. Apple offering macbook, phone, istore…
- Product lines – multiple versions of the same category.
- Pricing
- Pricing structure – the details of arrangement
- Pricing levels – actual cost
- Pricing dynamics – how do these change over time
- Place
- Promotion
- Product
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Disciplined management of the marketing endeavour
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Marketing budget, Milestones, Timelines
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Marketing resource plan
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