Segmenting and Targeting Your Market: Strategies and Limitations

Michael Lynn

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Marketing and Advertising Strategies Customer churn and segmentation Consumer Behavior and Market Dynamics

Abstract

[Excerpt] Almost any marketing textbook will tell you that the key to successful marketing can be summed up by the STP strategy?that is, segmentation, targeting, and positioning. This approach suggests that the mass market consists of some number of relatively homogeneous groups, each with distinct needs and desires. STP marketers attempt to identify those market segments, direct marketing activities at the segments which the marketers believe that their company can satisfy better than their competitors, and position their product offering so as to appeal to the targeted segments. Undoubtedly, your hospitality firm uses some form of this approach.

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References

1991Managing Brand Equity 2003Customer loyalty and customer loyalty programs 1987Market Segmentation, Product Differentiation, and Marketing Strategy 1990Double Jeopardy Revisited 2006Developing an Effective Customer Loyalty Program 1996Market segmentation for competitive brands 1999Criteria guiding segmentation implementation: reviewing the evidence 1980Deal Proneness and Heavy Usage: Merging Two Market Segmentation Criteria

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2017The Niche Marketing Strategy Constructs (Elements) and Its Characteristics - A Review of the Relevant Literature 2017CUSTOMER SUPER-PROFILING DEMONSTRATOR TO ENABLE EFFICIENT TARGETING IN MARKETING CAMPAIGNS

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