Market Segmentation Targeting Positioning

 

Developing a Strategic Marketing Plan

 

The strategic marketing plan process typically has three stages:

1. Market Segmentation- the business organization segments the market on the basis of the

following criteria

·          Geographic

·          Demographic

·          Psychographic

·          Behavior

2. Profile the market segments- once the market has been segmented the business

organization needs to analyze the segments on the basis of

·         Revenue potential

·         Market share potential

·         Profitability potential

3. Develop a market segment marketing strategy- the business organization after

analyzing each segment needs to decide which of the following approaches it can adopt

as per the resources they have

·         Market leader or product line extension

·         Mass marketing or targeted marketing

·         Direct or indirect sales