Part 4: Consumer Marketing Strategy
A sound marketing strategy is underpinned by a strong understanding of the needs of consumers. Ultimately, it is the consumers themselves who will decide whether to make a purchase. Creating strategy that meets consumer needs usually starts with segmentation and targeting. This process is followed by positioning and developing a brand. The two chapters in this part cover these subjects.
Chapter 11: Market Segmentation and Targeting
Segmentation involves creating a map of all possible consumers by identifying segments with relevant, unique characteristics. The marketer will choose one or more of these segments as a target market. This chapter discusses how to segment a market and why a strong segmentation approach is important to an effective strategy.
Chapter 12: Positioning and Branding
In a saturated market, many companies may compete for the same target market. Marketing strategy involves positioning and brand building in order to create a unique position in the mind of consumers. This chapter presents the core theory of positioning and shows the basic theory of how brands are built.
Before implementing any marketing decisions, a sound strategy must be developed based on robust marketing strategy principles. The two chapters in part 4 provide this foundation.