A Note on Market Definition, Segmentation, and Targeting: Three (of Four) Steps in Developing Marketing Strategy

13 Pages Posted: 6 Jul 2017 Last revised: 6 Nov 2017

See all articles by Marian Chapman Moore

Marian Chapman Moore

University of Virginia - Darden School of Business

Kimberly Whitler

University of Virginia - Darden School of Business

Abstract

Marketing strategy, part of the marketing planning process, flows directly from a company's goals and helps define how the marketing organization will help the firm achieve its objectives. Marketing strategy is guided by the goals and objectives of the organization, the business unit, or the particular product or service for which the plan is developed. The choice of which marketing strategy (or strategies) to pursue then guides the marketing mix decisions, which, taken together, become the value proposition offered to the target market segment(s). Marketing strategy involves four steps, and this note addresses the first three.

Excerpt

UVA-M-0895

Rev. Oct. 23, 2017

A Note on Market Definition, Segmentation, and Targeting:

Three (of Four) Steps in Developing Marketing Strategy

Marketing Strategy

Marketing strategy, part of the marketing planning process, flows directly from a company's goals and helps define how the marketing organization will help the firm achieve its objectives. As a result, marketing strategy is guided by the goals and objectives of the organization, the business unit, or the particular product or service for which the plan is developed. The choice of which marketing strategy (or strategies) to pursue then guides the marketing mix decisions (i.e., the product, distribution, promotion, and price decisions), which, taken together, become the value proposition offered to the target market segment(s). Understanding how the plan impacts the firm financially is the last step in the marketing planning process.

. . .

Keywords: segmentation, marketing, 4 Ps, targeting, positioning

Suggested Citation

Moore, Marian Chapman and Whitler, Kimberly, A Note on Market Definition, Segmentation, and Targeting: Three (of Four) Steps in Developing Marketing Strategy. Darden Case No. UVA-M-0895. Available at SSRN: https://ssrn.com/abstract=2997714

Marian Chapman Moore (Contact Author)

University of Virginia - Darden School of Business

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

Kimberly Whitler

University of Virginia - Darden School of Business ( email )

1400 University Ave
Charlottesville, VA 22903
United States

HOME PAGE: http://www.darden.virginia.edu/faculty-research/directory/kimberly-a-whitler/

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