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Customer-Driven Marketing Strategy (MARKET SEGMENTATION (REQUIREMENTS FOR…
Customer-Driven
Marketing Strategy
Differentiation & Positioning
Competitive advantage
Value Proposition
Positioning statement
Product Position
MARKET SEGMENTATION
Geographic segmentation
Dividing a market into different geographical units, such as nations, states, regions, counties, cities or even neighborhood.
Demographic segmentation
dividing the market into segments based on variables such as age, life cycle style, gender, income, occupation, education, realign, ethnicity and generations.
Psychographic segmentation
Dividing a market into different segments based on social class, lifestyle, or personality characteristics.
Behavioral segmentation
Dividing a market into segments based
on consumer knowledge, attitudes, uses,
or responses to a product
REQUIREMENTS FOR EFFECTIVE SEGMENTATION
Measurable
: The size, purchasing power, and profiles of the segments can be measured.
Accessible
: The market segments can be effectively reached and served
Substantial
: The market segments are large or profitable enough to serve. A segment
should be the largest possible homogeneous group worth pursuing with a tailored
marketing program
Differentiable
: The segments are conceptually distinguishable and respond differently
to different marketing mix elements and programs
Actionable
: Effective programs can be designed for attracting and serving the segments
Major steps in designing a customer - driven marketing strategy
Market segmentation
Market targeting (targeting)
Differentiation
Positioning
Market Targeting
Target market
Undifferentiated Marketing
Differentiated Marketing
Concentrated Marketing
Micromarketing
Individual Marketing