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Market segmentation and targeting (Step 3 Positioning positioning is the…
Market segmentation and targeting
Step 1 Segmentation
made up of a group of customer with similar characteristic
Segmenting consumer market
Geographic Variables
different geographical units such as nation states region countries cities etc
Demographic variables
Division on a basis
age an d sex
Family Cycle
the nucrlear family is usually is divided in to 7 main step of development
Young married couple no children
couple with kids of age under 6
couple with kids over 6
older couple with kids over 18 who are living with them
older couple with no kids living alone
pensioners
widow/widower
Income
devision on a social class can be included
education
Cultural segmentation
Psychological variable
division by opinion interest and activities
Behavioural segmentation
Benefit segmentation
to find out the major class that the product benefits them
Segmentation by usage
the different sizes that a product is produced
Loyalty status
according to the brand name buyers are divided into group according to their degree of loyalty
Hard core loyal
Soft core loyal
Shifting loyal
Switchers
Segmenting the business market
Demographics
Industry
Company size
Location
Operating variable
Technology
used or non user status
customer capabilities
Purchasing approach
Purchasing function organisation
Power structure
Natural of exiting relationship
General purchasing policies
Purchasing critiria
Situational factors
Urgency
Specific applications
Size of order
Personal characteristics
Buyer sellers similarities
Attitude toward risk
loyalty
Segmenting the international markets
Geographic
Economic
political/legal
cultural
intermarket - cross market segmentation, group together people coming from different locations but have similar characteristics
Marketing segmentation
is a result of a marketing research it is divides market into different groups of buyers
Step 2 Targeting
it is a evaluating a market segment
the size and front of the market
structural attractiveness
company objectives and resources
Selecting target market segments
4 targeting options
Mass marketing
one product no choice 1 set of 4p's
Selective marketing
identifying segment of a potential buyers
each segment has a similar variables
marketing strategy company targets all go a part of the identified segments by varying any of 7P's from one another
Niche Marketing/ Concentrated Marketing
within a larger target audience who have a similar occupation and or lifestyle characteristic
Micromarket
individual market
Step 3 Positioning
positioning is the placing the product or a service differently Tham those competitors by using P's . To create a good position company should give it is a product or a service a USP(Unique selling position)
Approaches of positioning
by attribute
associating the brand with a desirable attribute
By pricing and quality
By use or application
With respect to a product class
With respect to a competitor
The requirement to make a successful Position strategy
Clarity
a clear message
Consistency
the message contained in promotion
Credibility
the message has to be believable
competitivennes
Mistakes in a positioning
under positioning
over positioning
confusion
Re-positioning
is the changes in position of the in the market