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CHAPTER 2 Marketing Segmentation,Targeting and Positioning, Differentiated…
CHAPTER 2 Marketing Segmentation,Targeting and Positioning
Differentiated Market Targeting
target multiple market segments and
design different and
effective marketing mix
for each market segment
create more sales than does undifferentiated marketing
promotion cost Increases
Marketing Segmentation
Demographic segmentation
Geographic segmentation
Psychographic segmentation
Behavioural segmentation
Brand Repositioning
Competition
New competitors entering or leaving the market; competitors joining forces
Marketing environment
Economic slow-down or recovery
Consumer trends
Changing tastes and preferences
Internal environment
Changes in organizational leadership and strategy
Undifferentiated Market Targeting
ignores market segmentation and goes after the whole market.
known as
mass marketing
.companies do not produce different products for different market segments.
relies on mass distribution and mass advertising,create superior image of the product in the minds of consumers.
Definition of Marketing Targeting
segmented using age, gender, income, education, lifecycle, social status, social class and many more.
few segments are selected to reach target customers after identifying segmentation.
Concentrated Market Targeting/ Niche Marketing
resources are focused and target specific market segments
company can achieve a higher market position
Micromarketing Market Targeting/ Micromarketing
developing products, services and marketing programs best match with individuals and locations
Tailoring products and marketing programs to
suit the taste
of
specific individuals
Definition of Marketing Positioning
consumer’s perception of a brand or product in relation to competing brands or products.
process of establishing the image or identity of a brand or product so that consumers perceive it in a certain way.
Product attributes and benefits
Product price
Product quality
Product use and application
Competitors
Market Targeting Strategies
Types of Positioning Strategies