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C5. MARKET SEGMENTATION, MARKET TARGETING & POSITIONING - Coggle…
C5. MARKET SEGMENTATION, MARKET TARGETING & POSITIONING
Positioning
What is it?
Positioning map?
Graphic illustration
that shows
differences in consumers' perceptions
of
competing products
Product position?
the place...
customers' minds
Value proposition
The
full positioning of a brand
- the
full mix of benefits
on which it is positioned
Why should I buy your brand?
Possible value propositions (Slide)
Repositioning
Marketing strategy to
change the position
if its product in
consumers' minds
Mask "what" you want the cus. remember about your.
Create the image about your product/ serve, brand, company in cus' minds set.
Market targeting
Purpose of market targeting
Evaluate the various segments & decide how many & which segments it can serve best
Market targeting strategies
Differentiated (segmented) marketing
Concentrated (niche) marketing
Undifferentiated (mass) marketing _
Targeting broadly
Micro marketing (local or individual marketing) _
Targeting narrowly
What is it?
choosing
which cus. groups to serve
A sets of buyers... common needs or characteristics... decides to serve
Market segmentation
Purpose of market segmentation
Buyers are too numerous, widely scattered, and varied in their needs and buying practices.
To serve different segments
Market segmentation
Business markets
Geographically, demographically (industry, company size), or by benefits sought, user status, usage rate, and loyalty status.
Use: cus. operating characteristics, purchasing approaches, situational factors, and personal characteristics.
International markets
Inter market segmentation
(Cross-market segmentation)
: Similar needs & buying behavior... in different countries.
Economic factors
: Population income levels or their overall level of economic development.
Political-legal factors
: The type & stability of government, receptivity to foreign firms, monetary regulations, and amount of bureaucracy.
Cultural factors
: Common languages, religions, values & attitudes, customs, and behavioral patterns.
Geographic location
: Western Europe, the Pacific Rim, the Middle East, or Africa.
Consumer markets
Demographic segmentation
: Age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
Psychographic segmentation
: Social class, lifestyle, or personality characteristics.
Behavioral segmentation
: Consumer knowledge, attitudes, uses, or responses to a product.
Geographic segmentation
: Dividing a market into different geographical units: nations, states, regions, countries, cities or even neighborhoods
What is it?
dividing up
markets into meaningful cus. groups
Requirements for effective segmentation
Substantial
Accessible
Differentiable
Measurable
Actionable