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Segmentation, Targeting and Positioning - Coggle Diagram

- - - - Second step
        
        Use segmentation methods
        
        Consisting of
        
        Geographic Segmentation
        
        Market is grouped by
        
        Region
        
        Areas within region
        
        Country
        
        State, city, neighbourhood, zip codes
        
        Organizes
        
        Customers into groups based on where they live
        
        Useful
        
        For companies whose products satisfy needs that vary by region
        
        Demographic Segmentation
        
        Categories
        
        Income
        
        Gender
        
        Age
        
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        Advantage
        
        Easy to reach
        
        Easy to identify
        
        Psychographic Segementation
        
        variables are
        
        Supported by http://bit.do/Psychographic-Segmentation-Variables
        
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        Can
        
        help marketers know the real person making the consumption decision
        
        Benefits Segmentation
        
        Main purpose
        
        Improves customer retention
        
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        Divide market into segments whose needs and wants are best satisfied by product benefits
        
        Example of brand
        
        http://bit.do/Example-of-benefit-segmentation
        
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        Behavioural Segmentation
        
        Which
        
        Divide consumers based on behaviour pattern
        
        Examples
        
        Occasion Segmentation
        
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        Loyalty Segemtation
        
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      - Must be
        
        Derived from mission and current situation
        
        Consistent with SWOT analysis
- - - - List of descriptive criteria
        
        Reachable
        
        Where
        
        Consumer should get to know that product exists through persuasive communications and product distribution
        
        Responsive
        
        Shows
        
        how market segment respond to a certain marketing mix
        
        Where
        
        unique marketing mix for specific audience, will allow them to react more responsively.
        
        Profitable
        
        Look at
        
        Market competitiveness
        
        Market access
        
        Market growth
        
        Identifiable
        
        Which
        
        Firms identify who is in their market
        
        Ensure segments are unique
        
        Firm decide if each segment require a distinct marketing mix
        
        Substantial
        
        Where
        
        Firms should be significant in size
  - - - Targeting Strategies
        
        Differentiated
        
        Can
        
        target several market segments with a different offering for each
        
        Obtain bigger share of market
        
        help diversify business
        
        Lower company's overall risk
        
        Concentrated
        
        Used when
        
        Organization selects single, primary target market and focus all its resources on providing a product to fit the market's needs
        
        Undifferentiated/Mass Marketing
        
        used when
        
        everyone might be considered a potential user of the product
        
        Supported by
        
        http://bit.do/Lipton-tea
        
        Example
        
        Lipton
        
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        Micromarketing/One-to-one/Customisation
        
        used when
        
        Firms tailor product to suit an individual's needs
- - - - Positioning methods
        
        Symbol
        
        Competition
        
        Salient Atttributes
        
        Value
        
        Perceptual Map
        
        Displays
        
        two or more dimensions ,the position of products in consumer's minds
        
        Steps
        
        1. Determine consumers' perceptions and evaluations in relation to competitors'
        
        2. Identify the market's ideal points and size
        
        3. Identify competitors' positions
        
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      - Types of Positioning strategy
        
        Market positioning
        
        Where
        
        Firms define marketing mix variables for customers to understand
        
        Value Proposition
        
        Is
        
        Benefits that a firm provide but its competitors do not.
        
        Examples
        
        http://bit.do/Apple-products (Apple)
        
        Where they offer
        
        Unique experience from other brands
        
        Aesthetic design
        
        Ease of use