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SEGMENTATION, TARGETING AND POSITIONING, characteristics, example,…
SEGMENTATION, TARGETING
AND POSITIONING
Segmentation
Step 1: Establish strategy / objectives
Derived from purpose and current situation
Consistent with SWOT
https://www.liveplan.com/blog/what-is-a-swot-analysis-and-how-to-do-it-right-with-examples/
Step 2: Use segmentation methods
Psychographic
Underlying psychological reasons to people's choices
Personality, Social class, Lifestyle, Attitude & Opinions
Benefits
People who would best benefit from product
Demographic
Easy to reach and identify
Age, gender, income and education
https://instapage.com/blog/demographic-segmentation
Behavioral
Division of customers based on how the use the product/service
Occassion Segmentation
Clothing, Snack foods
Loyalty Segmentation
Hotels, Airlines, Restaurants
Geographic
Grouped by country, region and areas
Targeting
Step 4: Selection of target market
Differentiated
Target several market segments with different offering
High end brand selling a white tee at a higher price than a low end brand
Concentrated
Single target market selling products fitted to only its needs
Organic grocery store
Undifferentiated / Mass Marketing
Identical products that ate substitutable, almost anyone can be target customer
Flour, Sugar, Salt
Micromarketing / 1 to 1 / Customization
Tailoring product to suit individual customers
Nike By You
https://www.marketing91.com/target-market-selection/
Step 3: Evaluate segment attractiveness
Substantial
Too small and insignificant ?
Too big ?
Reachable
Know product's existence
Understand product's functions
Know how to purchase
Responsive
Similar reaction to offering
If products cannot be segemented, dont target
Positive reaction of offering
Profitable
Market Growth
Market Competiveness
Market Access
Identifiable
Who is in the market ?
Are the segments unique ?
Does each segment require a unique marketing mix ?
Positioning
Step 5: Identify and develop positioning strategy
Market Positioning
Defining marketing mix variables for target customers to know clearly about product
Value Propostion
Communicates customer benefits to be received from product
Positioning Method
Silent Attributes
Symbol
Value
Competition
https://corporatefinanceinstitute.com/resources/knowledge/strategy/market-positioning/
https://blog.hubspot.com/sales/positioning-statement
Perceptual Map
Monitor positioning strategy
Identify competor's positions
Find consumer's preference
Identify market's ideal point and size
Select position
Find consumer's perceptions and evaluate in relation to competitors
Display of 2 or more dimension on position of product / brand in consumer's mind
https://www.surveygizmo.com/resources/blog/perceptual-map/
characteristics
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positioning using:
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