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Segmentation, Targeting and Positioning, process, refers, importance,…

- - - - Step 4: Choose the target audience
        
        Step 5: Identify and develop positioning strategy
        
        after collecting and analysing, companies can establish a report of their competitors, products and target audience and others.
        
        companies can also start their brand strategy or reposition positioning with an idea formation so that customers are clear of what the brand is about comparing with other brands
        
        it allows company's to create new or better opportunity with the consideration of the companies strength and weakness
        
        mass marketing/ undifferentiated
        
        other substitutes products that is similar to a product that can be found in the market
        
        different bubble tea brands like liho and gongcha
        
        mirco-marketing/ one to one/ customization
        
        companies is able to customize to meet the needs and wants of a particular customer
        
        tailoring
        
        differentiated
        
        where businesses is differentiated in terms of how the product and service offers in the market
        
        high end price with good quality
        
        concentrated
        
        companies choose to concentrate and put effort to only one specific market industry
        
        spectacle shop
      - profitable
        
        how well is the company profiting from the sales of their product or service.
      - responsiveness
        
        how successful target audience react to the product or service of the brand
      - identifiable
        
        identifying the target audience that the company acquire to be able to meet their needs
      - reachable
        
        how business persuade the customers with the use of marketing strategy so that audience notice the brand and benefits
      - susbstantial
        
        how the company can serve everyone the market in terms of the size and capacity of the company
      - being able to spot the right target audience using the set of criteria collected
    - - demographic
        
        companies should classify customers base on individual characteristics
        
        easier to reach the target audience
        
        identify the audience easily
        
        gender
        
        income status
        
        Age range
      - behavioral
        
        companies can separate customer base on consumer purchasing pattern of a product or service
        
        understand the expectations of the target audience
        
        help company retain their current customers and aim for new target audience
        
        consumer purchasing journey
        
        loyalty of the target audience
        
        purchasing behaviour
      - benefits
        
        it allows companies to divide the target audience how they value from the product or service
        
        helps improve the reputation of the company
        
        understand how the customer can benefit from the product or service
        
        benefit of the product
        
        customer service
        
        quality of the product
      - geographical
        
        how companies divide their customer group base on their geographical location
        
        understand the target audience culture and ethics
        
        meet the needs of target audience in specific locations
        
        region
        
        city
        
        country
      - psychographical
        
        understanding of target audience daily life and how they occupy their time
        
        identify the hobbies of consumers
        
        understand the habits of consumers
        
        personality
        
        interest
        
        opinions