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Segmentation, Targeting and Positioning - Coggle Diagram

- - - - Derived from firm's mission and current situation
        
        Consistent with SWOT
  - - - Continents
        
        Country
        
        Region
        
        Areas within region
        
        State, city, neighbourhoods, zip code
        
        brand example
        
        NorthFace
        
        Billabong
    - - Age
        
        Gender
        
        Income
        
        Education
        
        Family Lifestyle
      - Most common identity
        
        Easy to reach & identify
    - - Personality
        
        Social Class
        
        Lifestyle
        
        Attitudes & Opinion
      - about how people
        
        Describe themselves
        
        Choose to occupy their time
        
        Have underlying psychological reason behind their choices
    - - based on
        
        Customers' needs & wants
        
        example
        
        Oral care industry
    - - How customers use the product or service
        
        Occasion Segmentation
        
        When the product/service is purchased
        
        Loyalty Segmentation
        
        example
        
        :pencil2: Brands Adapt Loyalty Programme
- - - - Who is in the market?
        
        Are the segments unique?
        
        Does each segment require a unique marketing mix?
    - - Too small,
        it's insignificant
        
        Too big, might need to own store
    - - the consumer must
        
        Know the product exists
        
        Understand what it can do
        
        Know where to get them
    - - the customers must
        
        React positively to firm's offering
        
        React similarly to firm's offering
        
        If can't provide products/services to segment, it should not be targeted
    - - keep in mind
        
        Market Growth
        
        Market Competitiveness
        
        Market Access
  - - - Undifferentiated
        
        Anyone can be a target customer
        
        Single marketing mix for all
      - Differentiated
        
        Target several market segments with a different offering
        
        Helps diversify business
        
        Lower companies' overall risk
        
        example
        
        :pencil2: Different Types of Fairprice
      - Concentrated
        
        Focuses all resources on providing a product to fit one market needs
      - Micromarketing/ One-to-one/ Customisation
        
        Product/service to suit an individual customers' wants or needs
        
        example
        
        Customisable Nike shoes
        
        :pencil2: Customisable Smartwatches
- - - - Defining market mix variables so that customers have a clear distinctive understanding of product
    - - Communicates the customer benefits to be received from a product/service
        
        Represented by the benefits that a firm provides but that its competitors do not
    - - Value
        
        Salient attributes
        
        Symbol
        
        Competition
    - - Determine consumers' perceptions and evaluation in relation to competitors
        
        Identify the market's ideal points and size
        
        Identify competitors' positions
        
        Determine consumer preferences
        
        Select the position
        
        Monitor the positioning strategy