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Segmentation, Targeting and Positioning, market can be grouped by,…
Segmentation, Targeting and Positioning
Segmentation
1) Establish strategy/objectives
Derived from mission and current situation
Consistent with SWOT
2) Use segmentation methods
Geographic
Country
Region
Areas within region
State, City, Neighbourhoods, Zip codes
Demographic
Age
Income
Gender
Education
Most common segmentation strategy
Easy to reach and identify
Psychographic
Personality
Social Class
Lifestyles
Attitudes and Opinions
Benefit
Groups consumers based on the benefits they derive from the products/services.
Behavioural
Occasion segmentation
Clothing, snacks.
Loyalty segmentation
Hotels, airlines, restaurants.
https://www.business.com/articles/market-segmentation-trends/
Targeting
3) Evaluate Segment Attractiveness
Identifiable
Substantial
Reachable
Responsive
Profitable
4) Select Target Market
Targeting strategies
Mass Marketing
Flour
Clothes pins
Diffrentiated
Polo Ralph Lauren
Concentrated
Organic Grocer
Micromarketing
Nike By You
(
https://www.business.com/articles/pinpoint-target-audience/
)
Positioning
5) Identify and Develop Positioning Strategy
Market Positioning
Value Propposition
Successful
No overlap with competition
Positioning Methods
Value
Salient Attributes
Symbol
Competition
Perceptual Map
Determine consumers' perceptions and evaluations in relation to competitors'.
Identify market's ideal points and size.
Identify competitors' positions.
Determine consumer preferences.
Select the position
Monitor the positioning strategy.
https://hbr.org/2020/04/preparing-your-business-for-a-post-pandemic-world
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