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Market Segmentation, Targeting & Position - Coggle Diagram

- - - - Step 2: Use segmentation methods
        
        Targetting (Step 3 & 4)
        
        Step 3: Evaluate Segment attractiveness
        
        Step 4: Select target market
        
        Positioning (Step 5)
        
        Step 5: Identify and develop a positioning strategy
        
        2 more items...
        
        Targeting Strategies
        
        Differentiated
        
        Concentrated
        
        Undifferentiated/Mass Marketing
        
        Micromarketing/One-to-One/Customization
        
        Reachable
        
        Know the product exists
        
        Understand what it can do
        
        Recognize how to buy
        
        Responsive
        
        react similarly to firm's offering
        
        If firm can't provide product/services to segment, it should'nt be targeted
        
        React positively to firm's offering
        
        Substantial
        
        Too small and it is insignificant
        
        Too big and it might need its own store
        
        Profitable
        
        Market Competiveness
        
        Market Access
        
        Market Growth
        
        Identifiable
        
        are the segments unique?
        
        Does each segment require a unique marketing mix?
        
        Who is their market
        
        Different Segmentation Method which includes:
        
        Geographic
        
        Market could be grouped by:
        
        Country
        
        Region
        
        Areas within region
        
        State, City, neighbourhoods, zip code
        
        demographic
        
        Group consumers based on variables like age, gender, income, education, family life cycle etc.
        
        It is the most common segmentation strategy
        
        Easy to reach
        
        Easy to identify
        
        Psychographic
        
        Allows people to describe themselves using characteristics that helps them choose how they occupy their time. The underlying psychological reasons includes:
        
        Personality
        
        Social class
        
        Lifestyles
        
        Attitudes and opinions
        
        Benefits
        
        Divide market into segments based on needs and wants that are best satisfied by the product benefits.
        
        Behavioural
        
        Divide customers into groups based on how they use the product or service
        
        Based on when a product or service is pruchased or consumed
        
        == Occassion Segmentation
        
        EG: Clothing, Snacks food
        
        Hotels , airlines, restaurants, petrol stations
        
        == Loyalty Segmentation
      - Overall Strategy or Objectives:
        
        Derived from mission and currrent situation
        
        Consitent with SWOT analysis