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SEGMENTATION AND TARGETING MARKETS - Coggle Diagram
SEGMENTATION AND TARGETING
MARKETS
MARKET IS
People or organizations with needs or wants, and with the ability and the willingness to buy.
A group of people that lacks any one of these characteristics is not a market.
MARKET...
SEGMENT
A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
SEGMENTATION
The process of dividing a market into meaningful, relatively similar, identifiable segments or groups.
CRITERIA FOR SEGMENTATION
Substantiality
Identifiability and Measurability
Accessibility
Responsiveness
BASES OF SEGMENTATION
Geography
Demographics
Psychographics
Benefits Sought
Usage Rate
BASES FOR SEGMENTING BUSINESS MARKETS
Producers
Resellers
Government
Institutions
COMPANY CHARACTERISTICS
Geographic location
Type of company
Company size
Volume of purchase
Product use
BUYERS CHARACTERISTICS
Satisficers
Optimizers
TARGET MARKET STRATEGY
Undifferentiated
Multisegmented
Concentrated
ONE-TO-ONE
Individualized
Information-Intensive
Long-Term
Personalized
EFFECTIVE POSITIONING
Assess the positions occupied by competing products
Determine the dimensions underlying these positions
Choose a market position where marketing efforts will have the greatest impact
POSITIONING BASES
Attribute
Price and Quality
Use or Application
Product User
Product Class
Competitor
Emotion
REPOSITIONING
Changing consumers’ perceptions of a brand in relation to competing brands