SEGMENTATION AND TARGETING MARKETS - Coggle Diagram
SEGMENTATION AND TARGETING
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.
A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.
The process of dividing a market into meaningful, relatively similar, identifiable segments or groups.
CRITERIA FOR SEGMENTATION
Identifiability and Measurability
BASES OF SEGMENTATION
BASES FOR SEGMENTING BUSINESS MARKETS
Type of company
Volume of purchase
TARGET MARKET STRATEGY
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
Price and Quality
Use or Application
Changing consumers’ perceptions of a brand in relation to competing brands