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Customer Driven Marketing Strategy - Coggle Diagram
Customer Driven Marketing Strategy
Marketing Segmentation
Dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
Market Targeting
Market segmentation reveals the firm’s market segment opportunities. The firm now has to evaluate the various segments and decide how many and which segments it can serve best.
. In evaluating different market segments, a firm must look at three factors: segment size and growth, segment structural attractiveness, and company objectives and resources.
Differentiation & Positioning
Beyond deciding which segments of the market it will target, the company must decide on a value proposition—how it will create differentiated value for targeted segments and what positions it wants to occupy in those segments.
Product Position
The way the product is defined by consumers on important attributes—the place the product occupies in consumers’ minds relative to competing products.
Segmenting Consumer Markets
Geographic Segmentation
Dividing a market into different geographical units, such as nations, states, regions, counties, cities, or even neighborhoods.
Walmart adapting to latino segments
Demographic Segmentation
Dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
Psychographic Segmentation
Dividing a market into different segments based on social class, lifestyle, or personality characteristics.
Behavioral Segmentation
Dividing a market into segments based on consumer knowledge, attitudes, uses, or responses to a product.