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Segmentation, targeting, positioning: Involves dividing market into parts…
Segmentation, targeting, positioning: Involves dividing market into parts that reflect clients' needs and wants
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Income
Necessities goods, EX: Tesco
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Inferior goods , EX: Saver, Poundland
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Pros and Cons
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Drawbacks
The market changes immensely fast, which means that the segmentation also needs to keep updating
Segment customers' needs and wants doesn't mean that the business fully understand the clients' demand
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Concept
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Targeting: Targeting at a group of clients that share the same demand, which is influenced by nature of the product, competition, clients needs and wants
Target and Positioning
Targeting
Niche: Where a business targets a smaller segment of a larger market, where clients share specific needs and wants
Mass: Where a business sells into the largest part of the market, where the competitors sell the same types of product
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