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Session 5: Segmenting, Targeting & Positioning - Coggle Diagram
Session 5: Segmenting, Targeting & Positioning
Markets
"A group of people who, as consumers or as part of organisations, need and have the ability, willingness and authority to purchase products in a product class" (Dibb at al., 2016, p. 203)
To be in the market, a customer must not only want and have the means to purchase but also willingness or authority to make the purchase (Dibb et al., 2016)
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Segmentation
"process of grouping customers in markets with some heterogeneity into smaller, more similar segments. The identification of target customer groups in which customers are aggregated into groups with similar requirements and buying habits." (Dibb et al., 2016, p. 204)
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Can be segmented using similar variables such as buying approaches and situational factors (Kotler and Armstrong, 2016)
Segmentation can be used to identify appropriate strategic interventions with different segment types.
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Targeting
A target market is "a particular portion of the total population which is identified by the marketer or retailer to be the most likely to purchase its' products or services" (AMA Dictionary, 2016)
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Positioning
"arranging for a product to occupy a clear, distinctive and desirable place relative to competing products in the minds of target consumers" (Kotler and Armstrong, 2016)
Standard Positing Formula:
For.... (target consumer)
Brand X is ... (competitive set and subjective category)
Which gives the most ... (promise or consumer benefit)
Because of ... (reason to believe)
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Use perceptual positioning maps to examine customers perceptions of the offering against competitors (Kotler and Armstrong, 2016)
Successful positioning depends on...
(Jamie and Chadwick, 2013)
Clarity - positioning statement should be clear and identify targeted segment and differential advantage.
Consistency - positioning statement should be enduring so it becomes associated with an organisations offering.
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