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MARKET SEGMENTATION

General Definition
It is the process of grouping buyers into different

categories having common desires and needs.

DEFINITION
According to Philip Kotler, It is sub-dividing of a market

into homogenous sub-sects of customers where any subsect may conceivably be selected as a market target to be reached with a distinct marketing mix.

Four steps in creating Customer Driven Marketing Strategy


Segmentation Differentiation

Creating value for Targeting Customers

Targeting

Positioning

Four steps in creating Customer Driven Marketing Strategy


Targeting Select the segment or segments to enter. Differentiation Differentiate the market offering to

create superior customer value. Positioning- Position the market offering in the minds of target customers.

Bases for Segmentation


Geographic world , region, country, climate

Demographic- age , gender, family size, family life cycle, income, occupation, religion, nationality
Psychographic- social class, lifestyle, personality

Behavioral- occasions, benefits, user rates

Requirements for Effective Segmentation


Measurable- Size, purchasing power , profile of the

segments can be measured. Accessible- Market can be effectively reached and served. Substantial- Market segments are large or profitable enough to serve Actionable- Effective programs can be designed for attracting and serving the segments.

Market Targeting
Targeting is the process of deciding and preparing the

marketing program for market or markets

Evaluating Segments
Factors considered for evaluation are: Segment size and growth Segment structural attractiveness Company objectives and resources

Selecting Target Market Segments

Undifferentiated Marketing Differentiated Marketing

Concentrated Marketing
Micro Marketing (Local or Individual Marketing)

Undifferentiated Marketing
A market coverage strategy in which a firm decides to

ignore market segment differences and go after the whole market with one offer.

Differentiated Marketing
A market coverage strategy in which a firm decides to target several market segments and designs separate offers for each.

Concentrated Marketing
A market coverage strategy in which a firm goes after a large share of one or a few segments or niches.

Micro Marketing (Local or Individual Marketing)


It is a practice of tailoring the products and marketing programs to the needs and wants of specific individuals and local customer groups.

Product Positioning
According to Philip Kotler, Positioning is the act of designing the companys image and value so that the segments customers understand and appreciate what the company stands in relation to its competitors.

Positioning Maps
Positioning Maps helps in planning the differentiation

and positioning strategies . Positioning maps shows the consumer perceptions of their brands versus competing products on important buying dimensions.

Choosing a Differentiation and Positioning Strategy


Identifying the Competitive advantage Choosing the right one

Signaling the Competitive advantage

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