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Market Segmentation
Dividing the market into distinct groups of buyers on the basis of needs, characteristics or behavior who might require separate products or marketing mixes.
Mass Marketing
Segment Marketing
Niche Marketing
Micro Marketing
Basis of Segmentation
Geographic segmentation Demographic segmentation Psychographics segmentation Behavioral segmentation
Geographic Segmentation
Continent,country,state Size of population Urban,Rural,Suburban Climate according to geographic location
Demographic Segmentation
Age Gender Family size Income Occupation Education Ethnicity Religion
Psychographics Segmentation
Social class Life style Personality characteristics
Behavioral Segmentation
Benefit sought Usage rate Brand loyalty User status Potential,First time,Regular Readiness to buy Occasions holidays etc like Eid,Christmas
Preference Segmentation
Homogeneous Diffused Clustered
Targeting
A set of buyers sharing common needs or characteristics that the company decodes to serve.
Steps in Targeting
Identify potential customers Conducting marketing research Choosing the target market Compiling market profile
Positioning
Positioning
Is the act of designing the company's offerings and images so that they occupy a meaningful and distinct competitive position in the minds of the consumers.
Positioning Strategy
Product attributes features like Master Card, Visa Card Benefit positioning Head & Shoulder Competitors positioning: Safari park On economy: Toyota As luxury: Cadillac, Jaguar etc. Product category :7- up is more refreshing Price leadership: Cost effectiveness
STP
Market Positioning
Market Targeting
Market
1.Identify bases for segmenting the market
Segmentation
Marketing Concept
Reciprocal Marketing Marketing Myopia