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Workshop Topic 2: Market Segmentation, Targeting & Positioning
Transcript of Workshop Topic 2: Market Segmentation, Targeting & Positioning
Targeting & Positioning Why and How to Segment a Market
Understand Target Marketing
How Companies Adopt Market Positioning
for Competitive Advantage Objectives Market segmentation is the process of
dividing consumers into distinct groups. Market Segmentation Marketers focus their marketing efforts on certain groups rather than spend equal effort on all the groups.
The strategy of focusing on a certain group of customers is call
Targeting Targeting Positioning Marketers use different messages to sell the same products to different groups.
The strategy of using different messages to communicate to different groups is call
Positioning 4 Ways to Segment the Consumer Markets 1) Geographic Segmentation
- Dividing a market into different geographical units such as nations, states, regions, counties, cities or neighborhoods. 2) Demographic Segmentation - Dividing the market into groups based on demographic variables such as age, gender, family, size, family life-cycle, income, occupation, education, religion, race. 3) Psychographic Segmentation - Dividing a market into different groups based on a) Social Class, b) Lifestyle, c) Personality Characteristics 4) Behavioral Segmentation - Dividing the market into groups based on consumer knowledge, attitude, use, or response to a product. Focus is on common (not different) needs of consumers.
Product and marketing program are geared to the largest number of buyers.
Uses mass advertising and distribution. Undifferentiated Marketing Differentiated Marketing Firm targets several market segments and designs separate offers for each.
The goal is to have higher sales and a stronger position with each market segment.
This approach increases the costs of doing business. Concentrated Marketing The focus is acquiring a large share of one or a few segments or niches.
Generally, there are fewer competitors.
The Internet is ideal for targeting small niche markets.
There is some risk in focusing on only one market. MicroMarketing Tailoring products and marketing programs to suit the tastes of specific individuals and locations. Target Marketing:
Selecting Target Segments Market Positioning - Involves designing a marketing program, that is consistent with how the company wants its products and services to be perceived. Product Positioning – The place the product occupies in consumers’ minds relative to competing products in terms of product attributes. Market Positioning:
Positioning Map Behavioral segmentation Occasion
User Status (non-users, ex-users, potential users, first-time users, and regular users)
Usage Rate (light, medium, heavy)
Loyalty Status (complete loyalty, loyal, no loyalty)