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D077 Module 6

Segmentation Targeting Positioning

QuestionAnswer
Consumer is the individual who uses the product.
Customer is the individual (or company) who buys the product from a business. In some transactions they are the same person, but in other transactions, they are different entities.
B2B Businesses that consume the product or service as part of their operations or use the product as part of their offering to consumers
B2C Consumers who will buy and use the product or service Retailers
Market segmentation Process of dividing the market into subgroups of consumers (segments)
Targeting Selection of a segment or segments of the market on which marketers will focus
Geographic segmentation means segmenting markets by region of the country, city or county size, market density, or climate
Market density Market density is the number of people or businesses within a certain area.
Demographic segmentation uses categories such as age, education, gender, income, and household size to differentiate among markets. This form of market segmentation is the most common because demographic information is easy to obtain.
Psychographic segmentation is market segmentation by personality or lifestyle. People with common activities, interests, and opinions are grouped together and given a lifestyle name.
Product related segmentation is differentiated by the consumer's relationship with the product. This often relates to the benefits sought by the consumer from the product, user segments (such as heavy users of a product), and brand loyalty.
Target Market is the specific group of customers (which could be organizations or individual consumers) toward which a firm directs its marketing efforts
Differentiated marketing strategy is one in which the company decides to provide separate offerings to each different market segment that it targets. It is also called multisegment marketing
Undifferentiated marketing also called mass marketing, involves marketing to the entire market the same way. Undifferentiated marketing effectively ignores segmentation and instead generates a single offering and marketing mix for everyone.
Concentrated Marketing also called niche marketing, is a strategy that targets only one or a few very defined and specific segments of the consumer population. The goal is to achieve high penetration among the narrowly defined target segments.
Micromarketing is a targeting strategy that focuses even more narrowly than concentrated marketing. It caters to the needs of individuals (individual marketing) or very small segments in a targeted geography (local marketing)
Positioning Strategic activity where marketers identify the distinctive place they want a product or service to hold in the minds of a target market segment
Positioning statement is one sentence that concisely identifies the target market and what you want customers to think about your brand.
Positioning maps tool for marketers because they create a picture of how different competitors are positioned in the market based on the key criteria that strongly influence customer decisions in the target segment.
Product attributes positioning strategy Positioning based on a characteristic that defines a product and will influence the customer's decision to purchase. E.G.2:1 shampoo and conditioner
Price positioning strategy Positioning the product as the lowest cost or best value; e.g. all economy brand such as Walmart
Quality positioning strategy Positioning the product as the highest quality; high-end brands such as Ritz-Carlton
Competition positioning strategy Positioning the product against a competitor; e.g. Verizon vs AT&T
Product application positioning strategy Positioning a product based off of how it is used as the best option for that specific task and use
Product user positioning strategy Positioning a product for a specific user group
Product category positioning strategy Positioning a product within a product category where there is strong recognition for the category and brand
What should Positioning statement include? Target market, brand name, key points of differentiation, The product and service category or frame of reference in which you are establishing this market position, reasons why customers should believe the positioning claims
Created by: mkale
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