Market Segmentation
Mass Marketing - One basic marketing strategy to appeal to a broad range of consumers.
Market Segmentation is the division of a large market in smaller targets based on common needs.
- Based on Demographics, Psychographics, Geographics and Behaviour Responses
Niche Marketing- Targeting one particular sub-segment of a segment and committing all marketing resources to the satisfaction of the sub-segment
Direct Segmentation and Behavioural Targeting - A database driven marketing system that tracks a consumer's behaviour to determine his or her interests and then serves to the person.
- Geo targeting (target potential buyers in a geographic location)
- Location based targeting (integrate consumers location info into a marketing strategy)
- Mass customization (produces message for a target audience of one.)
- Brand democratization ( whereby consumers voice their opinions and make changes)
Target market profile includes :
Market Positioning Concepts
Positions refers to the place a product occupies in the customer's mind in relation to the competing products.
Head on where one brand is presented as an alternative equal to or better than another brand.
Leadership positioning - significant budgets, great consumer awareness and household penetration
Product Differentiation Positioning : Define the benefits and focus on the unique attributes of your product
Technical Innovation Positioning : high performing new functions like flexural technology in gillette razors
Lifestyle Positioning : fit in and match lifestyle
Repositioning: changing the place that a product occupies in the consumer's mind in relation to competitive products.
Mass Marketing - One basic marketing strategy to appeal to a broad range of consumers.
Market Segmentation is the division of a large market in smaller targets based on common needs.
- Based on Demographics, Psychographics, Geographics and Behaviour Responses
Niche Marketing- Targeting one particular sub-segment of a segment and committing all marketing resources to the satisfaction of the sub-segment
Direct Segmentation and Behavioural Targeting - A database driven marketing system that tracks a consumer's behaviour to determine his or her interests and then serves to the person.
- Geo targeting (target potential buyers in a geographic location)
- Location based targeting (integrate consumers location info into a marketing strategy)
- Mass customization (produces message for a target audience of one.)
- Brand democratization ( whereby consumers voice their opinions and make changes)
Target market profile includes :
- DEMOGRAPHICS - Age, income, education, occupation, ethnic background
- PSYCHOGRAPHICS - Attitudes, Interests, Options, Activities, Values, Lifestyle
- GEOGRAPHICS - Region, City, Urban, Rural
- BEHAVIOURAL RESPONSES - Occasion for use, benefits sought, usage rate, degree of loyalty
- GEODEMOGRAPHIC - the isolation of of geographic and demographic info
Market Positioning Concepts
Positions refers to the place a product occupies in the customer's mind in relation to the competing products.
Head on where one brand is presented as an alternative equal to or better than another brand.
Leadership positioning - significant budgets, great consumer awareness and household penetration
Product Differentiation Positioning : Define the benefits and focus on the unique attributes of your product
Technical Innovation Positioning : high performing new functions like flexural technology in gillette razors
Lifestyle Positioning : fit in and match lifestyle
Repositioning: changing the place that a product occupies in the consumer's mind in relation to competitive products.
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