Learning outcomes
On completion of this unit you should be able to:
Demonstrate an understanding of the concepts of market
segmentation, targeting and positioning.
Illustrate how the bases for segmenting consumer markets can be
used to identify possible market segments.
Explain the p...
Market Segmentation,
Targeting and Positioning
Learning outcomes
On completion of this unit you should be able to:
Demonstrate an understanding of the concepts of market
segmentation, targeting and positioning.
Illustrate how the bases for segmenting consumer markets can be
used to identify possible market segments.
Explain the process of market targeting.
Explain the factors involved in product positioning.
Introduction
Market Segmentation: Breaking down a market into smaller groups with
different needs, characteristics, or behaviors that may require separate
products or marketing mixes. The chapter emphasizes the most
important steps in designing a customer-centric market strategy: market
segmentation, market alignment, and market positioning.
Market segmentation provides a method of dividing or segmenting the
market into narrow segments (using a variety of different meaningful
variables) that are more achievable with the marketer's resources.
, Market targeting examines the attractiveness of each of the identified
segments and selects one or more that fit the organization's marketing
desires and goals.
The concept of market positioning ensures that a product has a clear,
distinctive and desirable place compared to the competition. The above
three steps help the marketer to effectively shape the company's
marketing mix in a way that maximizes the likelihood of consumer
response and a competitive advantage from the company.
Most businesses face a large number of customers, each with different
geographic, demographic, and psychographic profiles. Therefore, trying
to design the activities of the organization to meet the needs of each
individual becomes an impossible task. Luckily for businesses, many of
their customers have needs and profiles that, while different, share
certain common elements
For example, let's take a customer who is buying a car. Some customers
are young and are therefore looking for something sporty. Still others
have families and are looking for cars with space and security. Others
have limited budgets and will therefore look for affordable cars with
limited features. The corporate executive, on the other hand, may want
a car that reflects their position and status. Then there's the outdoorsy
person who would prefer a 4x4. Automakers will try to segment these
diverse customers into segments with similar needs and profiles (family,
young and sporty, executive, off-road, budget).
This makes it easier to design and manufacture a motor vehicle with
features and within a price range that meet the expectations of that
particular segment. Not only does this grouping exercise help in
determining the type and characteristics of the car being produced, but
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