Segmentation, targeting & positioning
For a successful marketing mix
4/21/2014
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Segmentation
Its strategy through which customers are divided on the base of their common needs and wants and this can be done on different basis:
• On the basis of demographics-when a market is segmented on the base of gender, their income, age
• On the basis of geography- when a segment is made on the base of nationality, states, countries, regions, languages
• On the basis of consumer behaviour- when the market is segmented on the basis of consumer’s attitude towards something, knowledge about their behaviour and how they respond to a product.(Cohen, 2005)
• On the basis of occasion- the market segmentation on the base of occasion can be of two types- when there is an occasion like Christmas or Easter, things available during this time like Christmas caps Easter bunny chocolates may not be available during the whole year. Another one is when there is funeral or wedding or occasions like that and the things people buy during this time, these kinds of occasions may not happen too many times in a consumer’s lifetime but it affects general demand considerably to make a segment on a base of that.
• On the basis of lifestyle-it is mainly related to the segmentation based n how people spend their leisure time and what are the external factors that influence the consumers the most. It is one of the most important segment in the marketing mix.(Kotler & Keller, 2006)
• On the basis of benefits- when a segment is based on the perceived benefit of the customer. (Kotler & Keller, 2006)
A successful segmentation will be the one that includes all of the following:
• It must be possible to measure.
• It sho...
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...ra’s customers wants to fit in a dress not the other way round which suppresses their weakness of lack of plus sizes.
• When talking about the P of price it contrasts to the brand because it’s recognised as a designer boutique. Zara is like a complete package displaying range of brands like H&M and designer stuff like Louis Vuitton and Armani. http://brandaditofexchanges.blogspot.com.au
Reference list
Borden, Neil, the Concept of Marketing Mix, 2013.
Kotler, P. and Keller, K. Marketing and Management, Pearson Prentice Hall, Upper Saddle River, NJ, 2006
Shimizu, K., "Advertising Theory and Strategies,"16th edition, Souseisha Book Company, 2009
Kurtz, D., Contemporary Marketing Mason, OH: South-Western Cengage Learning, 2010
Cohen W., The Marketing Plan. John Wiley & Sons Inc., 2005 http://brandaditofexchanges.blogspot.com.au, viewed at 2:21 am, 21/04/2014
Geographic segmentation is when the market is divided into locations, regions, countries, cities, states and so forth. In the advertisement, geographical segmentation is identifiable when the guy, Ian Rappaport is taken from the bar into the city, where they make a stop in actress; Minka Kelly’s dressing room and they move on further to another location where he meets actor; Don Chead...
Terrell, E. (n.d.). Market Segmentation. (Business Reference Services, Library of Congress). Retrieved April 6, 2014, from http://www.loc.gov/rr/business/marketing/
Dickson, P. R., & Ginter, J. L. (1987). Market segmentation, product differentiation, and marketing strategy. Journal of Marketing, 51(2(April 1987)), 1-10. Retrieved from http://www.jstor.org/stable/1251125
Caroline and Jennifer said that ‘Market segmentation is a crucial marketing strategy. Its aim is to identify and delineate market segments or set of buyers which would then become targets for the company’s marketing plans.’ (Tynan and Drayton, 1987) There are many ways to segment the market, such as age, region, environment, psychology and wages (Hall, Jones and Raffo, 2010).
Segmentation, targeting and positioning are the fundament of modern marketing (Proctor, 2002, p. 188, as cited in Harris and Schaefer, 2015).
To begin with, it is crucial to appreciate the meaning of segmentation and targeting because these two terms lay the foundation for this report. Consequently, segmentation is dividing a market, into groups of consumers with homogenous traits in order to provide each group with the desired product. What is the meaning of targeting? It is where an enterprise evaluates every segment with an objective of identifying segments with promising business opportunities. Considering the nature of the product in question, it sufficed to mention that liquor- filled chocolates are to be sold to adults.
According to Investopedia.com (2014), market segmentation is the aggregating of prospective buyers into groups or segments that have common needs and respond similarly to a marketing action. By utilizing market segment, companies can categorize their customers into groups with common characteristics for marketing purposes. Each market group or market segment is unique based on their needs, interest, lifestyle, demographic, and behaviors and companies can use various criteria to create a target market for their products or services. Through successful market segmentation, companies can create successful targeted marketing to generate sales of products and services to ensure the organization’s success.
Segmentation is a marketing strategy that involves separating a wide target market into small groups of customers who share the common need of using or purchasing the product that needs to be marketed. Market segmentation strategies are utilized to identify these groups of consumers and strategies are designed and implemented to make the product or service appeal to them. Support and also the product will be strategically placed in order to successfully achieve the ultimate marketing goal. Businesses and organizations may come up with different type of strategies involving different products and catchy phrases depending on the product or the target segment.
There are many ways to segment the market. Major variables used to segment the
Demographically we can segment the market into groups based on age, gender, family- size, income, family life cycle and occupation.
Nevertheless, one of the most important constants among all of us, regardless of our differences, is that, above all, we are buyers. We use or consume on a regular basis food, clothing, shelter, transportation, education, equipment, vacations, necessities, luxuries, services, and even ideas. As consumers, we play an essential role in the health of the economy; local, national and international. The purchase decision we make affect the requirement for basic raw materials, for transportation, for production, for banking; they affect the employment of employees and the growth of resources, the successfulness of some industries and the failure of others. In order to be successful in any business and specifically in today’s dynamic and rapidly evolving marketplace, marketers need to know everything they can about consumers; what they are want, what they are think, how they are work, how they are spend their leisure time. They have to find out the personal and group influences that affect consumer decisions and how these decisions are made. In these days of ever-widening media choices, they need to not only identify their target audiences, but they have to know where and how to reach
We segment your campaigns based on your services or products and your target audience, thanks to that your business results increase.
Market segmentation is the process of identifying a group of people similar in one way or more ways based on a variety of characteristics and behaviours. The goal is to identify these groups of people with similar behaviours so that product packaging adjustments or communication strategies can be adapted to meet their specific needs, thereby increasing the possibilities of sale to this target group (Blackwell, D’Souza, Taghian, Miniard & Engel, 2006). There is no single way to segment a market however the main variables that might be used to structure the market is geographic segmentation, demographic segmentation, psychographic segmentation and behavioural segmentation. Geographic segmentation is dividing a market into different geographical units such as nations, regions, states, municipalities, cities or neighbourhoods (Kotler, Burton, Deans, Brown & Armstrong, 2013). Demographic segmentation is dividing the market into groups based age, gender, income, education, nationality, family life cycle and occupation. Psychographic segmentation is dividing a market into different groups based on social class, lifestyle or personality characteristics and behavioural segmentation is a form of segmentation based on consumer reactions to a product after it is available in the ma...
Volterman’s product is unable to meet the need of people from all age group so they need to use market segmentation to meet the customer requirement with the common needs and characteristics. (3) Volterman organization are able to determine exactly who is their targeted market such as
Secondly, the marketer must decide on the most profitable consumer group, also called the target audience. Businesses often incorporate market segmentation into their decisions concerning target audience. Segmentation divides the market into groups of people who have similar characteristic in certain key product related areas. F...