8 MARKETING STRATEGIES Segmentation Positioning and marketing mix.pdf

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MARKET SEGMENTATION
Target markets (segmentation and targeting)PositioningMarketing mix strategies (marketing value mix strategies)
MARKET SEGMENTATIONMarket segmentation divides a market into well-defined slices.Amarket segmentconsists of a group of customers who sharea similar set of needs and wants (Kotler & Keller, 2012)Market segmentation is the practice of separating a market ofprospective customers into groups, or segments, based ondifferent featuresThese segments are composed of consumers who will respondequally to marketing strategies and they share the same traitssuch as similar interests, needs, or locations.
Types of Market Segmentation
EXAMPLE OF SEGMENTATIONA company that sells nutritious food might market theproduct to the older people while fast-food chainstarget the working demographic or teens e.g. Innscorthrough Nandos , chicken inn
For segmentation to be successful it should be;Measurable:The size, purchasing power, and characteristics ofthe segments can be measured.Substantial:The segments are large and profitable enough toserve. A segment should be the largest possible homogeneousgroup worth going after with a tailored marketing program.Accessible:The segments can be effectively reached andservedContin
Differentiable:The segments are conceptually distinguishable andrespond differently to different marketing-mix elements and programs. Ifmarried and unmarried women respond similarly to a sale on perfume,they do not constitute separate segments.Actionable:Effective programs can be formulated for attracting andserving the segments.Income:Anticipated profits must exceed the costs of additional marketingplans and other changes.Focus on different benefits:Different segments must need differentbenefitsConti…

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Term
Fall
Professor
N/A
Tags
Marketing, niche marketing

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