Segmentation, targeting and postioning comprise a three satge process, we first determine which kinds of customers exist select which ones are best off trying to serve and finally implement our segmentation by otimizing our products, services for that segment and communicating that wehave made that choice to distinguish ourselves that way.
Segmentation, Targeting and Positioning are marketing tools are by a company, to get competitive advantage in the market. They help the company to dif
ferentiate its product offering that of its competitors ensure that the same reaches the exact market profile for which is intended. Market segmentation is the process of dividing the market into similar groups according to the charactestics intended for the product at hand.
Targeting - is the process of selecting the most lucrative market segments for marketing the product. positioning involves the formulation of a definitive marketing strategy around which the product at hand would be finally marketed amongst the target audeince. (CBS Business Network)
Market Segment defined: Divison of the total market into smaller relatively homogeneous groups.
Great advice from this lovely gentleman!!!
"The focus of the marketing concept is consumer needs, at the same time recognizing the high degree of diversity among us, consumers reseachers seek to identify the many similarities or constraints that exist among the peoples of the world." (Consumer Behaviour, SCHIFFMAN)
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ReplyDeleteGreat article on customer segmentation and targeting! It emphasizes the importance of understanding your market, using demographics, psychographics, and behavior to segment effectively. Choosing the right target market and creating a unique selling proposition are key for success. Positioning your brand in the minds of consumers completes the process. Thanks for sharing these valuable insights!
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