Marketing Pillars - Segmentation, Targeting, Positioning and Differentiation
marketing pillars - segmentation, targeting, positioning and differentiation
While there may be theoretically 'ideal ' market segments, in reality every organization engaged in a market will develop different ways of imagining market segments, and create product differentiation strategies to exploit these segments. The market segmentation and corresponding product differentiation strategy can give a firm a temporary commercial advantage.
Criteria for Segmenting
An ideal market segment meets all of the following criteria: * It is possible to measure. * It has to be large enough to earn profit. * It has to be stable enough that it does not vanish after some time. * It is possible to reach potential customer via organization 's promotion and distribution channel. * It is internally homogeneous (potential customers in the same segment prefer the same product qualities). * It is externally heterogeneous, that is, potential customers from different segments have different quality preferences. * It responds similarly to a market stimulus. * It can be reached by market intervention in a cost-effective manner. * Useful in deciding on marketing mix
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications for the relevant goods and services. Depending on the specific characteristics of the product, these subsets may be divided by criteria such as age and gender, or other distinctions, like location or income. Marketing campaigns can then be designed and implemented to target these specific customer segments.
Basis for segmenting consumer markets
Geographic segmentation
The market is segmented according to geographic criteria—nations, states, regions, countries, cities, neighborhoods, or zip codes. Geo-cluster approach combines demographic data with geographic data to create a more accurate profile of specific. With respect to region,
While there may be theoretically 'ideal ' market segments, in reality every organization engaged in a market will develop different ways of imagining market segments, and create product differentiation strategies to exploit these segments. The market segmentation and corresponding product differentiation strategy can give a firm a temporary commercial advantage.
Criteria for Segmenting
An ideal market segment meets all of the following criteria: * It is possible to measure. * It has to be large enough to earn profit. * It has to be stable enough that it does not vanish after some time. * It is possible to reach potential customer via organization 's promotion and distribution channel. * It is internally homogeneous (potential customers in the same segment prefer the same product qualities). * It is externally heterogeneous, that is, potential customers from different segments have different quality preferences. * It responds similarly to a market stimulus. * It can be reached by market intervention in a cost-effective manner. * Useful in deciding on marketing mix
Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs and applications for the relevant goods and services. Depending on the specific characteristics of the product, these subsets may be divided by criteria such as age and gender, or other distinctions, like location or income. Marketing campaigns can then be designed and implemented to target these specific customer segments.
Basis for segmenting consumer markets
Geographic segmentation
The market is segmented according to geographic criteria—nations, states, regions, countries, cities, neighborhoods, or zip codes. Geo-cluster approach combines demographic data with geographic data to create a more accurate profile of specific. With respect to region,