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Market SegmentationTarget Marketing
Market Positioning
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Customer Base
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Market SegmentationDividing a market into different groupsEach group has different needs/wants Segments may require different products or
same product with different featuresOpposite to ‘mass marketing’
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Market SegmentationGrouping people with similar needs and
wants together for the purpose of serving them better
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A Market SegmentA group of people with similar needs who
are likely to respond to a particular product/service in a similar way
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How do we Segment markets?
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Geographic SegmentationRegionPopulation Density or City SizeCountryClimate
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Demographic SegmentationAgeGenderFamily sizeFamily life cycleIncomeOccupationEducationNationalityRaceReligion
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Psychographic SegmentationSocial classCultureLifestylePersonality
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Behavioural SegmentationPurchase occasionBenefits soughtUser statusUsage rateLoyalty statusReadiness stageAttitude toward product
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Selecting Market SegmentsMeasurable?Size and growth potential?Accessible?Fit with company objectives/resources?Competition?
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Target MarketThe market segments that an organisation
‘aims at’ with its Products or Services
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Target Marketing Strategies
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PositioningGiving your products a clearly-defined
position in the market, compared to competing products, in the minds of your target market.
In other words, how the customer sees your product
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Lesson Summary
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