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17/08/2015 03:45:45 PM

Segmenting and positioning

1 Segmentation

1.1 Segmentation definition

Aggregating prospective buyers into groups that (1) have common needs and (2) will respond similarly to a marketing action.

1.2 When to Segment Markets

·         When Segmentation will increase its sales revenue, profit, and return on investment

·         When segmentation expenses is offset by potentially increased revenues

1.3. segmentation strategies

Ø  One product and multiple market segments: only a single product or service and attempts to sell it to two or more market segments, it avoid the extra costs of developing and producing additional version of the product

Ø  Multiple products and multiple market segments

Ø  Segments of one: mass customization

5.1.4 How to segment Consumer market

 

Group potential buyers into segments

Group products to be sold into categories

Take the Marketing actions to reach target markets

Select target markets

Develop a market - product grid and estimate the size of markets

Step 1: Group potential buyers into segments

Step 2: Group products to be sold into categories

“to make the product be suitable to the customer needs”

Step 3: Develop a market - product grid and estimate the size of markets

           A market-product grid is a framework to relate the market segments of potential buyers to products offered or potential marketing actions by the firm.

Step 4: Select target markets

·         Criteria to Use in Picking the Target Segments

§  Market Size

§  Expected Growth

§  Competitive Position

§  Cost of Reaching Segment

§  Compatibility with the

§  Organization’s Objectives and Resources

Step 5: Take the Marketing actions to reach target markets

2 Positioning

2.1 Positioning definition

Product positioning refers to the place an offering occupies in consumers’ minds on important attributes

Two approaches of positioning:

·         Head – to – head positioning: Compete directly with competitors on similar product attributes in the same target market.

·         Differentiation positioning: Seek a less competitive, smaller market niche for a brand.

2.2 Product Positioning Using Perceptual Maps 

 

A perceptual map is a means of displaying or:

  • Two dimensional graph
  • Shows location of products or brands in the minds of consumers
  • Used to help understand consumer perceptions.

 

In detrmining the position and the preferences of customers, companies obtain three types of data from consumers:

1.      identification of the important attributes for a product class

2.      judgments of existing products or brands with respect to these attributes

3.      rating of an ideal product’s or brand’s attributes

2.3 Repositioning

Involves changing the place an offering occupies in a consumer’s mind relative to competitive offerings.

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