Market segmentation targeting and positioning
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The document discusses market segmentation, targeting, and positioning. It lists common segmentation variables like gender, age, income, social class, and lifestyle. It provides examples of how companies segment by age, gender, and income level. For age, it discusses diversifying products, pricing, and features for different age groups. For gender, it discusses creating segments and tailored marketing for males vs females. For income, it discusses considering different income levels when setting prices. Social class and lifestyle segmentation are also briefly explained. The document suggests that when choosing a segment to aim for, companies should consider market leaders that have established reputation, visibility, and customer comfort with their brand.
Market segmentation targeting and positioning
- 2. LIST THE VARIOUS SEGMENTATION VARIABALE THE COMPANY CAN USE TO SEGMENT THEIR MARKET
- 3. GENDER AGE INCOME
- 4. BRIEFLY EXPLAIN WHY YOU HAVE SELECTED EACH ARE
- 5. SOCIAL lifestyle
- 6. AGE Age plays an integral role in how companies promote their products online and offline. Segmenting your market by age often involves diversifying pricing and color options, and adjusting features to fit the anticipated needs and expectations of each age group A bookstore releasing a new decade-specific book written about growing up in the 1980s, might send a promotion to customers born in the 1980s, for example.
- 7. While the target market for a given product can include females and males, one gender may represent a larger share of a company's target market. Businesses can segment their markets by gender, and come up with variations of their products devoted to serving a specific gender or alter their marketing campaigns to appeal to the male or female segment. A company that manufactures men and women's clothes may create a segment for the women customers and promote a new dress line they're offering to them, while promoting a new tie line to the men.
- 8. Income level When companies develop pricing strategies for their brands and products, they consider the income levels of their target markets. Salary, or income level, is an example of a demographic segmentation businesses use when they prepare to introduce a product to the market or initiate a sale. For example, designers such as Zac Posen and Isaac Mizrahi have created affordable clothing and accessories, sold at Target, to reach customers who cannot afford their high-end, more expensive lines.
- 9. Social class •Is the single most used variable for research purposes, and divides the population into groups based on the occupation of the 'Chief Income Earner' (CIE), as such it can be seen as asocio- economic scale. In the UK, The National Readership Survey, provides the following standardised groupings.
- 10. lifestyle •Involves classifying people according to their values, beliefs, opinions, and interests. There is no one standardised lifestyle segmentation model, instead market research firms, and advertising agencies are constantly devising new categories, which will best help target possible consumers of their clients products.
- 12. THE AIM OF MARKET SEGMENT Consider some examples. • There are around three really successful supermarkets in the UK, with Tesco dominating • Software is dominated by Microsoft and Google. • BMW, Mercedes and Audi dominate the market for executive cars • For many years. the US car market was dominated by just Ford and General Motors with American Motors trailing There are a number of reasons for this: • A dominant supplier controls the market and sets expectations of price and quality • He develops a reputation and brand, he is highly visible • There is a “comfort factor” in buying from a market leader • Customers come to him first
- 13. For old skin 40 above 20 above Loreal cosmetic Laoreal hair colour Loreal for man segmentation