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Market - Definition
Need for a particular product Ability to purchase Money Willingness to purchase Authority to purchase
A market means a collection (an aggregate) of people having the following:
MarketSegmentation, Targeting and Positioning Market - Definition - - PowerPoint PPT Presentation
MarketSegmentation, Targeting and Positioning Market - Definition - - PowerPoint PPT Presentation
MarketSegmentation, Targeting and Positioning Market - Definition A market means a collection (an aggregate) of people having the following: Need for a particular product Ability to purchase Money Willingness to purchase Authority to
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Types of Markets
Market
Consumer Market / Domestic Market
Buy for household consumption
Industrial Market / Organizational
Buy for official consumption
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Marketing Approaches
- 1. Mass Marketing
- 2. Target Marketing
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- 1. Mass Marketing
Offer a common product (i.e. the same marketing mix) to the overall market
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- 2. Target Marketing
Def: Identifying market segments, selecting
- ne or more of them,
and developing offers tailored to each
For Females For Males
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03 Steps in Target Marketing
Step 1 - Market segmentation Step 2 - Market targeting Step 3 - Market positioning
Target marketing (Def.) Identifying market segments, selecting
- ne or more of them, and developing marketing programs tailored
to each
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Step 1 – Market Segmentation
Dividing market into smaller groups (segments)
1 2 3 4
Market Segments It is assumed that customers are homogeneous within a segment
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VARIABLES/BASES
Bases/Variables for Segmenting Market
Demographic Segmentation Geographic Segmentation Psychographic Segmentation Behavioural Segmentation
- AGE
- FAMILY SIZE
- INCOME
- OCCUPATION
- DISTRICTS
- LOCATION
- SOCIAL CLASS
- LIFESTYLE
- USER STATUS
- USEAGE RATE
- BENEFITS SOUGHT
- LOYALTY STATUS
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Step 2 – Market Targeting
Evaluate different segments and decide which segments to be focused
1 2 3 4
Market Targeting Differentiated Marketing Niche Marketing
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DIFFERENTIATED MARKETING CONCENTRATED MARKETING (NICHE MARKETING)
Segment 1
Product
Segment 2 Segment 3
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Step 3 - POSITIONING
Positioning is arranging for a market offering to occupy a clear, distinctive and desirable place relative to competing products in the minds of the target consumers (Philip Kotler – 13th edition) i.e. Placing the marketing mix to get a strong position in consumers mind
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POSITIONING VARIABLES
Benefit positioning
- Ceylinco Insurance - “On
the spot claims payment”
- Mortein coil - a good night
sleep for 12 hours
- Signal – strong teeth and
prevention of decay
- Close-up – long lasting
fresh breath and dazzling white
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