Define Market Segmentation, Market targeting, and Market Positioning
Mariam Peyton is a professional Financial Analyst. She holds a Masters degree in Economics. She specialises in financial analysis and forecasting. Her expertise includes studying the financial performance of companies, markets and entire industries looking for trends, insights and information that can help you glean rich insights for use in academic and market research.
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Market segmentation is the process of dividing a heterogeneous market into smaller and more homogeneous groups of customers who share similar needs, preferences, or characteristics. Market segmentation can help businesses to identify and target their most profitable segments, tailor their marketing strategies and offerings to meet the specific needs and wants of each segment, and gain a competitive advantage in the marketplace. Market segmentation can be based on various criteria, such as demographics, psychographics, behavior, geography, or benefits sought.
Market targeting is the process of selecting a subset of potential customers who share common characteristics, needs, or preferences, and designing marketing strategies to appeal to them. Market targeting can help businesses optimize their resources, increase their competitive advantage, and enhance customer satisfaction. Market targeting involves three steps: segmenting the market, evaluating the segments, and choosing the target segment(s).
Market positioning is the setting of the competitive position and the creation of a detailed marketing mix. The aim of market positioning is to differentiate the product or service from the competitors and to communicate its unique value proposition to the target segments. Market positioning can be achieved by using various marketing mix elements, such as product features, price, distribution channels, promotion methods, or service quality.
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Define Market Segmentation, Market targeting, and Market Positioning A Case Study
Key Learning Outcomes
By the end of the case, students should be able to:
- Understand the concepts of market segmentation, market targeting, and market positioning
- Understand the advantages of the above concepts
- Apply these concepts to real-life companies
1.0 INTRODUCTION
Market segmentation, market targeting, and market positioning are three key concepts in marketing that help businesses identify and reach their potential customers. In this essay, we will explain what each of these concepts means and how they can be applied in practice.
Market segmentation is the process of dividing a large and heterogeneous market into smaller and more homogeneous groups of consumers who share similar characteristics, needs, preferences, or behaviors.
The purpose of market segmentation is to identify the most profitable segments for a business and to tailor its products, services, and marketing strategies to meet its specific needs and wants. Market segmentation can be based on various criteria, such as geographic, demographic, psychographic, behavioral, or benefit-based.
Market targeting is the process of evaluating and selecting the most attractive segments from the ones identified in the market segmentation stage. The goal of market targeting is to choose the segments that have the highest potential for growth, profitability, and customer loyalty, and that match the business's objectives and capabilities. Market targeting can be done at different levels of specificity, such as undifferentiated (mass) marketing, differentiated (segmented) marketing, concentrated (niche) marketing, or micro marketing.
Market positioning is the process of creating a distinctive image and identity for a product or service in the minds of the target consumers. Market positioning aims to differentiate the product or service from the competitors and to communicate its unique value proposition to the target segments. Market positioning can be achieved by using various elements of the marketing mix, such as product features, price, distribution channels, promotion methods, or service quality.
To summarize, market segmentation, market targeting, and market positioning are interrelated steps that help businesses design and implement effective marketing strategies that cater to the needs and wants of their target customers. By segmenting the market, targeting the most attractive segments, and positioning their products or services accordingly, businesses can gain a competitive advantage and increase their customer satisfaction and loyalty.
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