Segmentation Targeting And Positioning
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Market Segmentation, Targeting and Positioning
Businesses may not be in a position to satisfy all of their customers, every time. It may prove difficult to meet the exact requirements of each individual customer. People do not have identical preferences, so rarely does one product completely satisfy everyone. Therefore, many companies may usually adopt a strategy that is known as target marketing. This strategy involves dividing the market into segments and developing products or services to these segments. A target marketing strategy is focused on the customers' needs and wants. Hence, a prerequisite for the development of this customer-centric strategy is the specification of the target markets that the companies will attempt to serve. The marketing managers who may consider using target marketing will usually break the market down into groups (segments). Then they target the most profitable ones. They may adapt their marketing mix elements, including; products, prices, channels, and promotional tactics to suit the requirements of individual groups of consumers. In sum, this chapter explains the three stages of target marketing, including; market segmentation (ii) market targeting and (iii) market positioning.
Marketing Management
Focusing on the environment, market research, buyer behavior, cyber marketing, and positioning, this newly revised edition based primarily on South African companies provides a comprehensive overview of marketing theory.
Handbook of Marketing Research Methodologies for Hospitality and Tourism
The final section explains market analysis planning and communications, including preparing a research-based business review and the effective presentation of research findings.