Segmentation, targeting and positioning

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What is market segmentation?
It is the process fo splitting the market into subgroups of consumers with similar characteristics
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What are some segementation methods?
Demographic, Geographic, Income, Behavioural
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What do demographics look at?
The social and economic characteristics of individuals and households (e.g Age, Gender, Family size)
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What is geographic segmentation?
Segmenting a market based on where people live
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What is income segmentation?
Identifying subgroups in the market based on their level of income/profession
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What is behavioural segmentation?
Segmenting a market based on the behavioural patterns of the consumer
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What benefits are there to market segmentation?
Targeted advertising, Most profitable customers can be identified, Easier to identify new products, Helps improve existing products and customer service
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What is targeting?
The process of deciding which segment of the market to focus on
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What is niche marketing?
When a firm targets a small subsection or previously unexploited gap in a large market
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What is mass marketing?
When a firm targets the whole market instead of a particular segment
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What is positioning?
Where a product is placed in the market relative to its competitors
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what are some influences on positioning?
Internal constraints, Internal strengths, Market conditions, External environment
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Card 2

Front

What are some segementation methods?

Back

Demographic, Geographic, Income, Behavioural

Card 3

Front

What do demographics look at?

Back

Preview of the front of card 3

Card 4

Front

What is geographic segmentation?

Back

Preview of the front of card 4

Card 5

Front

What is income segmentation?

Back

Preview of the front of card 5
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