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Evaluate
Market segmentation process
• Forming Market segments – Two approaches are followed – 1.Build up – for B2B or
industrial buyers e.g. trade india.com 2.Break down - B2C or individual. For e.g.
– cars , personal care products etc. •
Market segmentation process
• Profile segments – marketing managers can profile segments by taking into
account a different descriptive variables. • Profiling helps to large identifiable
groups within a market. • For e.g. By taking into consideration the needs of the
buyer, identifying product or service should be given.
Market segmentation process
• Evaluate market segments – What is expected from each segment should be
evaluated.. • For e.g. – Itc products. • Select Target markets – helps the
marketer to correctly identify the markets and the group of target customers for
whom the product/services are produced. • E.g.-woodland shoes , cellular phones
,pepsi , titan ,Bata , Mahindra &
Criteria for effective market segmentation
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Criteria for effective market segmentation
• Actionable
• The proposed market segment must be readily accessible and reachable with market
programs.
Target Market
• Depending on the available resources ,experience and competency of the marketer
and time available the marketer will decide which market to target. • In this
stage the marketing manager evaluates different market opportunities and decides
how many and which one to target. This is called as target marketing
Target Market
• The marketing manager should look at five factors for evaluating each segment
.They are1.Segment size & 2.Segment worthiness 3.Segment measurability 4.Segment
attractiveness 5.Segment accessibility. 6.
Types of target marketing strategies
• The product market coverage strategies are broadly classified as –
1.Undifferentiated or mass marketing strategy 2.Concentrated marketing strategy
3.Differentiated marketing strategy
Types of target marketing strategies
1.Undifferentiated or mass marketing strategy • Here the marketing manager ignores
the idea of segment characteristics and differences and develops a unified
marketing program for the entire market. • This strategy keeps overall cost low
and makes it easier to manage. • E.g. commodity market (whole sale
Types of target marketing strategies
2. Concentrated marketing strategy – • The marketing manager decides to enter into
a select market segment instead of all the available market segment. • It is an
excellent strategy for small manufacturers that can serve the segments closely and
cater the needs. • E.g. Jyothi laboratories brand of Ujala predominant in south
India and then a national launch
Types of target marketing strategies
3. Differentiated marketing strategy – • The main objective of offering a
differentiated marketing offer is to cater to different segments and get higher
sales with a dominant position in each of the segment. • For e.g. – Maruti 800 for
middle class , Baleno and swift targeted for upper middle class and Omni for lower
class or taxi operators.
Positioning
• The marketing manager needs to decide which segment to enter and how to target
that segment with a product offer through selection of market segment and target
marketing strategy. • The challenge is to decide what position the company wants
it’s products to occupy in the selected segment.
Positioning
• A product positioning is the definition that a consumer gives to the product on
important attributes. • Positioning is the act of developing the company’s
offerings and image to occupy a distinct place in the minds of the target market.
• The end result of positioning strategy is a distinct value-a reason for which
the customer would buy the product.
Positioning
• E.g. – Maggi Noodles , Dove soap , Vicks Vaporub etc.
Product positioning VS. Brand positioning
• In a commodity market hardly there is a difference between a product and brand
positioning. • Same with candles,iscense sticks etc. • Product positioning brings
us to the idea of functional value whereas • Brand positioning talks about some
thing above for which customer is willing to pay.
Product positioning VS. Brand positioning
• Whirlpool vs.Samsung. • When a new brand comes to the market people start
enquiring. • E.g.Tata DOCOMO.
Qualities of a successful position
In context with Ujala• Relevance • Distinctiveness • Coherence • Commitment •
Durability • Clarity • Courage Another examples are Tata Nano , Dell etc.
The brand positioning process
• Two categories – • • • Do good Margo Dettol •