Market (Segmenting, Targeting, Positioning)

Description

TOPIC : Market (Segmenting, Targeting, Positioning)

Write down at least three segments that you believe will buy your product or. The intention is NOT to have one segment for each criterion but to use multiple criteria per segment.

Where they are (location)
Who they are (demographics)
What they like (psychographics)
How they behave (Behavioral)
Example
Working parents, ages 28 – 45, who live in urban areas, who like science fiction movies, and who like to pay by credit card

Target Market: Write down which of the segments you wrote above you believe has the most potential for customer development and why. Focus on why you picked that segment such as:

They will spend more money
They are easier to reach
You already have a media channel to them
They already show the biggest input
They are more likely to tell others

Positioning: Write down what your brand position is relative to your competition such as:

Easier
Faster
Cheaper
More reliable
Lasts Longer
More Flavor
Organic
Ex: We keep track of your customer and business interactions like the SAP Enterprise Resource Planning System, only without the high staff overhead to run and maintain it.

Marketing Mix: For your chosen target market, write down which of the things that you control (Product, Price, Place, or Promotion) is most important and why.

PROFESSOR’S GUIDANCE FOR THIS WEEK’S LE:

For your learning engagements for this class, you will need to pick a company that you have worked for, that you work for now, that you want to work for, or that you want to create. You will be applying all of the marketing that we cover in this class specifically to this company. Go beyond just general topics that apply to every business.

Segmenting
Segments should use one or more criteria, not one criterion per segment
Mental Test: If you hired a salesperson, they should be able to physically find the group of people in your segment, or would they be confused
Your marketing campaign should be able to cover everyone in this group with the same messaging and media channels, otherwise, they should be divided into multiple segments
Everyone in each segment should:
Have the same problem
Use the same solution
Talk about it the same way
Get their information from the same source
Be able to use the same messaging

o Targeting.

Targeting is about making things easier for the marketing team, and getting the best results using the least amount of time and effort. Think about criteria in terms of value to the marketing team in terms of low cost, lower effort, or bigger payoff in some way including sales OR brand awareness.

o Positioning

Should be tailored to the way your target market sees value. For example, you could compare cars luxury-economy vs sport-utility, such as the luxury utility car. Marketers often look at creating new markets by looking at combinations that no one has created a product for. They also may look at a profitable market that they can do better in than the current product in that space.

o Marketing Mix

While all aspects of the marketing mix are important to customers, think about what your target market looks for first.
“The product must have this feature” – Product
It has to fit within my budget” – Price
“I shop on Amazon” – Place
“I read consumer reports” – Promotion