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◄TOPIC 5 - ANALYSING BUSINESS MARKETSTOPIC 7 - SETTING PRODUCT STRATEGY►

TOPIC 6 - MARKET SEGMENTATION, AND TARGETING

  • TOPIC 6 - MARKET SEGMENTATION, AND TARGETING

    INTRODUCTION

    Due to constraints and limitations to serve an entire market population, most firms pursue target marketing where they concentrate their effort on certain fragments of the market. This is known as market segmentation which is an important part of marketing strategy. The entire market is subdivided into various segments through a process that is referred to as the segmenting-targeting-positioning (STP) process. The three activities – segmenting, targeting and positioning – are normally commenced in sequence, and this lesson is structured around these key elements.  


    LEARNING OUTCOMES

    After studying this lesson, you should be able to:

    1.       Explain the principles of market segmentation and the segmenting-targeting-positioning process

    2.       Enumerate the characteristics and differences between market segmentation and product differentiation

    3.       Discuss the market segmentation strategies for both consumer and business-to business markets

    4.       Explain the requirements for effective segmentation

    5.       Describe the different targeting strategies

    6.       Explain the concept of positioning

    7.       Explain the use of perceptual maps in the positioning process


◄TOPIC 5 - ANALYSING BUSINESS MARKETSTOPIC 7 - SETTING PRODUCT STRATEGY►