What is a Product? A product is any item that can be offered to people and has the ability to satisfy consumers’ needs and wants. It can be in tangible form as well as intangible form. Simply, a product means what we use or consume to satisfy our needs and wants. That can be food,…
Most businesses make mistakes when they try to sell products directly to customers i.e. they do not try to understand what the customers need, what they want, and what their preferences are. Today successful businesses are based on customer-focused marketing strategies. And, a business that does not consider the customer’s account would not sustain itself…
What is product Positioning? Product positioning is a marketing strategy companies use to create a unique image of their product in the mind of their target customers. Companies can create the position of their product in the consumer’s mind or marketplace in terms of product quality, price, status, durability, and other unique features. It aims…
What is Market Targeting? Market targeting is the process of selecting the best market segment from the available segments. The best market segment includes one that has greater opportunities and that matches your firm’s objectives and resources. Market targeting includes first segmenting the large market into different sub-markets, evaluating each of the market segments, and…
Pros and Cons of Market Segmentation Market segmentation includes dividing a market into different consumer groups based on the unique characteristics each group shares. The following are some pros and cons of market segmentation it can offer to your business. Pros of Market Segmentation The following are the main advantages of market segmentation. Helps To…
What is Behavioral Segmentation? Behavioral segmentation is a market segmentation strategy that groups customers based on behaviors customers show while buying and using products. The consumers buying patterns may include usage, brand loyalty, benefits sought, occasion-based, etc. Here, behavioral does not refer to a behavior of a person, instead, it refers to the consumer’s interactions…
What is Psychographic Segmentation? Psychographic segmentation is a market segmentation strategy that groups customers based on the factors like personality, attitude, lifestyle, social class, and interests. Psychological segmentation aims to know why and how consumers do the way they do. It seeks to understand the customers on an individual level and use personalized messages to…
What is Geographic Segmentation? Geographic segmentation is a market segmentation strategy that groups customers based on the area they live. This can be done in terms of the customer’s location, cultural preferences, time zone, climate, language, urban or rural area, etc. Geographical segmentation divides customers based on their specific geographical area and targets a specific…
What is Demographic Segmentation? Demographic segmentation is a market segmentation strategy in which customers are grouped based on factors like age, gender, marital status, income, ethnicity, occupation, etc. Instead of focusing on a broad range of customer bases, you can focus on a specific customer’s demographic factor which allows your company to better understand the…