U2 Trend Insights & Target Markets

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9 Terms

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Market Segmentation steps

Define segmentation criteria > Collect & analyse data > Evaluate & select segments > Develop segment profiles (4Ps)

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Define segmentation criteria action

Identify business objectives,
Determine segmentation criteria

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Collect & analyse data action

Relevant data from sources,
Accurate & consistent data for analysis

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Evaluate & select segments action

Detailed profile,
Check potential profitability

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Develop segment profiles action

Customised strategy, message & promo,
Allocate resources (budget/manpower)
Tailor marketing mix (4Ps)

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Target Market Segments ways

Micro, niche, segment & mass marketing

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Marketing Positioning purpose

Consistent marketing message,
More brand awareness,
Noticeable brand image

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Market Positioning importance

Stand out from competitors,
Top of mind consumers' recall,
Better sales

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Position Product ways

Price,
Quality,
Characteristics (unique qualities)