segmentation - targeting - positioning (key model)
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8 Terms
what is segmentation
when potential customers are divided into different groups
examples of the types of segmentation
demographic
geographic
income
behavioural
psychographic
what is targeting
when the business decides which segment they are going to target - often based on which is most profitable
what are the two main approaches to targeting
niche marketing
mass marketing
what is niche marketing
when the business focuses on meeting the needs of one specific segment or area within the segment
what is mass marketing
business disregards the needs of specific segments and targets them all
what is positioning
where is the businesses position within the market?
what is the businesses competitive advantage?
how could the business deploy the extended marketing mix?
