L2 MARKET SEGMENTATION

MARKET SEGMENTATION

Process of dividing a big market into smaller segments with distinct needs, characteristics, or behavior, to be reached more efficiently and effectively, to match their needs

GEOGRAPHIC

Divides the market into geographic units: nations, states, regions, countries, cities, etc.

DEMOGRAPHIC

Psychological, personalities, lifestyle (beliefs)

BEHAVIORAL

Attitude as a consumer toward the product and their response

TARGETING

Choosing the right market segments to pursue and offer your products

TARGET MARKET

A specific set of customers who have common needs and characteristics that companies decide to serve

MASS MARKETING

One size fits all, which focuses on the common concern of a market

MULTI-SEGMENT MARKETING

Focuses on two or three segments of the market in one product category and has different times

NICHE MARKETING

Not for all because the company chooses a small market with big purchasing power

ONE-TO-ONE MARKETING

Provides individualized attention to customers to build a lasting and personalized relationship with them

POSITIONING

- Establishing a brand or product in the consumers' minds

- Done by emphasizing the product's distinct characteristics to be remembered

COMPETITIVE ADVANTAGE

A product's advantage over its competitors; Unique Selling Proposition (USP)

PRODUCT

To offer unique benefits/features

CHANNEL

To provide greater coverage/availability, such as branches or stores

PEOPLE

Companies hire and train people a certain way by demonstrating competence, courtesy, credibility, reliability, and responsiveness

IMAGE

Companies create a favorable image controlled and managed through symbols used in communications, advertising, as well as the atmosphere of physical stores