Flashcards in Topic 6 - Competitive Positioning Strategies Deck (7)
What is market segmentation?
The process of dividing a market of potential customers into different groups based on different characteristics.
Base variables can be used to segment the market. What are the four types of bases?
• Basic characteristics of customers eg. Age, sex , occupation
• Basic location characteristics
Eg. Urban, rural
• Used for consumer markets
Eg. What people are buying, brand loyalty
• Based on the psychology of consumers, their actual needs
What are the targeting strategies?
- MASS MARKET
What are the two factors considered in marketing?
To evaluate different market segments the firm must look at...
Attractiveness Of Segment
Capability of organisation
Target market example
TUI Group - Travel and Tourism Company
• Package Holidays Marketing
• Multi Segment (Different propositions)
• Luxury Couples, All Inclusive, Experience Etc...
What is a positioning map?
A tool that is used by marketers to decide upon a competitive position.
An idea that everyone has a different perception of certain product.