Placement is a physical location where the product placed for the purchase. The difference between positioning and placement is that positioning occurs when a customer won't prefer any other product than your product because the brand is strongly positioned in its mind. It is the most important and difficult part in the creation of a company's strategy. Lastly, we are going to focus on Positioning. So the major concern is to protect the vulnerable segments like children. We have witnessed that advertisement of alcohol and cigarettes are banned all over the world just to protect society. It contains two types local and individual marketing.Īnother important aspect of Target market is the socially responsible target market. having your car customized or your office suit specially tailored. Diet coke, a specific amount of people consumer it who have diabetes or obesity.ģ) Niche TM (here the product is for selective people, like Apple iPhone, only a few of people can afford or use it.Ĥ) Micro-Marketing( here we talk about tailoring a specific product for e.g. For example, NESTLE water, the CEO of a company is consuming same water as a normal employee.Ģ) Differentiate TM (Here the target audience is differentiated on the basis of taste, color, price etc. Find your target market with the above-mentioned segments.ġ) Undifferentiated TM (Here the product is not differentiated on the basis of the target audience, this product is for everyone. Moving towards the next strategy that is Target Market. The criteria for choosing segmentations are,ġ) Measurable (the target population should be measurable, like demographics, their age, and income)Ģ) Substantial (Ample amount of profit should be there, like delivering ketchup to the individual is not profitable than delivering to restaurants.ģ) Accessible ( Your product should be in a place where your target audience can easily reach (Malls) no restriction should be there.Ĥ) Differentiable (differentiate your target market on the basis of their buying pattern, like buying pattern of a married couple is different from unmarried ).ĥ) Actionable (how to execute your strategy for e.g which platform of IMC will you be using. It can be a repetitive behavior of a purchase, Like Starbucks loyalty is that everyday people when they leave for their office they consumer Starbucks on their way to their office. LastlyĤ) Behavior segmentation: divide the population on the basis of usage and knowledge of a product. So once they go to the gym they wear everlast gears, it means that specific amount of time is embedded in their life by Everlast.
Since they have a specific amount of time in a day where they do gym. Since "EverLast" a sports brand targets those enthusiast sports people who do gym in their life. Since Mcdonalds actually targets the younger class so it is doing demographic segmentation.ģ) Psychographic segmentation: dividing the population on the basis of lifestyle, personality. Since "Agha Noor" and "Khaadi" (apparel Pakistani brands) expanded their outlets to London and UAE, they need to focus on the culture and the way people dressed.Ģ) Demographic segmentation: dividing the marketing into the factors of age, social income, gender, religion. The most important part in geographic segmentation is a market expansion because companies need to focus on culture and buying pattern for the people as well. So normally we divide market on the basis of 4 criteria.ġ) Geographic segmentation: dividing the market into small nations, states even countries. This concept is known as market segmentation, dividing the population into small chunks so that it becomes easy for the company to identify the potential customer.
You need to define some parameters for the audience whom product will be for. Since it is very understandable that your product cannot be for the whole population. Marketing strategy talks about who is your target market for your product or service will be and under what criteria you have selected them. Marketing strategy is an important part of marketing.