Market Stp of Titan and Allen Solly
MARKET SEGMENTATION, TARGETING & POSITIONING
MARKET SEGMENTATION
INTRODUCTION The market for any product is normally made up of several segments. A ‘market’ after all is the aggregate of consumers of a given product. There are different factors contributing for varying mind set of consumers. It is thus natural that many differing segments occur within a market.
Since it is virtually impossible to cater for every customer’s individual characteristics, marketers group customers to market segments by variables they have in common. Through segmentation, the marketer can look at the differences among the customer groups and decide on appropriate strategies/offers for each group. This is precisely why some marketing gurus/experts have described segmentation as a strategy of dividing the markets for conquering them.
ATTRIBUTES DESIRED FOR SEGMENTATION
Market segmentation is resorted to for achieving certain practical purpose. For this to happen, the segments arrived at must meet certain criteria such:-
a) Identifiable: The differentiating attributes of the segments must be measurable so that they can be identified. To justify separate offerings, the segments must respond differently to the different marketing mixes
b) Accessible: The segments must be reachable through communication and distribution channels.
c) Sizeable: The segments should be sufficiently large to justify the resources required to target them. A very small segment may not serve commercial exploitation.
d) Profitable:-There is no use in locating segments that are sizeable but not profitable. The segments should be relatively stable to minimize the cost of frequent changes
e) Measurable: The potential of the segments as well as the effect of a specific marketing mix on them should be measurable.
f) Compatible: - Segments must be compatible with firm’s resources and capabilities.
BASES FOR SEGMENTATION
Markets can be segmented using several relevant bases. There is a large number of
MARKET SEGMENTATION
INTRODUCTION The market for any product is normally made up of several segments. A ‘market’ after all is the aggregate of consumers of a given product. There are different factors contributing for varying mind set of consumers. It is thus natural that many differing segments occur within a market.
Since it is virtually impossible to cater for every customer’s individual characteristics, marketers group customers to market segments by variables they have in common. Through segmentation, the marketer can look at the differences among the customer groups and decide on appropriate strategies/offers for each group. This is precisely why some marketing gurus/experts have described segmentation as a strategy of dividing the markets for conquering them.
ATTRIBUTES DESIRED FOR SEGMENTATION
Market segmentation is resorted to for achieving certain practical purpose. For this to happen, the segments arrived at must meet certain criteria such:-
a) Identifiable: The differentiating attributes of the segments must be measurable so that they can be identified. To justify separate offerings, the segments must respond differently to the different marketing mixes
b) Accessible: The segments must be reachable through communication and distribution channels.
c) Sizeable: The segments should be sufficiently large to justify the resources required to target them. A very small segment may not serve commercial exploitation.
d) Profitable:-There is no use in locating segments that are sizeable but not profitable. The segments should be relatively stable to minimize the cost of frequent changes
e) Measurable: The potential of the segments as well as the effect of a specific marketing mix on them should be measurable.
f) Compatible: - Segments must be compatible with firm’s resources and capabilities.
BASES FOR SEGMENTATION
Markets can be segmented using several relevant bases. There is a large number of