In other words, segmentation is a process of sub-dividing the broad target market into clear segments that possess similar characteristic of demand and needs. In order to precisely match the expectations of segmented target group, significant marketing mix is designed and positioned respectively. You can avail our segmentation positioning assignment help if you want to deliver best quality assignments from our segmentation positioning assignment help experts.
Benefits of segmentation and positioning
Our segmentation positioning assignment help experts outline the benefits of segmentation:
- Effective positioning of the product
- No blunt competition with other companies while trying to capture the same target market
- Immense opportunity to develop newer products and successful expansion of product line
- Exposure to re-evaluate less profitable and older product brands
- The early adopters of products are easily identified
- Planning of re-investment of money and sales effort focusing on the most profitable target group of customers
Implementation of STP (Segmentation, Targeting and Positioning)
The segmentation positioning assignment help experts explain that each segment of the target formed would significantly respond to varying strategies of market mix. This would help the companies to expand their profit and growth opportunities. A market could be segmented respective to the following considerations:
- Demographic variables essentially consider the characteristics of target group of customers. Our segmentation positioning assignment help experts mention that it involves the age, gender, income, academic qualifications, location (i.e. rural or urban and eastern or western), family size, ethnicity etc.
- Psychographic considerations include the social existence of the target market. The segmentation positioning assignment help experts also add these variables include the lifestyle, values, standard of living, personality, social background and disposable income.
- Segmentation positioning assignment help experts mention another important factor of target segmentation involves the behavior. This segment include the shopping preference of target customers i.e. preference on online shopping, brand specification, preferable purchase items, etc. Moreover, there are certain groups of customers who appreciate unique and exclusive products whereas there are some groups who follow the crowd. Such a consumer behavior plays a major deciding factor in segmentation process.
- Geographical location of the target group such as the continent, country, state, province, city, town etc.
Our segmentation positioning assignment help experts suggest targeting is the next task after market segmentation into specific groups and classes. Significant marketing mix has to be designed for each of the segmented groups. Our segmentation positioning assignment help experts describe three general strategies with which a target market can be selected.
- Undifferentiated approach: In this approach of targeting, our segmentation positioning assignment help experts say a single marketing strategy is used for the whole target market without any prior segmentation into groups. This strategy involves little competition for a product or business since the target does not need to be tailored according to variable preferences.
- Concentrated approach: The segmentation positioning assignment help experts explain in this approach, a significant market segment is targeted to implement the entire marketing efforts into it. Our segmentation positioning assignment help experts advise significant concentration should be imparted on the characteristics of demand and needs of the targeted market segment. This approach helps the firms to gain competitive advantage against the strong competitors.
- Multi-segment approach: Our segmentation positioning assignment help experts describe this process in which two or more market segments are targeted at a go. It also involves development of different strategies respectively. This target approach is beneficial in various aspects but involves immense management effort, intricate market research and improved promotional strategies.
- Positioning involves strategies to implement the target.
- It is a process to develop brand image of a product or service to the target group. This influences the buying decision of consumers.
- Strong and strategic activities of promotion and well-versed marketing mix generate positive perceptions among consumers.
- Good comprehension of the competitive products in market help to implement effective positioning.
- A product differentiation strategy leads to positive benefits of positioning.
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Strategies of target marketing
Our segmentation positioning assignment help experts say, based on the pattern of consumer demand, the type of marketing strategy suitable for a significant target is selected. Moreover, based on the characteristics of consumer behavior, a business decides whether to target the entire market or concentrate on a significant market segment.
Types of target marketing strategy
1. Single segment marketing strategy
This strategy of target marketing is concentrated on a single set of market segment with significant set of demands. Our segmentation positioning assignment help experts divide this strategy into:
- One–to-one strategy of marketing - The target market is precisely streamlined by the implementation of advanced communication technologies and modern comprehensive database. The strategies of micro marketing customize mass demands thereby focusing on individual needs of each customer.
- Niche strategy of marketing – Our segmentation positioning assignment help experts say that this strategy essentially focuses on the particular market segment that seeks for special facilities. Multi-segment marketing strategy
Our segmentation positioning assignment help experts consider the strategy to deal with clustered group of selected segments. Each of the selected segments is treated as unique with specialized marketing mix.
3. Business to business market segmentation
Both the consumer and business market are segmented by using the general segmentation variables. Prior to business segmentation, each of the variables is used respective to the marketing applications.
- Demographic factors
This is an industry-specific dimension that includes volume of sales, number of employees, age and gender classification of employees in an organization.
- Geographical factors
Our segmentation positioning assignment help experts say this kind of strategy considers the concentration of various industries within a particular geographic location. Most importantly, the overseas and domestic market is segmented based on the geographic location, size of population, economic conditions, etc.
- Situational and behavioral factors
Segmentation positioning assignment help experts include in these factors technological implementation i.e. (rate of innovation, rate of technical implementation), rate of usage (low, medium, high, non-users), buying and selling policies of firms and purchasing factors (purchase readiness, rate of purchase, buying behavior of consumers etc).
- Psychological factors
According to our segmentation positioning assignment help experts, these factors determine the psychological behavior of individuals who are responsible to make the final buying decisions. The behavior of employees also reflects the organizational culture.
- Benefit segmentation
Our segmentation positioning assignment help experts say organizations often segment target market by implementing benefits such as high quality or low price, efficient services, transportation convenience etc.
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Reasons why students cannot perform their segmentation positioning assignments
It has been observed that majority of students face difficulty while preparing their market segmentation positioning assignments in spite of having adequate knowledge on marketing management. The problem area includes the demands of various segments which is quite similar to one another. Students tend to confuse marketing mix that would be apt for a significant market segment. The assignment on generic applications of segmentation and positioning is easily performed but case study specified assignments on market segmentation are complex. These are various contingencies that lead the students to seek segmentation positioning assignment help.
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