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Effective Targeting and Segmentation Strategies in Marketing

This guide explores the essential concepts of targeting and segmentation in marketing. Learn how to identify specific customer groups that your product or service best serves, creating valuable market segments. The guide covers niche marketing, local marketing, and individualized marketing, providing strategies for customization based on geographic, demographic, psychographic, and behavioral criteria. Understand the key factors for effective segmentation and the difference between undifferentiated and differentiated marketing to optimize your marketing efforts and achieve business success.

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Effective Targeting and Segmentation Strategies in Marketing

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  1. Targeting & Segmentation

  2. Target Marketing • Identifying those particular groups of customers which your product/service is capable of meeting their requirements (needs) most. • Each of these groups constitute a market segment • Selecting one or more segments to enter • Establishing and communicating the product’s key distinctive benefits in that market

  3. Market Segment • A large identifiable group within a market with similar wants, purchasing power, geographical locations, buying attitudes

  4. Niche Marketing • What is an attractive niche ? • A distinct set of needs • A premium can be charged • Not likely to attract competition • Gains certain economies through specialisation • Sufficient size, profit and growth potential

  5. Local Marketing • When the marketing mix is altered to suit the local conditions eg. Giving a higher/ lower discount than what’s prevailing in the rest of the markets or implementing a different promotion scheme

  6. Individualised Marketing • When the firm deals with each customer on a one – to – one basis • When products are customised for the customer

  7. Bases for Segmentation • Geographic –territory demarcations • Demographic – age, family size, sex, income,education, religion, etc. • Psychographic – lifestyle,personality,values • Behavioral – knowledge,attitudes,usage

  8. Behavioral variables • Occasions – birthdays, lunchtime,vacations • Benefits – eg.travel – business, vacation, educational • User status – non users, ex users, first time users, regular users, potential users • Usage rate – light, medium, heavy

  9. Loyalty status – diehards,shifters,switchers • Buyer Readiness – unaware – aware – informed – interested – desire – intention to buy • Attitude – enthusiastic, positive, indifferent, negative, hostile

  10. Criteria for segmentation • Measurable • Substantial • Accessible • Differentiable • Actionable

  11. Market Targeting • Single segment concentration • Selective specialisation • Product specialisation • Market specialisation • Full Market coverage - undifferentiated marketing differentiated marketing

  12. Undifferentiated Marketing • Single product addressing all segments with a single marketing program. • Mass production is possible giving scale economies • Pushes price downwards enabling to attract price sensitive segments

  13. Differentiated Marketing • A separate market offering for every segment • Marketing programs for every segment could be different • Pushes up costs at various levels, necessitating sufficient volumes for viability • Generates inter-segment rivalry

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