Definition of Segment: Class of customers with similar needs and wants from a particular product range.
Definition of Segmentation: Deciding operating Principles for marketing by classifying OR identifying customer base depending on Demographic, Geographic, Behavioural, Socio-economic grounds who have similar needs and wants from a particular product range.
Mass Marketing: This is completely opposite that of segmenting. Marketer goes in open market without segmenting. This Marketing startegy is obsolete now a days.
Marketing Mix: There are 4 P's of marketing mix
1. Product
2. Price
3. Place
4. Promotion
For service industry more 3 P's are extended
5. People
6. Process
7. Physical Evidence
In my view: Marketing mix are precise points in each category mentioned above which makes product saleable. In other words USP's pertaining to each aspect mentioned.
Viability Matrix:
After segmenting, marketer need to analyse the situation by this viability matrix. There are 3 questions. Answers for these questions will help marketer to understand the ground position of his Product.
1. Is our Segment Sustainable?
2. Are we Competitive?
3. Do we have Advantage? (Over competetors)
Definition of Segmentation: Deciding operating Principles for marketing by classifying OR identifying customer base depending on Demographic, Geographic, Behavioural, Socio-economic grounds who have similar needs and wants from a particular product range.
Mass Marketing: This is completely opposite that of segmenting. Marketer goes in open market without segmenting. This Marketing startegy is obsolete now a days.
Marketing Mix: There are 4 P's of marketing mix
1. Product
2. Price
3. Place
4. Promotion
For service industry more 3 P's are extended
5. People
6. Process
7. Physical Evidence
In my view: Marketing mix are precise points in each category mentioned above which makes product saleable. In other words USP's pertaining to each aspect mentioned.
Viability Matrix:
After segmenting, marketer need to analyse the situation by this viability matrix. There are 3 questions. Answers for these questions will help marketer to understand the ground position of his Product.
1. Is our Segment Sustainable?
2. Are we Competitive?
3. Do we have Advantage? (Over competetors)
CASE STUDY for Market Segment (Nirdosh Bidi)
Nirdosh Bidi Case study was discussed, Following segments were identified, some points are mentioned which might be obstacles while deciding operating principles.
1. New Smokers: New Smokers will definitely go with established brands to prove smoking. How could new smoker can be attracted to a relatively unknown brand, which is made for quit smoking?
2. Smokers who want to Quit: Smoke for quitting smoking, large contradiction. At the same time losing out on repeat sale.
3. Health Concious Smokers: Definitely a good concept to start building operating principle. But what will be Relative Market Share. Trial RAte might be high but repeat rate? In this case, as mentioned in supportings, Niche class, White collared consumer could be targetted.
4. Export Market: Again a good option, but how to go ahead?
For Next Class:
S(Segmentation)
T(Target Customer)
P(Promotion and Positioning of Product)
to be covered.
Nice recap.
ReplyDeleteThe definition of segmentation is nicely done.