Below buyers into groups with similar needs and


Below
is a report on the the importance of market segmentation, targeting
and positioning for a branded product that is A
close Shave aimed at the
consumer.

Market
Segmentation,
Targeting and positioning
are tools to align with the right product for they play an important
role to get to the right customer. They
allow the marketer to deliver a product within the target audience
needs and wants (Pickton and Broderick, 2005: 373). It is a necessity
to establish the needs and values of the target customers within each
segment, in order for companies to promote their products, brands or
services appropriately.

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In
this context :

Segmentation:
Dividing the market or customers into groups basing on similar
characteristics. Example: demographically, behavior, geographically
etc. Kotler and Armstrong define market segmentation as “dividing a
market into distinct groups of buyers who have distinct needs,
characteristics, or behaviour and who might require separate products
or marketing mixes” (Armstrong and Kotler, 2005: 54).

Targeting:
After segmenting, its is not likely to reach to reach every customer
in the market therefore a target audience is selected. The marketer
distinguishes among a variety of market segments, chooses one or more
of the segments and then develops products and marketing mixes
customised to each segment (Gunter and Furnham, 1992: 2).

Positioning:
Basically it means building a brand image in the mind of the
customer. Where does your product stand in the minds of the customer
and the marketplace.

Why
are they important?

Segmentation
splits buyers into groups with similar needs and wants to best
utilize a firm’s finite resources through
buyer based marketing.
Example by Market Segmenting according to age; A Close Shave can
group three age groups (Group A: Age 18-25, Group B: 26-33, Group C:
34-41) these three group will have completely different lifestyles
and behavioral patterns, Group A may find the product desirable
because its a young group with less or no economical obligations,
Group B maybe an insecure group where most men if single want to
appear manly so may not care for putting face cream on and Group C
have economical obligations but may need the product since it does
not require a shave it saves time. Different age groups with
different opinions on the product. Attract
the right
customer.
By considering the customers’ attitudes toward a brand or product
the company will get a wide-ranging view of the market. The right
customer knows what he/ she needs specifically and will have the
right attitude toward A
close shave.

Reduce
risk in
deciding where, when, how, and to whom a product will be marketed.
The decision of production are risky because with one wrong decision
the product will flop in the market. It is crucial to segment, target
and position the market so as to achieve the best result in the
marketplace.

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