Think of an organization of your choice, which involves in trading mobile phones. Explain the various approaches used in segmenting markets and also describe how the marketing mix is used to position the products in a market.
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Market Segmentation & Positioning
Explanation:
- Customer experiences that are tailored to them result in increased customer loyalty and more targeted marketing efforts.
- A market segmentation plan divides your consumer or company base into groups based on demographic, regional, behavioral, or psycho graphic characteristics, or a mix of these factors.
- Market segmentation is a business method for breaking down a large target market into smaller, more manageable segments.
- A personalized customer experience encourages loyalty, improves brand awareness, and, as a result, increases revenues for a product or service.
- Positioning is a marketing idea that describes how a company should promote its product or service to customers.
- The marketing department builds a brand image for the product depending on its target market.
- Promotion, pricing, location, and product are all used to achieve this.
- The more intensive a positioning strategy is, the more effective a company's marketing approach is.
- A good positioning strategy enhances marketing efforts and assists buyers in moving from awareness to purchase of a product or service.
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