Discussion | Market Segmenting, Targeting, and Positioning
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MarketSegmentingLLJTargetingLLJandPositioning.docxDiscussion | Market Segmenting, Targeting, and Positioning
Instructions
Each week you will be asked to reflect and respond in a Discussion Board forum. Your contribution to the topic should be clear, complete, and accurate. This assignment also requires that you read the answers posted by your classmates and respond to at least one of those postings. You are required to meet the following guidelines.
· Develop a detailed response using APA format (in-text citation, reference list) and utilizing at least one credible resource.
· Post your initial response by Saturday, Sept 18th by 11:59pm
· Post feedback responding to a classmates post by Sunday, Sept 19th by 11:59pm
After completing the assigned readings (Chapter 4: Market Segmenting, Targeting, and Positioning) answer the following discussion questions.
1. Why do firms often use more than one segmentation base?
2. Which of the segmenting strategies discussed in section 5.3 is the broadest? Which is the narrowest?
3. Why do companies position products? Also, why might an organization reposition a product?
Principles of Marketing Textbook
First Classmate Post:
Keyana Yeoman
Week 6 discussion
September 16, 2021
1. Companies often use more than one segmentation base because it allows them to reach a specific buyer by breaking down their targets into segmentation bases, "each variable adds a layer of information" (Saylor, 2012). The more information they can get on a buyer the better the sell will be.
2. Microtargeting is the narrowest, "new effort to isolate markets and target them" (Saylor, 2012). Multi-segment strategy is the broadest.
3. Companies position products "so that it stands out from competition and people want to buy it" (Saylor, 2012). There are strategies that companies use to position their products. One is the Perceptual Map, which allows companies to place their products where not a lot of competition is. Most companies reposition their products to "expand on their markets" (Saylor, 2012) to make their product more suitable for the buyers/consumers.
Second Classmate Post:
Janiya Wiggins
2:22pmSep 17 at 2:22pm
Market segmentation is the process of breaking down all consumers into groups of potential buyers with similar characteristics. When it comes to segmentation bases, they are broken down into four different bases. Behavioral segmentation are the benefits that a customer wants and how they would use the product. Demographic segmentation is how the age, race and ethnic backgrounds of the customers affect what they buy. Geographic segmentation is the location of the customers, how they can be reached and the products that they would possibly buy based on their location. Psychographic segmentation is what a customer thinks about and values and how they live their lives. Firms often use more than one segmentation base to get a fuller picture of its customers and create real value for them; each of the variables adds a layer of information. Positioning is the tailoring of a product so that it stands out from the competition and people want to buy it. One way to position your product is to plot customer survey data on a perceptual map. Repositioning is an effort to move a product to a different place in the minds of consumers. A company would most likely position a product so their products stand out from the competition so that consumers will want to buy it. A company would reposition a product to maintain value to the existing market and expand to include other buyers that previously would not have considered buying the product.
Resources:
Saylor Academy (2012). Defining Marketing In Principles of Marketing (Vol. 2.0). Essay.
http://www.saylor.org/book
Chapter 5 Market Segmenting, Targeting, and Positioning (umuc.edu) (Links to an external site.)
