What is the relationship between Market Segmentation, Market Targeting and Product Positioning?

The global market has been segmented and one or more segments have been targeted, it is essential to plan a way to reach the target. Thus market segmentation, market targeting and product positioning are related to each other. Market segmentation is followed by marketing, targeting and product positioning. Generally market segmentation and positioning are used together.

Market segmentation is the process of subdividing a market into district sub-sets of customers that behave in the same way or have similar needs. Each sub-set may conceivably be chosen as a market target to be reached with a distinctive marketing strategy.

Global market segmentation is the process of dividing the world market into distinct sub-set of customers that behave in the same way or have similar needs. In other words international market segmentation is the process of identifying specific segments of potential customers with homogeneous attributes who are likely to exhibit similar buying behaviour.

Targeting is the act of evaluating and comparing the identified groups and then selecting one or more of them as the prospects with the highest potential. A marketing mix is then devised that will provide the company with the best return on sales while simultaneously creating the maximum amount of value to consumers.

Market positioning is the location of the product of a company in the mind of customer. Positioning is what happens in the mind of the customer. The position that a product occupies in the mind of a customer depends on a host of variables, many of them are controlled by the marketer.

Tags: M.com

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