'Products are made in the factory - brands are made in the mind."
Market Segmentation:
Why Segment? In order to create a niche market, consumers differences need to be recognised, thus creating competitive differences. Allowing a brand to identify who they want to sell to, and the best way to reach them. One brand can have a few different products aimed at different consumers. Coca Cola, for example, have two products, basically the same, 'Coke Zero' and 'Diet Coke', yet the latter seems to be targeted at women with the TV advert starring a scantily clan gentleman and giggling ladies.
Hameide 2011 - "Brand is meant to address users need."
Consumer Segmentation:
Target markets, then divide into sub-groups.
Demographic - age/ income/ gender etc.
Behavioural - Usage/ need/ occasion/ benefit sought etc.
Attitude & Phychographic - Beliefs/ motivation/ lifestyle.
Segment Attractiveness
- Substantial
- Identifiable
- Reachable
- Responsible
- Profitable
Seth Godin 2013 - "Choose customers first."
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