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Management
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 * Market Segmentation
 * Difference between Market Segmentation, Targeting and Positioning




DIFFERENCE BETWEEN MARKET SEGMENTATION, TARGETING AND POSITIONING

A market refers to a set up where two or more parties are involved in
transaction of goods and services in exchange of money. The two parties here are
known as sellers and buyers.

It is the responsibility of the marketers to create awareness of their products
amongst the consumers. It is essential for the individuals to be aware of the
brand’s existence. The USPs of the brands must be communicated well to the
end-users.

An organization can’t afford to have similar strategies for product promotion
amongst all individuals. Not every individual has the same requirement and
demand.

The marketers thus came with the concept of STP.

STP stands for:

S - Segmentation
T - Targeting
P - Positioning


 1. SEGMENTATION
    
    The first step in the process of product promotion is Segmentation
    
    The division of a broad market into small segments comprising of individuals
    who think on the same lines and show inclination towards similar products
    and brands is called Market Segmentation.
    
    Market Segmentation refers to the process of creation of small groups
    (segments) within a large market to bring together consumers who have
    similar requirements, needs and interests.
    
    The individuals in a particular segment respond to similar market
    fluctuations and require identical products.
    
    In simpler words market segmentation can also be called as Grouping.
    
    Kids form one segment; males can be part of a similar segment while females
    form another segment. Students belong to a particular segment whereas
    professionals and office goers can be kept in one segment.


 2. TARGETING
    
    Once the marketer creates different segments within the market, he then
    devises various marketing strategies and promotional schemes according to
    the tastes of the individuals of particular segment. This process is called
    targeting. Once market segments are created, organization then targets them.
    
    Targeting is the second stage and is done once the markets have been
    segmented.
    
    Organizations with the help of various marketing plans and schemes target
    their products amongst the various segments.
    
    Nokia offers handsets for almost all the segments. They understand their
    target audience well and each of their handsets fulfils the needs and
    expectations of the target market.
    
    Tata Motors launched Tata Nano especially for the lower income group.


 3. POSITIONING
    
    Positioning is the last stage in the Segmentation Targeting Positioning
    Cycle.
    
    Once the organization decides on its target market, it strives hard to
    create an image of its product in the minds of the consumers. The marketers
    create a first impression of the product in the minds of consumers through
    positioning.
    
    Positioning helps organizations to create a perception of the products in
    the minds of target audience.
    
    Ray Ban and Police Sunglasses cater to the premium segment while Vintage or
    Fastrack sunglasses target the middle income group. Ray Ban sunglasses have
    no takers amongst the lower income group.
    
    Garnier offers wide range of merchandise for both men and women.
    
    Each of their brands has been targeted well amongst the specific market
    segments. (Men, women, teenagers as well as older generation)
    
    Men - Sunscreen lotions, Deodorant
    Women - Daily skin care products, hair care products
    Teenagers - Hair colour products, Garnier Light (Fairness cream)
    Older Generation - Cream to fight signs of ageing, wrinkles
    
    A female would never purchase a sunscreen lotion meant for men and vice a
    versa. That’s brand positioning.



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RELATED ARTICLES

 * Target Marketing
 * Target Market Selection
 * Product Positioning Process


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AUTHORSHIP/REFERENCING - ABOUT THE AUTHOR(S)

The article is Written By “Prachi Juneja” and Reviewed By Management Study Guide
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MARKET SEGMENTATION

 * What is a Market ?
 * Market Segmentation - Introduction
 * Need for Market Segmentation
 * Steps in Market Segmentation
 * Marketing Mix
 * Target Marketing
 * Target Market Selection
 * Product Positioning Process
 * Difference between Market Segmentation, Targeting and Positioning
 * Marketing Mix Analysis for Entry of a Microwave Maker



Difference between Market Segmentation, Targeting and
Positioninghttps://www.managementstudyguide.com/marketing-segmentation-targeting-positioning.htm
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