Segmentation, Targetinging And Segmentation In Global Marketing

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Marketing Assignment-3-
Explain the concepts of segmentation, targeting, and positioning and how they are applied in global marketing? Market segmentation is the process of splitting a market of potential customers into groups, or segments, based on distinct characteristics. It is also based on the premise that companies should attempt to identify customers in different countries who share similar needs and wants. The process of it begins with the choice of one or more variables to use as a basis for grouping customers. Market segmentation is applied to increase the quantity of sale and profit. For example, the segmentation of Mercedes Benz is luxury automobile segment including sedans,
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It focuses on the segments that can be reached most effectively, efficiently and profitably. The concept of target market is achieving the best market than the biggest market. This model is applied to achieve the best market in global. For example: Mercedes-Benz car targets mainly rich people, mainly middle aged people with high incomes, female as well as youth and wealthy farmers. The three basic types of target marketing strategies are standardized marketing, concentrated marketing and differentiated marketing. Standardized marketing is similar to mass marketing in a single country. It consists of creating the same marketing mix for a broad mass market of potential customers. Concentrated target marketing includes devising a marketing mix to reach a niche. A niche is simply a single segment of the global market. Differentiated marketing is called multi-segment targeting and this approach implies targeting two or more distinct market segments with multiple marketing mix offerings. This strategy allows a company to achieve wider market coverage. Positioning is locating a brand in consumers’ minds over and against competitors in terms of attributes and benefits that the brand does and does not offer. Positioning is not the concept of producing goods. It is the concept of how apply finished goods. For…show more content…
It includes activities such as communicate the features, benefits of the product and image to the actual and potential customers. Positioning is how to differentiate in the mind of the customers. Differentiation is defined as a company seeking to serve and creation of a different advantage or a competitive edge that will enable the firm to serve the target market more effectively than the competitor. Positioning means the activity of making position or image in the minds of customers. Positioning is the process of describing an image of company’s product and its customer relation in the minds of customers. Philip Kotler said “Positioning is the act of designing the company’s offering and image to occupy a distinct place in the target’s mind.” Image is the picture of an organization and its products and services perceived by target group. The types of image are Current Image: The way that a company is being seen by customers, Mirror Image: The way that a company thinks it is being seen by customers, and Wish Image: The way that a company would like to be seen by customers. The objectives of positioning are create a different place, development and redesign, appropriate action and reason of buying. Positioning involves three tasks. They are identifying differences, selecting the right differences and communicating. Product differentiation, people and image are identifying differences. Selecting the right differences are

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