Geoff Fripp Not necessarily.
There is certainly a significant overlap, and some marketing textbooks will use the term interchangeably. However, there are subtle differences between a concentrated marketing strategy and a niche marketing strategy.
The essence of “niche marketing” is where we … Read more...
There is a misconception that concentrated marketing will limit growth. However, while the set of consumers targeted is limited to a single target market, that does not restrict growth opportunities for the firm.
A concentrated marketer can grow through:
Segmentation topics covered in this article:
As implied by the name, benefit segmentation is splitting up the market based upon the key benefits and needs sought by purchasing consumers. As a result, benefit segmentation is a very consumer-centric approach as it identifies the core product needs of the consumers.
Note for students: … Read more...
This approach to segmentation is dividing the market into segments based upon demographic variables, such as age, gender, life stage, family size, income, and so on.
Demographics are observable characteristics of the population, often collected on a regular basis for a government census.
Psychographic segmentation , also known as lifestyle segmentation, is one of the four main segmentation bases used in segmenting consumer markets, with the others being geographic, demographic, behavioral (which is sometimes also split down into benefits segmentation).
As you may have guessed, the word “psychographic” the … Read more...
Marketing students often confuse the difference between behavioral and psychographic segmentation. The reason is the word “behavioral” – as it suggests how consumers behave, so how can that be different to their psychographic equal lifestyle behavior?.
Good question, so let’s explore the differences in this article.
Depending upon the marketing textbook that you are reviewing, the process of moving from market segmentation to positioning is sometimes referred to as the STP process, or in some other textbooks, the STDP process.
These are identical processes, with the exception of the STDP approach simply be … Read more...
Please note: This article explains how to build segment profiles using Excel – but a free segmentation tree and segment profiling Excel template is available for free download on this site along with simple video instructions on how to use.
Segment profiles are rich and … Read more...
If you have access to market research survey data or a customer database, then building segment profiles are very quick and simple to do using a Excel spreadsheet.
Here is a free Excel template … Read more...
