When a company wants to market their product there are two things they have to take into account. First of all it is imposible to try and direct the marketing of your product to the whole marked. Secondly not the whole market is going to be interested in the product, because of differences in age, gender, interests...
This is what segmentation is about. Companies divide the market in different groups that share needs, wants, that have an specific age or similar tastes.
- Geographical segmentation: using location to divide the market
- Demographic segmentation: uses different variables like age, religion, nationality, income or gender.
- Psycographic segmentation: division based on lifestyle and personality.
- Behavioral segmentation: market segments are built from behavioral points.
When the segmentation has been made the company has to choose what segment to target, meaning the company will try and please that segment.
*Once the company has made the process described above, it has to do one last thing, create an image in their target market. Here appears a new term: positioning. The company has to potion its offer to the consumers identifying the points-of-parity (what is shared with other brands) and the points-of-difference (what makes the company stand out from the rest of the brands in a market).
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