market segmentation and product differentiation ppt

product differentiation and market segmentation are two distinct, important marketing strategy concepts. market segmentation is the breakdown of a large target audience into smaller, more homogenous groups of customers. while it is important to have a product that is of good quality and offers excellent benefits, you also need something that allows consumers to recognize it as unique. differentiation is a key element of positioning, which is creating a unique image of your brand in the mind of your target audience. generally, you differentiate your product or brand by making it of better quality than competing products. unique features, customized designs, and use of green-friendly or organic materials may separate your product from the crowd.

market segmentation is intended to help you optimize efficiency with your advertising investments. market segmentation allows you to target markets that either have different needs, want different benefits, or require different messages delivered through different media. in essence, segmentation overcomes the inability to impact all possible customers with one advertising campaign or message. this approach allows you to design messages for a prototypical customer and figure out what he watches or reads. lifestyle segmentation is another approach, where you target people with shared hobbies and interests. behavioral segmentation emphasizes customers with similar usage rates or benefits requirements.

you can segment a market with product differentiation by making different versions of the same product. you can also segment the market using different marketing messages. using marketing, you can create a brand or image in the mind of consumers by pointing out the difference between your product and those of your competitors. if you sell tennis shoes, you can reinforce the toes, making it a longer-lasting shoe that appeals to frequent players who wear out their shoes. lowering or raising the price of a product differentiates you from your competition. you can sell a higher-priced version of your product with extra features in specialty stores to attract young, affluent singles, and sell another version with fewer features at a lower cost to young families or seniors.

creating a brand helps you segment the market by selling the benefits of your product to specific groups. different consumers then associate your product with a specific benefit. to segment a market, you’ll need to know the characteristics of people who buy your product. if most of your customers are single women and most of your competitor’s customers are senior men, you can increase your sales with this knowledge by creating a sales strategy to attract more senior men. for example, if you sell a food product, you can sell one version to consumers, one to grocery stores and one to restaurants. he has worked in the corporate and nonprofit arenas as a c-suite executive, serving on several nonprofit boards. he is an internationally traveled sport science writer and lecturer.

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