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Customers We decide who the purchasers
of our offering will be Company We look inwards to see whether the product ethos and characteristics align with our mission and vision statements, allocative resource capabilities,
strengths, and perception
Competitors We look outwards to see our offerings in comparison to those offered by other companies and whether our value differentiation is strong enough
Collaborators We look to identify possible candidates for developing long-lasting business relationships in order to form a sustainable product strategy
through collaboration Positioning___Segmentation'>Segmentation, Targeting, and Positioning Segmentation This step encompasses the process of forming various customer groups based on geography (country
region state province, demography (age gender education level occupation, behavior (what they buy how often what they browse) or their psychography (lifestyle activities hobbies opinions. Segmentation can also rely on other criteria for diving the market into smaller sub-markets; however, it is essential that the segmentation
criteria have the following 56
• Measurable
• Substantial
•
Accessible • Differentiable
• Actionable
Targeting It is the process of focusing marketing efforts on one/some sub-segments that have been identified after segmentation and resonate the most with our product/service offerings. The ideal customer segments
should be actively growing, highly profitable, and should have a low cost of acquisition (customer acquisition cost,
CAC). The criteria worth
consideration here are size, profitability, and reachability. Targeting can occur at the level of mass (generally adopted by big companies)/multiple segments/niche/individuals. Customization at the individual and mass levels has become commonplace among the marketing strategies of companies.
Positioning It is the target market’s perception of the product’s key benefits and features relative to the offerings of competitive products. A product should occupy a unique position in the minds of consumers for which
PODs (Points of Difference) and POPs (Points of Parity) with competing product offerings have to be identified. Often a perceptual map is utilized for understanding positioning and strategizing accordingly.
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