I really enjoyed this week. It started with an explanation of what market segmentation is, and how organisations carry out market segmentation in order to better understand and serve their customers based on how groups have similar requirements.
The course then went on to look at segmentation methods, including the use of demographic variables, psychographic segmentation, and behavioural segmentation. Some of the examples given in this section were particularly interesting, including examples of segmenting by age (demographic) and by lifestyles (pscyhographic).
There was then a look at some organisational or internal market segmentation criteria, which would be particularly useful for managers who do not work in consumer markets, or deal directly with customers or other external stakeholders.
How organisations should target the market segments they identify was next to be considered. The criteria for targeting were detailed, including such factors and segment size and growth potential, measurability, profitability, etc. Some techniques for targeting were also given, including differentiated and undifferentiated targeting, focused, and customised targeting.
The idea of positioning was last of the topics, and how an organisation can use the concept of positioning to create a favourable image of itself in the minds of its customers, and in particular customer segments.
Positioning maps were introduced and an interesting case study of a university was given.
Very enjoyable week, and right up my street!
(Source: B629, Understanding marketing and financial information).