Marketing Plan: Market Segmentation (Target Market) & Positioning Map
Remember the various segmentation methods your readings discussed: geographic, demographic/socioeconomic, psychographic, behavior, and needs-based segmentation.
Also, recall that positioning refers to the way in which customers perceive your product offering relative to the competition.
Do the following:
• Consider how best to segment the market based on one (or more) of the following methods: Geographic; Demographic/Socioeconomic; Psychographic; Behavior; Needs-Based segmentation.
• Determine which target market or markets your company is best positioned to serve.
• Describe the profile of your primary target market.
• Consider the needs of your target market and establish a positioning strategy.
• Craft a positioning map to visually display the key benefits and competitive alternatives.