Segmentation, Targeting and Positioning (AQA A-Level Business): Flashcards
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Practise the cards
10 cards from this deck
Market segmentation definition
Market segmentation definition
Dividing market into groups with similar characteristics
Market targeting definition
Market targeting definition
Deciding which segment(s) to focus marketing efforts on
Market positioning definition
Market positioning definition
How consumers perceive your brand vs competitors
STP process sequence
STP process sequence
Segmentation → Targeting → Positioning
Common segmentation methods (5 types)
Common segmentation methods (5 types)
Age, gender, income, social class, geographical area
Key benefit of STP approach
Key benefit of STP approach
More effective marketing with clear, relevant messages
Key drawback of STP approach
Key drawback of STP approach
Overlooking other potentially profitable segments
Niche marketing definition
Niche marketing definition
Satisfying demands of small, specialised segments
Mass marketing definition
Mass marketing definition
Targeting entire market with standardised products
3 influences on target market selection
3 influences on target market selection
Product nature, competition levels, consumer needs