L7 Segmentation targeting and positioning

Question 1

explain the 5 criteria to select target segments

Answer 1

1. market size
2. expected growth
3. competitive position
4. cost of reaching the segment
5. organisational compatibility

Question 2

what is product positioning?

Answer 2

• refers to the place a product occupies in consumers’ minds based on important attributes relative to competitive products
• how are you going to get into the minds of that target market in order to successfully differentiate your product?
• FOR THE CONSUMER it is the image or perception they have of a brand/company relative to others in the same category

Question 3

what are the 2 approaches to product positioning

Answer 3

1. differentiation positioning
2. head-to-head positioning

Question 4

what is a persona and how would it help with positioning

Answer 4

• character description of ideal customer
  -brings target market data alive with a well-defined persona which has gender, age interests etc.