Segmentation: Dividing a market into smaller groups of buyers with distinct needs, characteristics, or behavior who might require separate products.
Next step is to target one or more segments. Consists of set of buyers who share common needs or characteristics that the company decides to serve.
Positioning is developing a product and brand image in the minds of consumers.
It's become necessary for companies to change their market segmentation, because markets are dynamic. The market preference is always changing, so the company should make sure that their capacity and capability match with their market segment demand. If the current segment is not well match toward the company capability, consequently the organization should change their market identification.
Next step is to target one or more segments. Consists of set of buyers who share common needs or characteristics that the company decides to serve.
Positioning is developing a product and brand image in the minds of consumers.
It's become necessary for companies to change their market segmentation, because markets are dynamic. The market preference is always changing, so the company should make sure that their capacity and capability match with their market segment demand. If the current segment is not well match toward the company capability, consequently the organization should change their market identification.
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