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Market segmentation is the process of dividing mass markets into groups with similar needs and wants. [2] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment ...
In marketing, segmenting, targeting and positioning (STP) is a framework that implements market segmentation. [1] Market segmentation is a process, in which groups of buyers within a market are divided and profiled according to a range of variables, which determine the market characteristics and tendencies. [2]
The marketing mix is the combination of all of the factors at the command of a marketing manager to satisfy the target market. [21] The elements of the marketing mix are: Product – the item or service that is being offered, through its features and consumer benefits and how it is positioned within the marketplace whether it be a high or low ...
Digital marketing mix is fundamentally the same as Marketing Mix, which is an adaptation of Product, Price, Place and Promotion into digital marketing aspect. [48] Digital marketing can be commonly explained as 'Achieving marketing objectives through applying digital technologies'.
For the purpose of better understanding attitudinal targeting, it can be discussed using the 5 Ws and one H: who, what, when, where, why, and how.David Grossman, author of the article "How To Communicate Better with The 5 Ws and an H", stated this is the essential foundation in understanding the full context of a topic and making it relevant to the audience.
Psychographic segmentation has been used in marketing research as a form of market segmentation which divides consumers into sub-groups based on shared psychological characteristics, including subconscious or conscious beliefs, motivations, and priorities to explain, and predict consumer behavior. [1]
The use of the marketing mix programme will provide sufficient data and knowledge for appropriate marketing strategies to reach the specific target audience. Target marketing strategy can be segmentation: Market segmentation demonstrates dividing the market into distinct groups that may require different products or services (Kotler et al., 2014).
The AIDA marketing model is a model within the class known as hierarchy of effects models or hierarchical models, all of which imply that consumers move through a series of steps or stages when they make purchase decisions. These models are linear, sequential models built on an assumption that consumers move through a series of cognitive ...