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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]
Traditional market segmentation divides the market into four categories of geographic segmentation, demographic segmentation, psychographic segmentation and behavioral segmentation. [5] This approach works well as it groups various customers into segments that have common needs. It would lead to targeting the segment and positioning the product.
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'.
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 ...
Marketing mix modeling (MMM) is an analytical approach that uses historic information to quantify impact of marketing activities on sales. Example information that can be used are syndicated point-of-sale data (aggregated collection of product retail sales activity across a chosen set of parameters, like category of product or geographic market) and companies’ internal data.
Audience segmentation is a process of dividing people into homogeneous subgroups based upon defined criteria such as product usage, demographics, psychographics, communication behaviors and media use. [1] [2] Audience segmentation is used in commercial marketing so advertisers can
The extended marketing mix is used in the marketing of services, ideas and customer experiences and typically refers to a model of 7 Ps and includes the original 4 Ps plus process, physical evidence and people. Some texts use a model of 8 Ps and include performance level (service quality) as an 8th P.