21st Aug, 2019: Poonam Ma’am
Market segmentation can be done on this basis:
- Geographic: Division of market into geographic units
- Demographic: Division of market on the basis of age, gender, income etc.
- Psychographic: Division on the basis of social classes and lifestyle
- Behavioral: Division based on consumer knowledge and attitudes
Market segmentation can be effective if it is measurable, accessible, substantial, differentiable and actionable.
Further, we learnt about differentiation and positioning, which is the way the product is defined by consumers on important attributes.
In this lecture, we came up with a positioning statement for the product/ service that we developed the last time. Positioning statement summarizes the concept of the brand. It also makes the cause of the brand stronger and helps more people to understand the working of the brand . We came up with a statement that focused on the use of the service that we created, by the younger audience and how it was easily accessible.
The Idealist 