Positioning refers to decisions about how to present the offer in a way that resonates with the target market.
Read more about what is customer persona and how to build it. In-depth knowledge of the key market segment’s like their buying behaviour, their likes, spending patterns, purchase drivers, media habits, etc are required before devising the marketing strategy or programs.ĭeveloping customers personas is one step that marketers follow while creating profiles for customers in their target market segments.
On finalizing the market segments that the company wants to target, the marketer’s next step is to design a marketing program (also known as the marketing mix) that will resonate with the target market or markets. Positioning is the final step in the S-T-P planning approach Segmentation→ Targeting → Positioning a core framework for developing marketing plans and setting objectives
Which market segments are the most valuable?īelow are three factors that are essential for evaluating a potential market segment.Ībove mentioned are the few potential market segments that McDonald’s chooses to target for driving their business strategy, sales and marketing activities. How many markets to enter (one, two or more)?. What criteria should be used to evaluate markets?. The marketer faces a number of important decisions: Companies need to select the market segments that they want to focus on and put in their future business strategy. Adults: The third segment is the adults’ segment, in order to target this segment, McDonald’s tweaked its menu and made its offering less in calories and healthy.Īfter segmentation, the company needs to decide on the Targeting strategy. This market segment may be having a disposable income which is lower than the average, their consumption patterns are far much more than old the other market segments.ģ. Young Adults (Age group between 18-29): Without much thinking, this segment is the main source of income for any business, let alone McDonald’s.
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