Segmenting- Targeting- Positioning

Market Segmentation:

Market segmentation divides a market into well-defined slices. It consists of a group of customer with similar wants and needs. Marketers identify appropriate group/ segment of market to target on.

To segment a market, four major groups are used,

Geographic: This is straightforward and pertains to where your customers live and do business. It is possible that their geographic location plays a role in terms of their cultural makeup and buying habits but these are explored in other categories.

Demographic: This is just a fancy word for statistics like Age, Gender, Size of Family, Education, Income, Occupation, Economic Class, Religion, Ethnicity, and Language

Psychographic: This corresponds to the psychological traits of your customers including attributes such as Personality, Beliefs, Values, Lifestyle, Attitudes and so forth. These are those personal marketing segmentation characteristics that you cannot quantity but are nevertheless important.

Behavioural: These set of marketing segmentation traits answer the question, “How?” How do your customers buy? How do they use your product or service? How loyal are they? How do they evaluate and decide on what to buy? Everything about how your customer behaves and what motives them is included in this category.

Bingo Market Segmentation:

Geographic: Indian Market

Age: 20-25

Psychographic: Modern, carefree attitude

Behavioural: They buy a product because they think it is ‘cool’ to eat bingo.

Market Targeting:

The consumers a company wants to sell its products and services to, and to whom it directs its marketing efforts. Identifying the target market is an essential step in the development of a marketing plan. A target market can be separated from the market as a whole by geography, buying power and demographics, as well as by psychographics.

Bingo and Brand Targeting:

The Company decided that youngsters in the age group of 16-30 are the most experimental and hence they would be the primary target audience.

Market positioning:

Positioning involves implementing our targeting. Market positioning is the manipulation of a brand or family of brands to create a positive perception in the eyes of the public. If a product is well positioned, it will have strong sales, and it may become the go-to brand for people who need that particular product. Developing a market positioning strategy is an important part of the research and development process. The marketing department may provide notes during product development which are designed to enhance the product's position, and they also determine the price, where the product should be sold, and how it should be advertised. Every aspect of the product's presentation will be carefully calculated to maximize its position, with the goal of market positioning being domination. 

Brand positioning depends on the following factors

Bingo & Brand Positioning:

The brand tries to differentiate from Lays by focusing on innovation (in flavours), Snack foods: because of the low financial risk (low price) for the customer, new tastes will be a key in marketing success. Lays succeeded by offering great quality, variety and brand to reach the leadership position. Bingo is following the leader and is trying to overtake the market leader.