Challenge Question 3 Chapter 3 This week you learned about segmentation at its r

Question

Challenge Question 3 Chapter 3 This week you learned about segmentation at its root in addition to its complex application. Your task is to talk about segmentation and positioning in its theoretical sense as it was talked about in class. (for example: What does it mean and what applications go with the positioning and segmentation concepts.) Secondly, I want you to use two product examples exhibiting their different types of markets that coincide with the segmentation process. THIS QUESTION HAS 2 PARTS ANSWER BOTH

Explanation / Answer

Let us first understand the concept of segmentation and positioning ie. What do they actually mean theoretically.
•   Segmentation is nothing but dividing the huge market space into different clusters basis the demographics, needs, demands, paying capacity etc. The output of this process is various smaller identical units which can later be used in targeting the product to a particular cluster.
•   Positioning: is the process of placing your product in the minds of the customer in the way you want customers to perceive your product ie. How do you want your customers to consider and think about your product , in that way positioning is done in the market.
Two products that we would be considering here are Luxury cars and branded clothes.
Both these products are completely different but they coincide with the segmentation process in the way that both products would be aiming at the segment which can afford these products hence based on paying capacity and demographics segment would be chosen.

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