Marketing Paper Example: Market Segmentation, Targeting and Positioning

Introduction

Marketing has often been identified as one of the core aspects that determines any business success since it offers a chance to increase brand awareness as well as efficiently understanding the customer needs and preferences. However, with the changing technologies, marketing professionals are expected to adopt new marketing tactics which are useful in addressing the customer needs as well as achieving key target markets thus promoting the organizations positioning in the market. The case of Mediterranean college represents a group that operates in a highly competitive market which creates the need for the marketing practitioners within the institution to adopt efficient models that can help in succeeding in the target markets as well as brand positioning. Traditionally, segmentation has been one of the core aspects of marketing which is based on grouping the customers in different segments (ANDALEEB, S. S., & HASAN, K. 2017, p. 3). However, marketing tactics have since changed and involve diverse approaches which are based on achieving the organizational goals while satisfying the target customers needs. This report presents a critical discussion on the validity of segmentation, targeting and positioning in the modern era and provides a recommendation to Mediterranean college on marketing tactics that can meet the decision making styles and customer needs and personas presented in the infographic.

An overview of Segmentation, Targeting, and Positioning

Segmentation and its ValiditySegmentation in marketing relates to the practice of dividing customers into smaller units involving customers with similar needs, preferences or taste presenting the notion that customers within a particular segment are like minded. However, the customer segments tend to be distinct from each other showing the idea that they respond differently to marketing practices. Market segmentation has often been associated with the traditional marketing methods; however, it represents a critical way through which organizations can adequately meet the needs of the customers as well as ensure success in the marketing activities

The problems which make the traditional STP obsolete are;

Failure to generate STP with end goals

Before doing any study relating to segmentation, targeting and positioning, the institution has to think over its goals and objectives addressing issues, for instance, the individuals who will make use of the STP and the purpose for doing so. Traditionally, such matters could not be taken into consideration hence making it obsolete.

The STP used poor variables

When segmenting a market structure, there are three variables which ought to be considered including demographic, behavioral and attitudinal variables. The relationships between the three variables need to be put into consideration before starting any segmentation project to help come up with a right type of variable. Traditionally, this was not part of the reviews.

Failure to create the link between segmentation and the profit

Ideally, any segmentation needs to link both the revenue and the earnings of the farm so that the decisions relating to the segments specializing can be made in a manner which balances both sides. That became the significant weakness in the traditional STP.

No updates were considered despite the market shifts

Market segmentation for instance ages with time. The market shifts, consumers change, there is an evolution in the distribution channels and even the products themselves receive new generations. No updates were done in the traditional STP despite those frequent changes in the market.

The requirements for the efficient market segmentation

There are several ways for segmentation, but all are not effective. A useful segmentation technique should have the following characteristics;

Measurability- this refers to the extent to which the purchasing power, size, and the market segments profiles can be easily measured

Sustainability- this applies to the degree of sufficient profitability of a market segment.

Accessibility- it refers to how easy a market segment could be reached and efficiently served.

Actionability- the extent to which the programs are designed efficiently for serving and attracting a market segment.

Differentiation- the extent to which a market segment can be easily distinguished from the rest of the markets.

Evaluating of the market segments

When evaluating the market segments, the following factors should be considered by the farm.

The growth and the size of the farm- analysis of the data on the ongoing segment sales, expected profits and the rate of growth should first be collected.

The structural attractiveness of the segment-examination of the primary structural factors which influence the long run should be considered. For instance, we say the segment is less attractive when it already has many aggressive and stronger competitors.

The company resources and the objectives-the company need to put into consideration its resources and the objectives before venturing into the chosen segment.

The 4Cs of successful positioning

Clarity- the marketer needs to have apparent vision for the product

Consistency- the message should be consistent with all the products aspects.

Credibility- always the image which the marketer projects need to be credible enough.

Competitiveness- anything which the marketer offers should always be unique from those of a competitor.

In this regard, segmentation offers a chance for the organization to increase its overall customer base as well as adopting effective marketing approaches which help the market segments respond to the marketing action. Segmentation is also critical and valid in this case since a University has a large number of customers willing to undertake essential programs or services from the institution (ARMSTRONG, G., ADAM, et al. 2014, p. 7). In this regard, segmentation helps in ensuring the customer's perceived value of the services are achieved and distinct to differentiate the organization from its competitors. The validity of the segmentation practice is also based on efficiently understanding the market segments needs and aligning the services/products provided to meet the needs thus achieving value and overall success to the organization.

Targeting and Positioning in the Modern EraTargeting and positioning also represent critical marketing components that are valid and effective in the modern era in enhancing the chances of the organization's success and competing in the market. According to research, targeting in marketing relates to the idea of selecting a given market group as the basis for marketing the company products or services while positioning refers to the overall status of the organization in the market. The two concepts are critical since it offers the marketing team within the University a target market through which they can define marketing methods that meet their needs and preferences. Targeting promotes the chances of the effective positioning of the organization in the market thus improved chances of reaching the market demands and competition demands.

Targeting and positioning are valid and critical in the modern era since it helps organizations in enhancing the value of their products/services to meet the target customers needs and preferences. It also provides a unique positioning of the group in the market (BOONE, L. E., & KURTZ, D. L. 2010, p.6). In the case of the university, the delivery of quality education can help in achieving the target market needs as well as positioning the organization in the market thus promoting the overall success. The two concepts are also critical since they help the group in adopting a customer-centered model which improves the total satisfaction levels and ensures unique aspects of the society.

In a world characterized by increasing changes and competition targeting and positioning is critical in offering a chance of the organizations to have a unique position which provides a competitive advantage for the group in the market. It also helps in reducing the marketing scope to the target market segment thus decreasing the overall marketing costs as well as ensuring the effectiveness of the marketing approaches. Based on the idea that the University serves individuals with diverse customer personas, targeting, and positioning, it, therefore, offers a critical chance for the marketers to understand the diversity in their customers. It also selecting appropriate service delivery models that meet their needs while satisfying the decision-making styles (KARDES, F. R., CLINE, et al. 2014, p.8)

The Mediterranean college can position itself in the market through segmentation or target as well as a focus on the business model such as adopting a customer-centered model which offers a chance to understand the customer needs and preferences effectively. Taking the two practices can also help the organization in achieving market understanding on the customer personas and aligning the services provided to meet the needs. In the modern era, there has been a rise in the number of Universities across the world; however, a majority of them adopts business and profit-making models rather than service-based models that seek at delivering efficient and quality education to the learners. The Mediterranean college can take this model as the basis for their marketing and position aspect. However, selecting a target market is also useful to enhance the success of the marketing approaches such as undergraduate programs to newly graduated college students. Researchers such as argue that segmentation, targeting, and positioning is valid in the current market reality primarily in the University setting since it only serves a selected market. Besides, positioning offers a chance for the University to compete in the market while targeting assists in understanding the market need and preferences to align the services/products provided to meet the needs (LAKE, L. 2009, p.9).

Marketing Tactics and recommendation

Marketing tactics are critical in promoting brand awareness among the potential customers as well as influencing their perception or attitude towards the brand. In the case of the Mediterranean college, different marketing models can be used to enhance its position in the market and ability to meet the customer needs. To efficiently achieve the four of the customer personas developed, some of the marketing techniques or models that can be adopted involve online marketing approaches as a way of promotion which is based on the adoption of the internet as the basis for marketing the institution The College has not been dwelling so on online advertising. Many customers are reached all over the world through the online advertisement. I, therefore, recommend the college to put into consideration on the same.

(PRIDE, W. M., HUGHES, 2010, et al., p. 6)

This marketing tactic aligns with customers interests and hobbies and increases the chances of the organization shaping the view of the customers in regards to the institution thus improved chances of success. The online marketing is also effective owing to its abil...