Market Segmentation and Branding Strategies to Help Your Business
Despite the less than ideal weather, more than 100 people turned out for the IEE’s member program on Wednesday with University of Pittsburgh Marketing Professor Bob Gilbert. Professor Gilbert, who teaches both undergraduate and graduate classes at Pitt as well as consults with domestic and international firms across a number of industries, provided invaluable insight to our members on market segmentation, target market strategies, and positioning.
Professor Gilbert answered a couple key marketing questions:
What is Market Segmentation? It is dividing a heterogeneous market into more distinct, homogeneous groups that have a common need and are likely to respond similarly to an organization’s marketing efforts. Effective segments should be homogeneous within but heterogeneous between.
Why is it important? Segmentation helps companies find their target market (consumer), develop an appropriate marketing mix to reach their target, and helps companies anticipate actions of competitors.
What is positioning? Positioning is the unique way the customer thinks about a product or service (in contrast to competing brands). Positioning in is the mind of the consumer! Effective positions should be simple, clearly understood, memorable, not easily copied but easily promoted, and profitable.
Don’t miss out on other great educational programs – check our calendar for our upcoming events!