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Bsit 6A

QNO1: How would you plan to market your services? Explain

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ANSWER:
Segmentation
Segmentation is dividing large and heterogeneous markets into smaller segments. Products and
services can be marketed with the help of segmentation by focusing on the products based on
their geographic location wants of customers, their location etc. for example a fast food brand
can localize their products, services and promotion to fit the needs of individual regions, cities
and neighborhoods. Many cosmetics brands that previously catered mostly to women can
successfully market men’s lines.
Targeting
After segmentation, we target set of buyers who share common needs or characteristics that the
company decides to serve. Targeting can be carried out at several different levels. We can target
very broadly (undifferentiated marketing), very narrowly (micromarketing), or somewhere in
between (differentiated or concentrated marketing). In concentrated marketing (or niche
marketing) strategy, instead of going after a small share of a large market, we go after a large
share of one or a few smaller segments or niches.
Differentation and position
In differentiation process, we will focus on distinguishing a product or service from others, to
make it more attractive to a particular target market. This would involve differentiating it from
competitors' products as well as firm's own products. We will market a product or service that is
highly visible, which can help a company gain attention. We can also be charging a premium
for an exceptional product or service
For positioning a product, we will follow some points such as we will Pen a positioning
statement, understand the conditions of the marketplace, Qualitative and quantitative testing of
our market positioning, Outline the existing market position. Once we have outlined the final
concept of your brand positioning, the final key step is to test our own model on our industry and
target audience.