Reviewer in POM
- The older approach that we follow in marketing.
Market Segmentation
- A marketing term that refers to aggregating
prospective buyers into groups or segments with
common needs and who respond similarly to a
marketing action.
Target Market
- A homogeneous group will have people who
have similar characteristics and behaviors.
- We create these groups based on characteristics
like the demographic of our customers. We may
also look at their psychographics and behavioral
aspects. This first step is critical to understanding
what our customer group really wants.
Segmentation
- Segmentation is about partitioning your potential
customers into smaller groups. However, even
within segmentation, we have different steps.
The first step is to identify the set of customers.
Secondly, we select them based on the criteria.
Thirdly we divide them into groups. You can use
the MAAS system to identify the right set of
customers:
Measurability: Measuring the customer’s needs
and spending habits
Accessibility: How well can we approach the set
of customers?
Actionability: Can we develop a compelling
selling point for the given customers?
Sustainability: Do we deliver more value to this
specific group by creating it?
Two different ways of approaching the
segmentation process:
Classical approach or the observational approach
Modern approach or the analytical approach
Classical Approach
In this approach, goes on inside their minds and
what kind of customers look few tried to look at
the customers’ behavior and we observe how they
interact with specific products. This gives us an
idea into what or what kind of product features.
We also get an understanding of their spending
patterns. Although this method is quite robust, it
takes time.
Modern Approach
- We collect data from the market. This data is
analyzed and. They get to the segmentation. The
analytical approach gives us the advantage of
looking at different kinds of feasibilities at the
same time. Firstly, we can crack the economist’s
visibility of our product by understanding the
price that the customer is ready to pay for our
products. Secondly, we can also understand. Their
purchasing behavior.
Targeting
- Once we are done with identifying the target
market, we can then decide on how to
communicate our products to them. The targeting
strategy will depend a lot on the segment as well
as the type of product that we are trying to sell.
Positioning
- The way the customer looks at your product will
determine their behavior. Firstly, the customers
get the cues about the product pricing from your
positioning. Secondly, you communicate to your
customers whether they should buy or not buy
your products.
Three Different Types of Positioning
1. Functional Positioning
- Try to project the useful aspects of our Products.
2. Symbolic Positioning
- The focus of the firm is to communicate the
notional values of the product or the firm.
- Customers need a fulfilling self- esteem which
we do through the symbolic positioning
3. Experimental Positioning
- Focus is there on evoking emotions. This type of
positioning tries to make the customer feel
nostalgic or emotional about an issue, memory,
idea, or person.
Market Research
- The systematic design, collection, analysis and
reporting of data and findings relevant to a
specific marketing situation facing the company.

Research Process.
1. Who are our typical buyer?
2. Where do our buyers come from?
3. How big is our market?
4. What are our customers’ aspirations?
5. How do our customers shop and with whom
6. What do our customers buy?
7. Why do customers refuse to buy our products?

Types of Market Research.

1. Focus Group Discussions (FGD’s)
2. In-Depth Discussions (IDIs)

Micro Environment
- Environment that has direct impact on your
business, they have the ability to influence micro
environment
Macro Environment
- More general it is the environments in the
economy itself. It consist of external factors that
the company itself macro environment.
4 P’s
Product
Creating a marketing campaign starts with an
understanding of the product itself. Who needs it,
and why? What does it do that no competitor's
product can do? Perhaps it's a new thing
altogether and is so compelling in its design or
function that consumers will have to have it when
they see it.
Price
- The amount that consumers will be willing to
pay for a product.
Place
- Where the product should be available.
- The term placement also refers to advertising the
product in the right media to get the attention of
consumers.
Promotion
- Goal is to communicate to consumers that they
need this product and that it is priced
appropriately. Promotion encompasses
advertising, public relations, and the overall media
strategy for introducing a product.

Idea Generation
- New product development process usually starts
with a good old new-fashioned idea. A modern
brainwave with hopes to change the world and
make some money.
Idea Screening
Entrepreneurs have this on lock. It might take a
few tweaks before an idea passes the screening
process, but it’s imperative that they are screened.
Concept Development
- Is there a market need for the idea? Does it
match up to the company’s objectives? What
similar products are there on the market, if any?
Test Marketing
- A product (or startup as a whole) can also give
a bit of insight into how the world would
respond to such a product
Marketing Strategy & Business Analysis
- Two critical factors in the new product
development process. The business analysis side
of things includes looking at existing products on
the market, pricing out production costs, profit
margins, advertising costs, etc.
- Where the product meets the people’s minds.
Establish what effective marketing for the target
demographic is.
Detailed Design & Product Development
- Putting together a minimum viable product or
MVP to please the needs and wants of the
Prototyping & Testing
- need to validate the product as complete and
acceptable by the public, you need to know the
level of viability to expect and if changes need to
be made.
Launch & Commercialization
- The act of putting a product on the market for
the purpose of financial gain.
Product Life Cycle
Marketing Distribution
- aims to promote and sell products or services to
customers through various channels.
- This can include online retailers, brick-and-
mortar stores, wholesalers, and distributors.
- The goal is to reach as many potential customers
as possible and ensure they can purchase the
product or service.
Distribution Channel
- Distribution of products takes place by means of
a marketing channel, also known as a distribution
channel.
- A marketing channel is the people,
organizations, and activities necessary to transfer
the ownership of goods from the point of
production to the point of consumption.