This course is all about how to segment the market to take advantage of market heterogeneity. The course will review different bases for market segmentation including demographics, psychographics, and lifestyles. We will also review segmentation by product and price.
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Course 2 of 4 in the Creating a Differential Competitive Advantage -Jagdish Sheth Specialization.
Skills You Will Gain:
- Understand how demographics are used to segment the market
- Understand why market segmentation is important
- Understand the three market segments across all industries: premium then price and value
- Understand how psychographics can be used to segment the market based on different lifestyles
- Understand the difference between Ford’s Model T versus GE’s multiple brands
Syllabus
WEEK 1
Introduction to Segmenting the Market
This lecture focuses on how companies use segmentation to grow revenues, to reduce costs, to add value to their products and not as a tool to compete. It then explains in detail the basis for segmentation and the three methodologies for segmenting the market namely demographics, psychographics, and buy-o-graphics.
WEEK 2
Seven Ways to Differentiate in Marketing
This lecture describes and discusses in detail differentiating strategies that companies can use to create differentiation in Product, Price, Place, Promotion, Process, People and, Purpose. It then explores each of these areas in-depth by illustrating cross-industry, multi-cultural and multi-national examples.
WEEK 3
Positioning: Key to Successful Marketing
Positioning is one of the key concepts in Marketing along with Differentiation and Segmentation. This lecture focuses on what Positioning creates and does for a company and provides key criteria for developing good Positioning. It further explores how Positioning could provide a competitive advantage to a company’s product or service in the marketplace.
