Market Segmentation, Targeting, and Positioning Research

Market segmentation, targeting, and positioning
Name
Course
Instructor
Date
In your own words, explain what market segmentation, targeting, and positioning are and how important these concepts are to a purely online business.
Businesses firms need to satisfy the needs of their clients and reach out to then effectively and effectively, while adapting strategies to meet these needs and their desires (Blyth & Zimmerman, 2013). The process of market segmentation, targeting and positioning is crucial to achieving this. Online businesses have ecommerce platforms and have to use the segmentation, targeting and positioning strategies to sustain competitiveness.
Market segmentation is the process of identifying distinct groups who are similar characteristics and likely to prefer certain products or/and services. Customers may be segmented based on the geography, demographics, and behavioral, psychological or other attributes. For online businesses segmentation based on age, income levels and location would make it easier to target the customers. The younger people have different shopping habits than the middle aged and the elderly, the income levels and location also influence shopping habits.
Market targeting is the process of selecting market segments, which forms the basis for the target market whose needs, are catered. Firms position the minds of targeted buyers and clients that they will deliver a benefit (Blythe, J., & Zimmerman, 2013). Targeting markets with a robust technology infrastructure, where there is opportunity for growth is considered to ensure that the business is sustainable. This is necessary since the market should be accessible for the online business to thrive.
Market positioning is a communication strategy based on the ability of the firm to highlight the distinct features of a product or service as targeted at a specific market. Market positioning is a follow up on market segmentation and targeting. Positioning is al...