Question

Identify the market segmentation method that you will use within your target country; geographic, demographic, psychographic, etc.
b.   Identify the criteria for targeting specific customers and explain your target market strategy
c.   Define your product positioning within the country and why it will be most effective.

Answer 1

Market segmentation cane be done through price discrimation process. such as first degree, second degree, and third degree. Keeping in mind the geographic, demographic etc differentiation one can apply these discrimination process. Now a days more prevailed discrimination is third one; in which market is segmented on behalf of price elasiticities.

A. If customer is from higher income group then in that market segment demand curve will be inelastic meaning that if we increase too much prices even though the demand made by consumer will not reduce substantially. Hence, in this market structure I will keep price high. While same thing will get reverse if market is consits of lower income people and in that case I will keep price low.

B. I will do the product position through advertisement, digital media, bill hoarding communication etc these all are effective one because by appplying these strategies consumer can easily get lot of information about product within short span of time. These methods are effeicient from the pont of view of both consumer as well as producer.