When using the marketing mix, it is important to keep in mind the three generic stages of marketing-segmentation, targeting and positioning. Segmentation is the detailed breakdown of your customers into as much detail as practical, targeting then ensures all elements of the mix are tailored to your identified consumer group. Positioning is the process of ensuring potential and current customers perceive your company in the intended way. (Marketing-made-simple.com)
Fripp Geoff (2012) states that there are five commonly used bases for segmenting consumer markets namely; geographic, demographic, psychographic, benefit and usage segmentation bases.
Psychographic segmentation is about classifying ...view middle of the document...
Individuals in this segment use the internet primarily as a source of information, followed by for ‘personal admin’; social networking; entertainment; and shopping. (Le Cordeur Kerryn 2010)
There are three general strategies for selecting target markets which are undifferentiated targeting, concentrated targeting and multi-segment targeting. (Lamb Charles W, Jr. et al. 2010)
Whether a business uses undifferentiated targeting, concentrated targeting and multi-segment targeting strategy will depend on the social network you use and the type of target market your product is directed to. For an example you can promote new women’s collections on Pinterest. If you are targeting a female teen audience, try Instagram as well. While both visual social platforms boast a majority of women users, Instagram’s top demographic is aged 18-29, while Pinterest attracts an older crowd aged 25-34. (Louv Alinn 2013)
According to research it has become increasingly apparent, especially in the last two-three years, that social media is more a permutation of mass media than an alternative to it. Professor van Dijk In her recent book, The Culture of Connectivity: A Critical History of Social Media, analyzes how social media has evolved since its initial rise to prominence.
Beginning as a split environment of user-controlled networks, social media has transformed into a landscape dominated by a few major players (e.g., Facebook, Google, and Twitter) that heavily influence the configuration of user networks using algorithms driven by economic imperatives as much as by user preferences. It is now largely comprised of professionally generated content from major brand manufacturers and mass media conglomerates. In fact, the way in which social media is now thoroughly enmeshed in all mass media has functioned more to enhance mass media and perpetuate its supremacy rather than disrupt it. Therefore it is likely for a business to use undifferentiated targeting. (Gelles Sean 2013),
To establish a unique position, firms use product differentiation. Products may be differentiated on basis of attributes, price and quality, use or application, product user, product class or competitor. (Lamb Charles W, Jr. et al. 2010)
If the marketers truly want to differentiate themselves from the majority of marketers that are using social network marketing the wrong way then it’s important to connect with people and become personable. They also need to make sure that they diversify their social presence by being active in multiple social media outlets, not by just staying on one site. They need to build their social media presence using multiple sites so that people will have many different ways to connect with the marketer. (Speaker.sn)
An example of a company that is active in multiple social networks is Coca Cola. It is active on Facebook, Twitter, and YouTube. This is one of the reasons it was ranked the third most valuable brand in the world in...