Elements and Performance Criteria
- Segment the market
- Criteria to use in segmenting the market are identified in accordance with the marketing plan
- Sources of information for segmenting and profiling markets are identified and accessed in accordance with the marketing plan
- The market is segmented in accordance with the selected criteria
- Market segments are reviewed for their usefulness in terms of size, potential, distinctive needs, easy identification of members, and/or distinctive media use patterns
- Market segment/s are selected to meet the requirements of the marketing plan, or new segmentation criteria are chosen and applied
- Identify the target market
- Approach/es to determining and describing the total market for a product or service are evaluated and chosen
- The target market is defined in terms of the consumers to be included as prospective users of a product or service, and in terms of the selected market segment/s
- Descriptions of the target market use segment descriptors
- Available marketing strategic options are identified and the targeting strategy that best meets the requirements of the marketing plan is selected
- Profile target audience
- The total market and the selected market segment/s are described in the form of a consumer profile
- The consumer profile identifies consumer characteristics in standard statistical terms and/or the descriptive terms used in media selection
- Demographic and /or psychographic descriptions are used in the consumer profile in accordance with the requirements of the marketing plan
- The profile meets organisational requirements in terms of language, format, content and level of detail
- Develop a positioning strategy