Products that appeal to different market segments
In this lesson we will look at how a range of products might appeal to different market segments.
We know that products can be differentiated by a variety of values like their image and design, or their price level and functionality. Consumers will make decisions based on their particular needs, and these needs are often linked to one or more of these differentiators like price, quality or status, Therefore; sometimes your product can appeal to more than one segment.
Consider McDonald’s; they have certain products that are marketed specifically to specific segments (happy meals for parents of younger children, lower calorie wraps for the health conscious, etc.) but here are a range of products that will appeal to most if not all segments
Think about other products that might appeal to more than one segment:
- Clothes
- Cars
- Light bulbs
- Books
All of these products naturally fit into multiple segments, the question for you is what can you do to make your product or service attractive to more multiple segments?
Remember McDonald’s; they started as a fast and cheap food outlet that would appeal to a one or a small number of segments but with clever marketing and diversification their products now appeal to multiple segments from the grab-n-go to the health conscious, and everything in-between.
Next Up
Next we’ll look at how motivators and inhibitors might influence you customer behaviour.