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For this discussion, visit the website www.ted.com. This is the home of TED Talks, which are brief videos that feature thought leaders and experts from every realm sharing their latest thinking on a subject.
Do a quick search online for some of the concepts marketing, target markets, demographics, psychographics or another related topic.
In an initial post of 200-250 words discuss why market segmentation, targeting or positioning discussing how the information in the TED Talks video relates to marketing. You must also respond to TWO peers’ post (50 word minimum for peer posts).
The TED Talk that I listened to was 404, The Story of a Page Not Found presented by Renny Gleeson. Specifically, this was a talk that was geared toward market targeting and positioning in terms of the Internet and frustrations that may arise. As he explained, the 404 error page is a default page, belonging to a family of default Internet error pages, that occurs when a person asks a website for something and it cannot be found. As he said and I as I know to be true from personal experience, when we encounter these 404 pages there is a feeling of being broken, almost as if our relationship with the Internet and our technological devices have been broken. What was interesting though, was that his company which oversees Tech startups had a contest for who could make the best 404 page. It started with the company Athletepath putting up a video of one of their bikers crashing to convey that feeling of encountering the 404 page to their target audience. With this new type of 404 page more traffic began to come to the website and thus donned the competition for who could make the best 404 page. As Gleeson would go on to illustrate, the “little things, done right, matter. Well-designed moments build brands.” It was through this method that he implied market targeting and positioning during the right moments can add exponential value to a brand. Rather than having a plain 404 page that confuses and angers the website visitor, having a well-designed page, a funny video, or related quotes can ease the consumer experience and cause them to react positively to small errors that everyone makes. In terms of marketing, there are many cases where it is important to understand the target audience and it is important to understand how and where to place a certain product. In this case, understanding that everyone person has the potential to encounter a 404 page and placing a funny clip in its place could mean that more consumers are readily open to deal with flaws that might arise within the website, thus creating a better experience overall that could attract future potential clients. I enjoyed this talk because I never thought about how marketing and a 404 page could go together but this has shown me that with everything there is, great marketing can make or break a brand.
From my research and based on some TED Talks I listened to coupled with a video tittled Segmentation and Targeting from the course by University of Pennsylvania defines Market Segmentation as the process of dividing a market into distinct subsets, where any subset may conceivably be selected as a marketing target to be reached with a distinct marketing mix. Another video by MKTGSTUDYGUIDE defines market segmentation as splitting up consumers on some basis of either need or characteristics with the overall purpose of the company being able to have a better natural fit to the consumers need. From these definitions we’re led to the purpose of market segmentation which is to enable the market to tailor marketing mix to meet the needs of one or more specific segment (Dr. Capon). In segmenting the market one characteristic that was highlighted was demographic, this helps profile and describe the segments a little bit more details according to age group, gender, family life cycle, occupation, education, ethnic background and generation for example baby boomer’s, generation X & Y. These are information often related to the consumers’ buying and consuming behavior. Another characteristic that was pointed out is selection of target segmentation, and what makes a segment attractive. According to the presentation, you have to balance segmentation attractiveness with your capability to deliver to that segment and you need to continuously monitoring whether the actual buyers match the target segment.
Finally, positioning is said to be the most important step in the process of segmentation. It’s crucial to positioning your product, service or brand to your target market in order for the consumer to have any interest in what you’re offering. Your positioning must be done in a way that creates value for your offering (Oinsivia).
MktgStudyGuide, Published on May 23, 2016.
market Segmentation and Targeting by Dr. Noel Capon