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Market SegmentationFour types of Market segmentation• 1.Geographic Segmentation----Dividing market into different geographical units such as nations, cities.• 2.Demographic Segmentation---Dividing market based on variable such as age, gender, family size or income.• 3.Psychographic segmentation---Dividing market based on social class, lifestyle or personality characteristic.• 4.Behavioural segmentation--- Dividing market based on consumer knowledge, attitude, use or response to product.
Market Segmentation Strategy of Octopus Card CompanyGenerally, use Demographic, and behavioralsegmentation.Demographic: Based on age.4 types:ChildAdultElderPersonalized(students).
Behavioral: Based on the attitude.Tourists: Sold Tourists OctopusCollector: Year of the Dragon Octopus Old Master Q OctopusBusiness Companies: Octopus for CorporationPsychographic: Based on lifestyle, social classFashioners: Atelier GeneticsWorkers: Bank Issued Octopus Card
Market Targeting---Process of identifying groups of consumers who are highly likely to purchase a specific good or service.Four Approaches1. Undifferentiated marketing: Ignore market segment and go after the whole market with one offer2. Differentiated marketing: Firm decides to target several market segment and design separate offer for each3. Concentrated marketing: Firm goes after a large share of one or a few smaller segment or niches.4. Micromarketing: Practice of tailoring products and marketing programs to suit the tastes of specific individual or locations.(Individual marketing or local marketing)
• Use differentiated Marketing:Target people ,companies or Security approachFor People:Provide Earn and Redeem Reward $ in differenttype of Companies. E.g Wellcome ,UA cinema,Arome.Provide payment method for retail, parking,leisure facilities or other self-service.Provide easy reloading: Cash/electronic fundtransfer
For companies:Provide octopus payment services to costumers.Provide Octopus Reward for customer---buildcloser relationship and loyalty with them.For school/residential
Market Positioning• An effort to influence consumer perception of a brand or product relative to the perception of competing brands or products. Its objective is to occupy a clear, unique and advantages position in the consumer’s mind.
Octopus Company operate Internationalbusiness to share the Octopus experiencearound the world. (In Netherland , Dubai, NewZealand)Octopus company also focus on the caring forthe community. E.g Octopus Kid’s NurturingProgramme, Octopus volunteers, sponsor manycharity activities.--->To occupy a clear, unique and advantagesposition --->Create value and develop positiveimage in customer’s mind.