A company can not sell to everyone. It would cost them too much. Any organisation must be able to segment their market and try to discover which one of these groups should be targeted. Once a firm has targeted their groups of customers they must decide what image they would like to these groups. This where positioning and perceptual maps come in. The articles below will help you further understand these concepts.
Requirements of segmentation - A successful market segment is usually accessible, defined, measurable, actionable and suitable for the company. Click on the link to learn about each requirement.
Segmentation - The market can be divided based on a number of different things. The link will take you to an article explaining splitting the market based on demographic segmentation, income segmentation, geographic segmentation, psychographics segmentation, lifestyle segmentation, social class segmentation and behavioural segmentation.
Positioning - Firms should decide how they want consumers to view their product e.g. luxury product, budget product, innovative, contemporary, must have product. The positioning link will take you to an article explaining how to develop your positioning strategy.
Market Targeting - Finally this link will explain how to target the customers you have selected through each of the segmentation processes above