Segmentation:
- Definition: The process of dividing a market into distinct groups of buyers.
- Example: A soft drink company might segment its market based on age groups (teens, adults, seniors).
Branding:
- Definition: The process of creating a unique name and image for a product or service in the consumer’s mind.
- Example: Nike’s “Swoosh” logo and “Just Do It” slogan are examples of effective branding.
Value Proposition:
- Definition: A statement that explains why a consumer should choose a product or service.
- Example: A software company’