 Welcome learners. This is the third video lecture on market segmentation. Outline of the program. After going through this video lecture, you will be able to define market targeting. Then you will be able to evaluate market segments and target market selection. Then you will be able to describe the market positioning. And at the end of this video lecture, you will be able to discuss about positioning strategies. First, we will discuss the market targeting. Market targeting is a process of taking decision regarding the market segments to be served. The marketer distinguishes the major market segments, targets one or more of these segments and then develops product and marketing programs tailored to its selected segments. In market targeting process, firms have to evaluate the segments and decide how many segments they can serve, effectively with its available resources and capacity. Now we will discuss evaluating market segments and target market selection. So in evaluating market segments, the firm must examine these two factors. One is relative attractiveness of the market segments. That means like which segment they have selected, whether this segment is attractive for the customers or not. And then companies capability to serve and compete in various segments. If they have decided to go for more than one segment, whether they will be able to serve the customers as per their requirements or not, that needs to be considered. First, we will discuss the relative attractiveness of the market segment. Here, first it depends on the segment size. Whether the segment size is large enough so that the companies can able to earn profit from that. And then segments growth rate. Whether the selected segment has proper growth rate as per the requirement of the company. And then another factor is your price sensitivity. How sensitive this particular segment is. If they are very much price sensitive, then it is very risky to select only one small segment. And then another factor which needs to be considered is nature of competition. Like how competitive that particular segment is. If the segment is not at all competitive, then it is easier for the marketer to do business. And if the segment is very competitive, then the marketers need to update themselves, upgrade themselves each time to meet the competition. Then another factors which I have already mentioned is company's capability to serve and compete in various segment. Whether the company is able to serve in signal segment or maybe selective specialization. Or maybe product specialization and maybe on market specialization. So, either like the company may be able to serve only one single segment and they may dominate that particular segment. And then instead of that, the company may select few segments like where they are specialized. Suppose like Sony, their music system is very good. So, they have specialized in that selective segment. Then suppose product specialization. Some companies are there where they were very good in one particular product categories. So, based on that also they can segment the market and then market specialization. Like whether they are good for urban market or whether they are good for rural market, again it depends. And then full market coverage means there is no segmentation and we are covering the entire market for our business. Now, we will discuss the market positioning. Once the decision as to which segment of the market a company will enter, it has been made, then it must decide as to what positions it would like to occupy in those segment. A product's position is the way the product is defined by the customers on important attributes. The place of the product occupies in consumers mind relative to competing products. So, how the customers were positioning your product, that is very important. Then as per Phillip Kotler, he has defined positioning as positioning is the act of designing the company's offer and image so that it occupies a distinct and valued place in the target customers mind. Now, we will go to the positioning strategies. There are different positioning strategies based on the type of product you are marketing. Like positioning on product attributes, then based on the benefits you are offering, you can do positioning, then positioning according to users' occasions, then positioning the product for certain classes of users and then we can do position directly against the competitor. Our product is better than competitors, that we also companies can place their position, then positioning away from competitors. Like as other brands are providing these things, we are providing something separate. That is the way of positioning away from competitors and positioning as to different product class. Like for different product categories, we can have different positioning strategies. So, we have come to the end of this video lecture as well as end of this chapter 3 market segmentation. So, here whatever we have discussed, I will just sum it up. First we have discussed about target marketing. Target marketing is a strategy in which the marketer distinguishes the major market segments, targets one or more of these segments and develops product and marketing programs tailored to its selected segment. And then we have discussed about positioning. Positioning is the process of creating a distinct offer and communicating it to the consumers. Positioning is created by distinguishing our marketing mix which is suitable for the target market but is different from marketing mixes for other products. The selected marketing mix has to be communicated to the customers. The process of positioning is continuous in nature and it should always be proactive. So, before targeting or positioning a product in the market, the marketer should first analyze the market and then based on the requirements, they should segment the product, then they should target the market and then they should position their products. I hope you have understand this video lecture. These are some of the further readings. Thank you.