It is the process of identifying the right set of consumers for the company.
It even refers to dividing / segmenting the whole population of a country into different segments based on various components like gender, income, geography, psychology, etc.Most importantly segmentation depends on the type of product you are selling. For example, companies that manufacture air conditioners will segment the population geographically ( people living in hot/warm zones will be buying more Ac’s in comparision to ones living in cold areas)
After segmenting the population then the company needs to take the next step, Targeting. A proper analysis is required to decide on which particular segment is profitable for the company to target or focus on. There are several ways to reach out to the target audiences and Online channels are on them. It is necessary to impress our audiences and feed ourselves in their minds to attract them.
It is how the brand is willing to showcase itself to the audience. For that the brand has to first decide on what sort of impression are they willing to convey. Positioning of the brand acts a s a catalyst when it comes to perceiving product value. It is how the company wants its products to be perceived in the minds of people. For example- Manyavar ( the Indian clothing brand ) positions itself as the brand for festive seasons, for family time and for happiness. They aim to spread that warmth of happiness through their positioning strategies.