Positioning of Bacardi
As a company that is selling only one product, it focuses on the premium segment of the market. The company aims to be the number one in spirit brands in the world. The company is positioning its product as a high-end consumer product. Another aspect of this company is that it deals in only one product that is Bacardi rum which provides it ample opportunities to cater to its specific customers’ demands. The psychographic segmentation is done when a company wants to make an image in the minds of its customers. In the video, we see people dancing in a club which means that the company is targeting the elite class that goes to clubs. Along with the elite class, some people also go to the club out of their lifestyle so company is also using the lifestyle as a base for segmenting markets. The personality of the brand is shown as being on a higher end because it is being sold in the elite clubs and bars. Another base for segmenting in this group is the interest, hobby or attitude of a person. There will be a certain number of people who will visit club out of their hobby of dancing or drinking. Social status is also a base for segmenting market in psychographic group which means that the product is meant for a particular class of society which is the elite class in this scenario. The company also assesses the loyalty of its customers under this group, there is a possibility that some people may have come from far away just to enjoy their favorite rum CITATION Dir19 \l 1033 (Directive group). This aspect takes time to develop but it can certainly be a part of product offered by Bacardi. Using all these bases have allowed the company to target its customers in an effective way and improve its brand personality.
BIBLIOGRAPHY Directive group. "https://www.directivegroup.com/digital-marketing/strategy/market-segmentation/psychographic." n.d. https://www.directivegroup.com. 8 November 2019.
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