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A short statement that describes who the firm targets and what needs do they meet
It usually has the following format
To target ______ (Segment and need). Our brand is _____ (brand name) concept that _____ (Point of difference)

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The full mix of benefits a brand is differentiated and positioned
Some of the winning value propositions are

More benefit for more price

More benefit for the same price

The same benefit for less price

Less benefit for less price

More benefit for less price (The best)

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Developing a unique selling point for each brand and sticking to it
Position the unique selling point on more than one of the differentiator.
Differences to promote include being

important

distinctive

superior

communicable

preemptive

affordable

profitable

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Each of the few points can be different from competitors

Product

Services

Channels

People

Image

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An advantage over competitor gained by offering greater customer value

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The way the product is defined by consumers by important attributes.
The place the product is ordered in the consumer's mind in relative to competing products

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In micro marketing, the firm will design products to suit the taste of a specific location or individual. It usually include custom made products

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In niche marketing, the firm will target one specific segment deeply. They must have greater knowledge on the segments they are serving.

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In segmented marketing, the firm decides to target a number of segments and design different products for each segment to meet the needs of each segments

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In mass marketing, the firm decides the ignore the differences between the market segments and target the whole market with one offer. They will design a product that appeals to the broadest number of buyers.

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Mass marketing (The broadest)

Segmented marketing

Niche marketing

Micro marketing (The narrowest)

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Companies should target segments based on its size and growth (The larger and more profitable the segment is, the better.), segment structural attractiveness (the lesser or weaker the competitors and substitute products, the better) and company objectives and resources (whether or not the company have the resource and skill to succeed)

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A group of buyers who have the same needs or characteristics that the company plan to serve.

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The segments must be

measurable - size, purchasing power and profiles can be measured

accessible - effectively reached and served

substantial - large and profitable enough to serve

differentiable - distinguishable and requires different marketing mix depending on the segment

actionable - can design effective programmes for attracting and serving

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The division of the market according to consumer's knowledge, attitude, uses or response to a product. This includes segmenting the market according to occasions of purchase, benefits sought, user status, usage rate and loyalty status.

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The division of the market based on lifestyle, social class or personality characteristics. Psychographic segmentation works because different people with different lifestyles will buy different products.
This goes back to the brand personality and (our) personality.
Brand personality are brands that are associated with a particular personality. Consumers tend to buy a brand that reflects their personality. (Our) personality is a set of unique traits that distinguishes a person or a group. They lead to relatively enduring responses to environmental stimulus.

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The division of the market according to demographics (or factors like age, gender, income, occupation, race religion etc.)
Markets are usually segmented based on demographics as their needs, wants and usage rates often vary closely with the demographic variables.

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The division of the market according to different geographical units including nations, regions, states, countries, cities or neighbourhoods

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A strategy of categorising the market into smaller segments of buyers with distinct needs, characteristics or behaviours that require various marketing strategies or mixes.

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The company cannot attract everyone because there is too many customers, too many needs, the customers are scattered and their behaviours are varied.
Hence, the company needs to identify the portion of the market that they can serve best and make the most profit out of it. This also allows customer-driven marketing strategy to build the right relationship with the right customer.