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Identifying market segments and targets

  1. MARKETING MANAGEMENT 14th edition 8 Identifying Market Segments and Targets
  2. Effective Targeting Requires… • Identify and profile distinct groups of buyers who differ in their needs and preferences. • Select one or more market segments to enter. • Establish and communicate the distinctive benefits of the market offering.
  3. Steps in Market Segmentation, Targeting, and Positioning Market Segmentation 1. Identify bases for segmenting the market 2. Develop segment profiles Market Targeting 3. Develop measure of segment attractiveness 4. Select target segments Market positioning 5. Develop positioning for target segments 6. Develop a marketing mix for each segment
  4. Four levels of Micromarketing Segments Niches Local areas Individuals
  5. Segment Marketing Targeting a group of customers who share a similar set of needs and wants.
  6. CHP: 8&10-6 Basic Market Preference Patterns
  7. Customerization Combines operationally driven mass customization with customized marketing in a way that empowers consumers to design the product and service offering of their choice.
  8. Segmenting Consumer Markets Geographic Demographic Psychographic Behavioral
  9. Demographic Segmentation Age and Life Cycle Life Stage Gender Income Generation Social Class
  10. Psychographic Segmentation: The VALS Segmentation System
  11. Behavioral Segmentation Decision Roles • Initiator • Influencer • Decider • Buyer • User Behavioral Variables • Occasions • Benefits • User Status • Usage Rate • Buyer-Readiness • Loyalty Status • Attitude
  12. Behavioral Segmentation Breakdown
  13. Segmenting for Business Markets Demographic Operating Variable Purchasing Approaches Situational Factors Personal Characteristics
  14. Segmenting for Business Markets • Demographic segmentation – Industry, company size, location • Operating variables – Technology, usage status, customer capabilities • Purchasing approaches • Situational factors – Urgency, specific application, size of order • Personal characteristics – Buyer-seller similarity, attitudes toward risk, loyalty
  15. Effective Segmentation Criteria • Size, purchasing power, profiles of segments can be measured. • Segments can be effectively reached and served. • Segments are large or profitable enough to serve. Measurable Accessible Substantial Differential Actionable • Segments must respond differently to different marketing mix elements & programs. • Effective programs can be designed to attract and serve the segments.
  16. Market Targeting Evaluating Market Segments • Segment Size and Growth – Analyze current sales, growth rates and expected profitability for various segments. • Segment Structural Attractiveness – Consider effects of: competitors, availability of substitute products and, the power of buyers & suppliers. • Company Objectives and Resources – Company skills & resources needed to succeed in that segment(s). – Look for Competitive Advantages.
  17. CHP: 8&10-17 Market Targeting Market Coverage Strategies Segment 1 Segment 2 Segment 3 Segment 1 Segment 2 Segment 3 Company Marketing Mix Company Marketing Mix 1 Company Marketing Mix 2 Company Marketing Mix 3 Company Marketing Mix Market A. Undifferentiated Marketing B. Differentiated Marketing C. Concentrated Marketing
  18. CHP: 8&10-18 Patterns of Target Market Selection
  19. CHP: 8&10-19 Patterns of Target Market Selection
  20. CHP: 8&10-20 Patterns of Target Market Selection