Professional Documents
Culture Documents
Topic Outline
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Market segmentation is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs
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Segmenting consumer markets Segmenting business markets Segmenting international markets Requirements for effective segmentation
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Geographic segmentation
Demographic segmentation
Psychographic segmentation
Behavioral segmentation
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Geographic segmentation divides the market into different geographical units such as nations, regions, states, counties, or cities
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Segmenting Consumer Markets Demographic segmentation divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality
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Age and life-cycle stage segmentation is the process of offering different products or using different marketing approaches for different age and life-cycle groups Gender segmentation divides the market based on sex (male or female)
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Income segmentation divides the market into affluent or low-income consumers Psychographic segmentation divides buyers into different groups based on social class, lifestyle, or personality traits
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Behavioral segmentation divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product Occasions Benefits sought User status Usage rate Loyalty status
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Using Multiple Segmentation Bases Multiple segmentation is used to identify smaller, better-defined target groups
Geodemographic segmentation is an example of multivariable segmentation that divides groups into consumer lifestyle patterns
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Measurable
Accessible
Substantial
Differentiable
Actionable
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Target market consists of a set of buyers who share common needs or characteristics that the company decides to serve
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Segment size and growth Segment structural attractiveness . Company objectives and resources
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Concentrated marketing targets a small share of a large market Limited company resources Knowledge of the market More effective and efficient
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Individual marketing involves tailoring products and marketing programs to the needs and preferences of individual customers Also known as:
One-to-one marketing Mass customization Markets-of-one marketing
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Depends on: Company resources Product variability Product life-cycle stage Market variability Competitors marketing strategies
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Product position is the way the product is defined by consumers on important attributesthe place the product occupies in consumers minds relative to competing products
Perceptions Impressions Feelings
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Positioning maps show consumer perceptions of their brands versus competing products on important buying dimensions
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Image differentiation
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Communicable
Preemptive
Affordable
Profitable
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To (target segment and need) our (brand) is (concept) that (point of difference)
Web link
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Topic Outline
The Companys Microenvironment The Companys Macroenvironemnt Responding to the Marketing Environment
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