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The Market Segmentation Process
 

The Market Segmentation Process

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    The Market Segmentation Process The Market Segmentation Process Presentation Transcript

    • The Market Segmentation Process WTUC http://www.4cconsulting.com/uploadedImages/Management_consultancy/Intelligence_and_strategy/Segmentation.jpg
    • Importance of Market Segmentation in Advertising
      • To find profitable market segments
      • Scan marketplace and see what various consumer segments need and want and how they might be better satisfied
      http://attractionmarketing.com/images/ad-Verizon.jpg
    • 2-Step Strategy
      • Identifying groups of people (or organizations) with certain shared needs and characteristics within the broad markets for consumer of business products
      • Aggregating (combining) these groups into larger market segments according to their mutual interest ion the product’s utility.
    • Applying the Strategy Large market group
      • Pool them together into one aggregate target market
      • These people share the same interests in relation to your product’s utility
    • Target market- which lays the foundation for developing the proper mix of marketing activities-including advertising General Population of consumers http://www.intomartgfk.nl/images/bg_logo.gif
      • Markets consists of many segments
      • A company differentiate products and marketing strategy for every segment
      • Or simply concentrate on one segment
    • Types of Targets
      • Marketing activities are aimed at a particular segment of the population
      • Advertising is aimed at a particular group
      Target market Target audience
    • Types of Markets
      • Companies use business advertising to reach people who buys good ad services for resale or for use in their own business or for manufacturing other products
      • Also known as BTB
      • Most advertising falls under consumer advertising
      • Ad directed at consumers or people who buy the product for their own or someone else’s personal use
      Business Markets Consumer Markets
      • Over half of all marketing is BTB
      • Manufactured goods, raw materials, services for law firms, accountants, airlines, and advertising agencies
      • Need more specialized product knowledge
      • Advertising professionals must understand how people act and think, and why they buy what they buy
      Business Markets Consumer Markets
    • http://futuresightconsulting.com/assets/images/FSC_Focus_MarketTargetingAndProfiling.jpg
    • Finding the Right Niche http://www.valicon.net/uploads/whowhatwhy_eng_popravki.gif
    • http://www.fivetwelvegroup.com/clientzone/uploads/images/FiveTwelve_Group_Segmentation_levels_v2.jpg
    • Behavioristic Segmentation
      • User status
      • Usage rate
      • Purchase occasion
      • Benefits sought
    • User-Status Variables
      • Sole users- most brand loyal, require least amount of advertising and promotion
      • Semisole users- typically use Brand A but have an alternate selection if it is not available or if alternate is promoted with a discount
      • Discount users- semisole users of competing Brand B. They don’t buy Brand A at full price
      • Aware Nontriers- use competitive products in the category but haven’t taken a liking to Brand A. These people rarely offer potential
      • Trial/Rejectors- bought Brand A’s advertising but didn’t like the product. Only reformulation of Brand A will bring them back
      • Reportoire users- perceive two or more brands to have superior attributes and will buy at full price. Primary brand switchers and respond to persuasive advertising based on the fluctuating wants and desires
    • Usage-Rate (Volume) Variables
      • Light users
      • Medium users
      • Heavy users
    •  
    • http://pewsocialtrends.org/assets/images/94.gif
    • http://z.hubpages.com/u/517176_f260.jpg
    • Purchase-Occasion Variable
      • Buyers are distinguished when they buy or use a product
      • Air travelers- may fly for business or vacation
      • Purchase- affected by frequency of need (regular/occasional), a fad (computer games), seasons (water skis, raincoats)
      • Marketers who discovers common purchase occasions for a group has a potential target segment and can better determine when to run specials and when to promote certain product categories
    •  
    •  
    • Benefit-Sought Variable
      • Benefits
        • High quality
        • Low price
        • Status
        • Sex appeal
        • Good taste
        • Health conscious
        • Symbolism- what the brand means to them or to their friends or some reference group
      • Switching occurs in response to different needs
    • http://ignitepartnership.com/blog/wp-content/uploads/personal%20brand%20pyramid.png
    • http://tomfishburne.typepad.com/tomfishburne/images/2008/02/10/080211attribute.jpg
    • What’s the User Benefit here?
    • High-Quality Benefit
    • What’s the User Benefit here?
    • Low Price benefit
    • What’s the User Benefit here?
    • Status Benefit
    • What’s the User Benefit here?
    • Status Benefit
    • What’s the User Benefit here?
    • Sex Appeal Benefit
    • What’s the User Benefit here?
    • Good Taste Benefit
    • What’s the User Benefit here?
    • Health Conscious Benefit
    • What’s the User Benefit here?
    • Brand Symbol Benefit
    • Geographic Segmentation
      • Region
      • Country size
      • City size
      • Specific locations
      • Types of stores
    • http://www.census.gov/econ/census02/img/division.gif
    • Demographic Segmentation
      • Sex
      • Age
      • Ethnicity
      • Education
      • Occupation
      • Income
      • And other quantifiable factors
    •  
    • http://www.insidefacebook.com/wp-content/uploads/2009/02/20090201fbdemobar.png
    • Geodemographics Segmentation
      • Demographics combined with geographic segmentation
      • People’s lives are influenced by their environment and ethnicity
    • https://www.dataexpress.vedaadvantage.com/newdesign/i/homepages/main_banner-landscape.jpg
    • Psychographic Segmentation
      • Emotional appeal
      • Cultural values
      • Attitudes
      • Personality
      • Lifestyle
        • View people as individuals with feelings and inclinations
    • http://www.media-studies.ca/articles/images/VALS.jpg Basic principles or values Tangible markers of success or accomplish-ments Desire for experiences or risk
    • Example: Company that markets high-end motorcycles
      • A demographic profile might suggest that prospects are males between the ages of 30 and 50
      • A psychographic profile could extend the analysis by noting that the best prospects are experiences: Men motivated by self-expressive needs who also have sufficient resources to buy an expensive bike
    • http://www-edc.eng.cam.ac.uk/betterdesign/images/rsz_marketsegintrotop__130.gif
    • http://www.clickz.com/_imgs/graphics/032608media-attitude.gif
    • What’s the psychographic element here?
    • What’s the psychographic element here?
    • http://www.marketsegmentation.com/images/ServiceBenefits.gif
    • http://www.consumerpsychologist.com/images/intro/consumer_behavior.png
    • Group discussion
      • Hardee’s Thickburger
      • Big, premium burgers
    • Hardee’s Ad: Who’s the Target Market?
    • Hardee’s Thickburger Target Market
      • Young male demographic
      • ‘ real’ men
      • Meets consumer taste expectations
      • Trade on the notion of ‘male identity’
      • Paris doesn’t have anything to do with the burger
      • Caused buzz among male demographic
      Spicyparis.com’s traffic shot so high that it crashed the server
    • Another Hardee’s ad
      • ‘ We could’ve shown you some cowboy, sitting around a campfire, eating a Western Bacon Thickburger…but who’d wanna see that?”
      • Hardee’s pays careful attention to the benefits sought by the target demographic and tailors its offering accordingly
      • Crafts advertising messages that will grab attention of the young male fast-food eaters
    • Assignment 1 due Week 5
      • Describe an ad that seems to be directed toward a specific target market segment. Define it using behavioristic, demographic, psychographic, and geographic variables.
      • See page 91 to read Hardee’s ad example
      • Print and submit on 3/16