Marketing Management

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Marketing Management

  1. 1. MARKETING MANAGEMENT Identifying Market Segments and Targets
  2. 2. Chapter Questions What are the different levels of market segmentation? How can a company divide a market into segments? How should a company choose the most attractive target markets? What are the requirements for effective segmentation? 8-2
  3. 3. 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. 8-3
  4. 4. Four Levels of Micromarketing Segments Niches Local areas Individuals 8-4
  5. 5. Segment Marketing Targeting a group of customers who share a similar set of needs and wants. 8-5
  6. 6. Flexible Marketing Offerings Naked solution Discretionary options Product and Some segment service elements members value that all segment Options may carry members value additional charges 8-6
  7. 7. The Experience Economy Experience Services Goods Commodity 8-7
  8. 8. 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. 8-8
  9. 9. Business Buying Behaviour
  10. 10. Buying Decision Process Buying Process the decision-making process by 'which business buyers establish the need/or purchased products and services, and identify, evaluate and, choose among alternative brands and suppliers.
  11. 11. Segmenting Consumer Markets Geographic Demographic Psychographic Behavioral 8-11
  12. 12. Factors influencing the Buying Behaviour
  13. 13. Demographic Segmentation Age and Life Cycle Life Stage Gender Income Generation Social Class 8-13
  14. 14. Figure 8.3 Profiling American Generations GI Generation Generation X 1901-1924 1965-1977 Silent Generation Generation Y 1925-1945 1978-1994 Baby Boomers Millenials 1946-1964 1995-2002 8-14
  15. 15. Behavioral Segmentation Decision Roles Behavioral Variables Initiator Occasions Influencer Benefits Decider User Status Buyer Usage Rate User Buyer-Readiness Loyalty Status Attitude 8-15
  16. 16. Segmenting for Business Markets Demographic Operating Variable Purchasing Approaches Situational Factors Personal Characteristics 8-16
  17. 17. Models of Sequential Segmentation Stage of decision Orientation First-time prospects Price-oriented Novices Solution-oriented Sophisticates Strategic-value 8-17
  18. 18. Steps in Segmentation Process Needs-based segmentation Segment identification Segment attractiveness Segment profitability Segment positioning Segment acid test Marketing mix strategy 8-18
  19. 19. Effective Segmentation Criteria Measurable Substantial Accessible Differentiable Actionable 8-19

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