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Target marketing

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Part 3 of the Definition of Marketing Series on Market Segmentation and Target Marketing

Part 3 of the Definition of Marketing Series on Market Segmentation and Target Marketing

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    Target marketing Target marketing Presentation Transcript

    • Definition of Marketing Series
      Segmentation/ Target Market
    • What is Market Segmentation ?
      Aggregating prospective buyers into groups that:
      Share a problem
      Are similar – in terms of demographics, geography, or psychographics (attitudes and beliefs)
      Respond similarly to market forces
    • What is a “Target Market” ?
      One or more groups toward which a firm focuses its marketing efforts?
      McDonalds
      Everyone – price conscious, convenience
      Happy Meals for kids
      Salads for moms
      Angus burgers for men
    • Why Segment the Market?
      One size fits all (mass) markets are ineffective
      They may please no one
      They’re expensive to serve
      Fail to match customer desires with firm competencies
    • How to Segment the Market.
      Identify market needs
      Features/ benefits
      Price
      Options
      Form
      Tylenol chooses to some segments to target and develops a product aimed at each target market
      Pain Reliever Example
      Relief from headache, arthritis, cold, etc
      Branded, generic
      Large bottle, small bottle
      Capsules, pills, liquid, powder
    • How to Segment Market
      Form Segments
      Substantial – the size and purchasing power of the segment must have potential for profit
      Accessible – the segment can be effectively reached and served (ie. They read the same magazine or frequent the same stores, etc.)
      Actionable – programs can effectively be developed to reach the segment
    • Segmentation Variables
      Demographics
      Age – cruises focus on seniors
      Gender – women watching sports
      Income – bottom of the pyramid
      Ethnicity - grocery stores carry more Hispanic foods
      Education, life cycle, religion, family size …
    • Segmentation Variables
      Geographic
      Country
      Region – NE, SW, …
      Population density
      Climate
      Rural versus Urban
      MSA
    • Segmentation Variables
      Psychographic
      Social class – middle class striving
      Lifestyle – achievers
      Personality - introverted
    • Segmentation Variables
      Behavioral
      Loyalty
      Attitude toward Brand
      Usage occasion
      Usage rate – 80/20
      Readiness stage
    • Targeting Options
      Mass market – 1 product to all segments
      1 product to multiple segments (book translations, split runs)
      Multiple products to multiple segments (Coke, P& G)
      Mass customization – individualized products (Mac computers, Sabre)
    • How Can This Help You Succeed?
      Products targeted at a specific segment are likely more valuable to that segment
      Promotions aimed at a segment convert at higher rates
      Results in better allocation of firm resources
    • More questions?
      Check out other videos in this series
      http://www.MarketingThatWorks.TV