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Chapter 8 Visual: Market Segments & Targets
 

Chapter 8 Visual: Market Segments & Targets

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  • 1. What are the different levels of market segmentation? 2. How can a company divide a market into segments? 3. How should a company choose the most attractive target markets? 4. What are the requirements for effective segmentation?
  • 1. Target marketing includes three activities: (a) market segmentation, (b) market targeting, and (c) market positioning. 2. The starting point for discussing segmentation is mass marketing – seller engages in the mass productions, mass distribution, and mass promotion of one product for all buyers. 3. We can target markets at four levels: (a) segments, (b) niches, (c) local areas, and (d) individuals. This is micromarketing at one of four levels 4. There are two bases for segmenting consumer markets: (a) consumer characteristics and (b) consumer responses. The major segmentation variables for consumer markets are (a) geographic, (b) demographic, (c) psychographic, and (d) behavioural. Marketers use them singly or in combination. The key is adjusting the marketing program to recognize customer differences. 5. Business marketers use all these variables (demographic and personal characteristics) along with operating variables, purchasing approaches, and situational factors as their bases for segmenting business markets
  • 6. Roger Best proposed the seven step approach in the segmentation process, also known as the “needs-based market segmentation approach”: (a) Needs-Based Segmentation, (b) Segment Identification, (c) Segment Attractiveness, (d) Segment Profitability, (e) Segment Positioning, (f) Segment “Acid Test”, and (g) Marketing-Mix Strategy 7. To be useful, market segments must be (a) measurable, (b) substantial, (c) accessible, (d) differentiable, and (e) actionable. 8. A firm must evaluate the various segments and decide how many and which ones to target: (a) a single segment or single-segment concentration, (b) several segments or selective specialization, (c) a specific product or product specialization, (d) a specific market or market specialization, and (e) the full market or full market coverage. If it serves the full market, it must choose between differentiated and undifferentiated marketing. 9. Firms must also monitor segment relationships and seek economies of scope and the potential for marketing to super segments. Companies should be cautious about over segmenting their markets. If this happens, they may want to turn to counter segmentation to broaden the customer base 10. Marketers must develop segment-by-segment invasion plans and choose target markets in a socially responsible manner at all times (ethical choice of market targets)
  • 1. Target marketing includes three activities: (a) market segmentation, (b) market targeting, and (c) market positioning. 2. The starting point for discussing segmentation is mass marketing – seller engages in the mass productions, mass distribution, and mass promotion of one product for all buyers. 3. We can target markets at four levels: (a) segments, (b) niches, (c) local areas, and (d) individuals. This is micromarketing at one of four levels 4. There are two bases for segmenting consumer markets: (a) consumer characteristics and (b) consumer responses. The major segmentation variables for consumer markets are (a) geographic, (b) demographic, (c) psychographic, and (d) behavioural. Marketers use them singly or in combination. The key is adjusting the marketing program to recognize customer differences. 5. Business marketers use all these variables (demographic and personal characteristics) along with operating variables, purchasing approaches, and situational factors as their bases for segmenting business markets
  • 6. Roger Best proposed the seven step approach in the segmentation process, also known as the “needs-based market segmentation approach”: (a) Needs-Based Segmentation, (b) Segment Identification, (c) Segment Attractiveness, (d) Segment Profitability, (e) Segment Positioning, (f) Segment “Acid Test”, and (g) Marketing-Mix Strategy 7. To be useful, market segments must be (a) measurable, (b) substantial, (c) accessible, (d) differentiable, and (e) actionable. 8. A firm must evaluate the various segments and decide how many and which ones to target: (a) a single segment or single-segment concentration, (b) several segments or selective specialization, (c) a specific product or product specialization, (d) a specific market or market specialization, and (e) the full market or full market coverage. If it serves the full market, it must choose between differentiated and undifferentiated marketing. 9. Firms must also monitor segment relationships and seek economies of scope and the potential for marketing to super segments. Companies should be cautious about over segmenting their markets. If this happens, they may want to turn to counter segmentation to broaden the customer base 10. Marketers must develop segment-by-segment invasion plans and choose target markets in a socially responsible manner at all times (ethical choice of market targets)

Chapter 8 Visual: Market Segments & Targets Chapter 8 Visual: Market Segments & Targets Presentation Transcript

  • IDENTIFYING MARKET SEGMENTS and TARGETS Elaine R. Buday Ateneo Graduate School of Business 08 December 2009 Top 10 Concepts VISUAL Edition
  • Outline: All markets have…
      • Different levels of market segmentation (what?)
      • Segments (how to divide?)
      • Most attractive target markets (how to choose?)
      • Requirements for effective segmentation (what?)
  • Outline: Markets have…
      • Activities for target marketing (what?)
      • Mass marketing (why?)
      • Micromarketing at 1 of 4 levels (how?)
      • Segments (bases?)
      • Segmentation variables (what)
  • Outline: Markets have…
      • Segmentation process (steps?)
      • Usefulness (how?)
      • Most attractive target markets (how to choose?)
      • Requirements for effective segmentation (what?)
      • Additional considerations (what?)
  • Identifying Market Segment and Targets
  • S.T.P. = Segments...
  • S.T.P. = Segments... Targets...
  • S.T.P. = Segments... Targets... Positions
  • Mass Marketing
  • Micromarketing at 1 of 4 levels segments niches local areas individuals
  • Bases for Segmenting segments niches local areas individuals Consumer Characteristics & Responses
  • Segmentation Variables segments niches local areas individuals Consumer Characteristics & Responses GEOGRAPHIC DEMOGRAPHIC & BEHAVIORAL PSYCHOGRAPHIC
  • To be useful, market segments must be... M.A.A.D.S. segments niches local areas individuals Consumer Characteristics & Responses GEOGRAPHIC DEMOGRAPHIC & BEHAVIORAL PSYCHOGRAPHIC M.A.A.D.S
  • Marketing to Super Segments segments niches local areas individuals Consumer Characteristics & Responses GEOGRAPHIC DEMOGRAPHIC & BEHAVIORAL PSYCHOGRAPHIC M.A.A.D.S
  • Develop segment-by-segment Invasion Plans segments niches local areas individuals Consumer Characteristics & Responses GEOGRAPHIC DEMOGRAPHIC & BEHAVIORAL PSYCHOGRAPHIC M.A.A.D.S
  • Identifying Market Segments and Targets segments niches local areas individuals Consumer Characteristics & Responses GEOGRAPHIC DEMOGRAPHIC & BEHAVIORAL PSYCHOGRAPHIC M.A.A.D.S S.T.P.
  • Summary: Markets have…
      • Activities for target marketing (what?)
      • Mass marketing (why?)
      • Micromarketing at 1 of 4 levels (how?)
      • Segments (bases?)
      • Segmentation variables (what)
  • Summary: Markets have…
      • Segmentation process (steps?)
      • Usefulness (how?)
      • Most attractive target markets (how to choose?)
      • Requirements for effective segmentation (what?)
      • Additional considerations (what?)
  • IDENTIFYING MARKET SEGMENTS and TARGETS Elaine R. Buday Ateneo Graduate School of Business 08 December 2009 Top 10 Concepts VISUAL Edition