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Market Segmentation Task

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Transcript

  • 1. Market Segmentation Pauline Komesli
  • 2. What is Market Segmentation?
    • Definition:
    • To divide a market by a strategy directed at gaining a major portion of sales to a subgroup in a category, rather than a more limited share of purchases by all category users.
  • 3. Different Types of Marketing
    • Undifferentiated Marketing - growth strategy that ignores market segment differences and attempts to appeal to all prospective customers with a single, basic product line through mass advertising and distribution. Also called mass marketing.
    • Differentiated Marketing - market coverage strategy whereby a company ignores differences within a market and attempts to appeal to the whole market with a single basic product line and marketing strategy. Undifferentiated marketing relies on mass distribution and mass advertising, aiming to give the product a superior image in the minds of consumers. It is cost effective because there is only one product line to be produced, inventoried, distributed, and advertised. Also the absence of segmented market research lowers the costs of consumer research and product management.
    • Niche Marketing Niche - marketing is a common path to small business success. No large retailer can be all things to all people, and there are always going to be segments of the population whose needs for particular products and/or services are going unmet.
  • 4. Bases of Market Segmentation
    • Age
    • Race
    • Gender
    • Lifestyle
    • Size of family
    • Income
    • Work
    • Location
  • 5. Benefits of Market Segmentation
    • identify your most and least profitable customers
    • focus your marketing on the customers who will be most likely to buy your products or services
    • avoid the markets which will not be profitable for you
    • build loyal relationships with customers by developing and offering them the products and services they want
    • improve customer service
    • get ahead of the competition in specific parts of the market
    • use your resources wisely
    • identify new products
    • improve products to meet customer needs
    • increase profit potential by keeping costs down, and in some areas enabling you to charge a higher price for your products and services
    • group your customers by factors such as geographical location, size and type of organisation, type and lifestyle of consumers, attitudes and behaviour
  • 6. If Finished
    • Upload to www.slideshare.net
    • Email me the link to embed into Higher BM blog