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Segmentation Targeting Diffrentiation

Segmentation Targeting Diffrentiation

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  • 1. Segmentation, Targeting and Differentiation Prepared and Presented by: Lyncia Noronha 40 Palak Goyal 42 SYBMS
  • 2. Segmentation
  • 3. Meaning  Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers who have common needs, and then designing and implementing strategies to target their needs and desires using media channels and other touch-points that best allow to reach them. 23 February 2014 Marketing Presentation Wilson College 3
  • 4. Product differentiation  Market segments allow companies to create product differentiation strategies to target them. 23 February 2014 Marketing Presentation Wilson College 4
  • 5. Market Segmentation Strategies  Traditional Approaches to Market Segmentation   Mass Marketing Differentiated Marketing    Multisegment Approach Market Concentration Approach Niche Marketing 23 February 2014 Marketing Presentation Wilson College 5
  • 6. Bases for Segmenting Consumer Markets  Behavioral Segmentation   Demographic Segmentation   Segments based on demographic factors (e.g., gender, age, income, education, etc.) Psychographic Segmentation   Segments based on actual behavior or product usage Segments based on state-of-mind issues (e.g., motives, attitudes, opinions, values, lifestyles, interests, personality, etc.) Geographic Segmentation  Segments based on geographic location 23 February 2014 Marketing Presentation Wilson College 6
  • 7. Segmenting Consumer Markets   Sometimes, multiple attributes are combined to form segments Multi-attribute segmentation via geoclustering combines multiple variables to identify smaller, better-defined target groups  PRIZM Geoclustering system uses demographic, geographic, lifestyle, and behavioral characteristics 23 February 2014 Marketing Presentation Wilson College 7
  • 8. Segmenting Business Markets  Rackman and Vincentis proposed a segmentation scheme that classifies business buyers into three groups:    Price-oriented customers: best served via transactional selling Solution-oriented customers: best served by means of consultative selling Strategic-value customers: best served by means of enterprise selling 23 February 2014 Marketing Presentation Wilson College 8
  • 9. Segmentation, Marketing Mix, and Targeting
  • 10. Creating the Marketing Mix PRODUCT PRICE 23 February 2014 PLACE PROMOTION College Marketing Presentation Wilson 10
  • 11. Goals for Marketing Mix     Create synergies Use resources effectively Maintain consistent and differentiated image Link to specific marketing goals and objectives 23 February 2014 Marketing Presentation Wilson College 11
  • 12. Mass Marketing Strategy Product Price Distribution Promotion Single Marketing Mix All Customers in the Market Undifferentiated 23 February 2014 Marketing Presentation Wilson College 12
  • 13. Multisegment Strategy Product Price Distribution Promotion Product Price Distribution Promotion Multiple Marketing Mixes 23 February 2014 Differentiated Marketing Presentation More Than One Market Segment Wilson College 13
  • 14. Market Concentration Strategy Product Price Distribution Promotion Single Marketing Mix Differentiated 23 February 2014 Marketing Presentation Focused on a Single Market Segment Wilson College 14
  • 15. Niche Marketing Strategy Product Price Distribution Promotion Focused on a Small Niche Market Segment Single Marketing Mix Differentiated 23 February 2014 Marketing Presentation Wilson College 15
  • 16. Customized Marketing Strategy Product Price Distribution Promotion Product Price Unique Marketing Mixes 23 February 2014 Distribution Promotion Individual Customers Marketing Presentation Wilson College 16
  • 17. Target Marketing Strategies  Five basic strategies for target market selection:      (1) Single Segment Targeting (2) Selective Targeting (3) Mass Market Targeting (4) Product Specialization (5) Market Specialization 23 February 2014 Marketing Presentation Wilson College 17
  • 18. Basic Target Marketing Strategies 23 February 2014 Marketing Presentation Wilson College 18
  • 19. Discussion Question Can you think of a product that could be marketed effectively using a mass marketing approach? If so, explain and justify your answer. If not, what types of changes would have to be made to the product to make it appropriate for a mass marketing approach? 23 February 2014 Marketing Presentation Wilson College 19
  • 20. Discussion Question Many consumers and consumer advocates are critical of the one-to-one marketing approach due to personal privacy concerns. Marketers counter that one-to-one marketing can lead to privacy abuses, but that the benefits to both consumers and marketers far outweigh the risks. Where do you stand on this issue? Why? 23 February 2014 Marketing Presentation Wilson College 20
  • 21. Discussion Question What are some of the ethical and legal issues involved in targeting sensitive groups such as children and seniors? 23 February 2014 Marketing Presentation Wilson College 21
  • 22. T 23 February 2014 Marketing Presentation Wilson College 22