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Consumer behavior 2
 

Consumer behavior 2

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    Consumer behavior 2 Consumer behavior 2 Presentation Transcript

    • CHAPTER # 2NDUNDERSTANDING CONSUMERS &MARKET SEGMENTS:• INTRODUCTION AND OBJECTIVES OF• THIS CHAPTER:•IN THIS CHAPTER WE ARE GOING TODISCUSS IN DETAIL THAT HOW A MARKETERSEGMENTS THE OVERALL MARKET IN TOSMALLER BUT HOMOGENIOUS SEGMENTS,WHAT ARE THE DIFFERENT RULES FORSEGMENTATION, WHAT IS THE CRITERIA FORSEGMENTATION, AND HOW PRODUCTPOSITIONING EFFORTS ARE BEINGPERFORMED.
    • WHAT IS MARKETSEGMENTATION?THE PROCESS OF DIVIDING A MARKET INTO DISTINCT SUBSETS OF CONSUMERS WITH COMMON NEEDS OR CHARACTERISTICS AND SELECTING ONE OR MORE TO TARGET”
    • EXAMPLES CARS Luxury Cheap Sporty Spacey/Specious
    • EXAMPLES FOOD Continental Chinese Indian/Pakistani Italian Arabian
    • EXAMPLES CLOTHES Formal Informal Party Wear Male Female Traditional Fusion Bridal Wear
    • MUSIC PoP Jazz Salsa Disco Rock R&B
    • WHO IS USING MARKETSEGMENTATION Marriott  13 lodging brand  Fairfield Inns (prices conscious people)  Spring Hill Suites (modestly priced)  Residence Inns (apartment like accommodation)  Courtyard (price conscious Business people)  Marriott Hotels (full service business travelers)  Marriott Resorts (leisure & vocational accommodation)
    • BASES FOR SEGMENTATION Geographic Factors Demographic Factors Geo Demographic Psychographic (lifestyle) Sociocultural Use Situation Factors Use Related Characteristics Benefit Segmentation Hybrid Segmentation Approaches Psychographic-Demographic Geodemographic
    • GOEGRAPHICSEGMENTATION GEOGRAPHIC SEGMENTATION THE MARKET IS DIVIDED BY LOCATION. PEOPLE WHO LIVE IN THE SAME AREA SHARE SOME SIMILAR NEEDS AND WANTS DIFFER FROM THOSE OF PEOPLE LIVING IN OTHER AREAS. CERTAIN FOOD PRODUCTS STARBUCKS COFFEE ( WWW.STARBUCKS.COM), WHOSE FIRST STORE OPENED SEATTLE IN 1971. NEARLY 20 YEARS LATER, AFTER A RAPID EXPANSION INTO THE EASTERN STATES DURING THE 1990’S, STARBUCKS DECIDED TO INTRODUCE THE MILDER DIMENSIONS LINE COFFEES IN 1998 TO BETTER SATISFY ITS EAST COAST CONSUMERS WHO TEND TO PREFER A MILDER COFFEE THAN THEIR WEST COAST
    • SOME MARKETING SCHOLARS HAVE ARGUEDTHAT DIRECT-MAIL MERCHANDISECATALOGS, NATIONAL TOLL-FREETELEPHONE NUMBERS, SATELLITETELEVISION TRANSMISSION, GLOBALCOMMUNICATION NETWORKS, ANDESPECIALLY THE INTERNET HAVE ERASEDALL REGIONAL BOUNDARIES AND THATGEOGRAPHIC SEGMENTATION SHOULD BEREPLACED BY A SINGLE GLOBAL MARKETINGSTRATEGY.
    • TABLE 3-2 MARKET SEGMENTATIONCATEGORIES & SELECTED VARIABLESSEGMENTATION BASE SELECTED SEGEMENTATION VARIALBESGEOGRAPHIC SEGMENTATIONREGION SOUTHWEST, MOUNTAIN STATES, ALASKA, HAWAIICITY SIZE MAJOR METROPOLITAN AREAS, SMALL CITIES, TOWNSDENSITY OF AREA URBAN, SUBURBAN, EXURBAN, RURALCLIMATE TEMPERATE, HOT, HUMID, RAINYDEMOGRAPHIC SEGMENTATIONAGE UNDER 12,12-17,18-34,35-49,50-64,65-74,75-99, 100+GENDER MALE, FEMALEMARITAL STATUS SINGLE, MARRIED, DISCOVERED, LIVING TOGETHER, WIDOWEDINCOME UNDER $25,000, $25,000-$34,999, $34,999-$49,999, $50,000-$74,999, $75,000-$99,999, $100,000 & OVEREDUCATION SOME HIGH SCHOOL, HIGH SCHOOL GRADUATE, SOME COLLEGE, COLLEGE GRADUATE, POSTGRADUATEOCCUPATION PROFESSIONAL, BLUE-COLLAR, AGRICULTURE, MILITARYPSYCHOLOGICAL SEGMENTATIONNEEDS- MOTIVATION SHELTER, SAFETY, SECURITY, AFFECTION, SENSE OF SELF-WORTHPERSONALITY EXTROVERTS, NOVELTY SEEKERS,
    • PSYCHOGRAPHIC(LIFESTYLE) SEGMENTATION ECONOMY-MINDED, COUCH POTATOES, OUT DOORS ENTHUSIASTS, STATUS SEEKERSSOCIO CULTURAL SEGMENTATIONCULTURES AMERICAN, ITALIAN, CHINESE, MEXICAN, FRENCH, PAKISTANIRELIGION CATHOLIC, PROTESTANT, JEWISH, MOSLEM, OTHERSUBCULTURES (RACE/ETHNIC) AFRICAN AMERICAN, CAUCASIAN, ASIAN, HISPANICSOCIAL CLASS LOWER, MIDDLE, UPPERFAMILY LIFE CYCLE BACHELORS, YOUNG MARRIED, FULL NESTERS, EMPTY NESTERSUSE-RELATED SEGMENTATIONUSAGE RATE HEAVY USERS, MEDIUM USERS, LIGHT USERS, NONUSERSAWARENESS STATUS UNAWARE, AWARE, INTERESTED, ENTHUSIASTICBRAND LOYALTY NONE , SOME, STRONGUSE-SITUATION SEGMENTATIONTIME LEISURE, WORK, RUSH, MORNING, NIGHTOBJECTIVE PERSONAL, GIFT, SNACK, FUN, ACHIEVEMENTLOCATION HOME, WORK, FRIEND’S HOME, IN-STOREPERSON SELF, FAMILY MEMBERS, FRIENDS, BOSS, PEERBENEFIT SEGMENTATION CONVENIENCE, SOCIAL ACCEPTANCE, LONG LASTING, ECONOMY, VALUE- FOR-THE-MONEYHYBRID SEGMENTATIONDEMOGRAPHIC/PSYCHOGRAPHIC COMBINATION OF DEMOGRAPHIC AND
    • DEMOGRAPHIC SEGMENTATION AGE, GENDER, MARITAL STATUS, INCOME, OCCUPATION AND EDUCATION, ARE MOST OFTEN USED AS THE BASIS FOR MARKET SEGMENTATION. REFERS TO THE VITAL AND MEASURABLE STATISTICS OF A POPULATION. HELP TO LOCATE A TARGET MARKET. DEMOGRAPHIC INFORMATION IS OFTEN THE MOST ACCESSIBLE AND COST-EFFECTIVE WAY TO IDENTIFY A TARGET MARKET. MOST SECONDARY DATA, INCLUDING CENSUS DATA, ARE EXPRESSED IN DEMOGRAPHIC TERMS.
    • AGE PRODUCT NEEDS AND INTERESTS OFTEN VARY WITH CONSUMERS’ AGE. FOR EXAMPLE, ALTHOUGH CHILDREN OFTEN CONSUME BOXED JUICE DRINKS, MINUTE MAID COMPANY ( WWW.MINUTEMAID.COM) OFFERS SINGLE-SERVE DRINKS IN POUCHES, RATHER THAN BOXES, IN ORDER TO BETTER APPEAL TO THE “TWEEN” MARKETS.
    • GENDER GENDER IS QUITE FREQUENTLY A DISTINGUISHING SEGMENTATION VARIABLE. WOMEN HAVE TRADITIONALLY BEEN THE MAIN USERS OF SUCH PRODUCTS AS HAIR COLORING AND COSMETICS, AND MEN HAVE BEEN THE MAIN USERS OF TOOLS AND SHAVING PREPARATIONS.
    • MARITAL STATUS TRADITIONALLY, THE FAMILY HAS BEEN THE FOCUS OF MOST MARKETING EFFORTS, AND FOR MANY PRODUCTS AND SERVICES, THE HOUSEHOLD CONTINUES TO BE THE RELEVANT CONSUMING UNIT. MARKETERS ARE INTERESTED IN THE NUMBER AND KINDS OF HOUSEHOLDS THAT BUY AND/OR OWN CERTAIN PRODUCTS. MARKETERS HAVE DISCOVERED THE BENEFITS OF TARGETING SPECIFIC MARITAL STATUS GROUPINGS, SUCH AS SINGLES DIVORCED INDIVIDUALS, SINGLE PARENTS AND DUAL-INCOME MARRIED COUPLES.
    • INCOME, EDUCATION &OCCUPATION INCOME HAS LONG BEEN AN IMPORTANT VARIABLE FOR DISTINGUISHING BETWEEN MARKET SEGMENTS. MARKETERS COMMONLY SEGMENT MARKETS ON THE BASIS OF INCOME BECAUSE THEY FEEL THAT IT IS A STRONG INDICATOR OF THE ABILITY (OR INABILITY) TO PAY FOR A PRODUCT OR SPECIFIC MODEL OF THE PRODUCT. FOR INSTANCE, INITIALLY MARKETERS OF HOME COMPUTERS UNDER $1,000 FELT THAT SUCH PRODUCTS WOULD BE PARTICULARLY ATTRACTIVE TO HOMES WITH MODEST FAMILY INCOMES. HOWEVER, THESE LOW- PRICED PCS ALSO PROVED TO BE QUITE POPULAR WITH HIGHER-INCOME FAMILIES WHO WANTED ADDITIONAL COMPUTERS FOR YOUNGER FAMILY MEMBERS.
    • INCOME IS OFTEN COMBINED WITH OTHERDEMOGRAPHIC VARIABLES TO MOREACCURATELY DEFINE TARGET MARKETS. TOILLUSTRATE, HIGH INCOME HAS BEENCOMBINED WITH AGE TO IDENTIFY THEIMPORTANT AFFLUENT ELDERLY SEGMENT.IT ALSO HAS BEEN COMBINED WITH BOTHAGE AND OCCUPATIONAL STATUS TOPRODUCE THE SO-CALLED YUPPIESEGMENT, A SOUGHT-AFTER SUBGROUP OFTHE BABY BOOMER MARKET.
    • EDUCATION, OCCUPATION, ANDINCOME TEND TO BE CLOSELYCORRELATED IN ALMOST A CAUSE-AND-EFFECT RELATIONSHIP. HIGH-LEVEL OCCUPATIONS THATPRODUCED HIGH INCOMES USUALLYREQUIRE ADVANCED EDUCATIONALTRAINING. INDIVIDUALS WITH LITTLEEDUCATION RARELY QUALIFY FORHIGH-LEVEL JOBS.
    • PSYCHOGRAPHICSEGMENTATION PSYCHOGRAPHIC PROFILE OF A CONSUMER SEGMENT CAN BE THOUGHT OF AS A COMPOSITE OF CONSUMERS MEASURED ACTIVITIES, INTERESTS AND OPINIONS (AIOS). AS AN APPROACH TO CONSTRUCTING CONSUMER PSYCHOGRAPHIC PROFILES, AIO RESEARCH SEEDS CONSUMERS RESPONSES TO A LARGE NUMBER OF STATEMENTS THAT MEASURE ACTIVITIES.
    • E.G., GOLFING, VOLUNTEERING AT ALOCAL BLOOD BAND, GARDENING,INTERESTS (THE CONSUMER’S ORFAMILY’S PREFERENCES ANDPRIORITIES, E.G., HOME, FASHION,FOOD) AND OPINIONS (HOWCONSUMER FEELS ABOUT A WIDEVARIETY OF EVENTS AND POLITICALISSUES, SOCIAL ISSUES, THE STATEOF THE ECONOMY, ECOLOGY.
    • SOCIOCULTURALSEGMENTATION FAMILY LIFE CYCLE SEGMENTATION IS BASED ON THE PREMISE THAT MANY FAMILIES PASS THROUGH SIMILAR PHASES IN THEIR FORMATION, GROWTH AND FINAL DISSOLUTION. AT EACH PHASE, THE FAMILY UNIT NEEDS DIFFERENT PRODUCTS AND SERVICES. YOUNG SINGLE PEOPLE, FOR EXAMPLE, NEED BASIC FURNITURE FOR THEIR FIRST APARTMENT, WHEREAS THEIR PARENTS, FINALLY FREE OF CHILD REARING, OFTEN REFURNISH THEIR HOMES WITH MORE ELABORATE PIECES.
    • EACH OF THE STAGES IN THETRADITIONALLY FAMILY LIFECYCLE (BACHELORHOOD,HONEYMOONERS, PARENTHOOD,POSTPARENTHOOD, ANDDISSOLUTION) REPRESENTS ANIMPORTANT TARGET SEGMENTTO A VARIETY OF MARKETERS.
    • USE-RELATED SEGMENTATION AN EXTREMELY POPULAR AND EFFECTIVE FORM OF SEGMENTATION CATEGORIZES CONSUMERS IN TERMS OF PRODUCT, SERVICE, OR BRAND USAGE CHARACTERISTICS, SUCH AS LEVEL OF USAGE, LEVEL OF AWARENESS, AND DEGREE OF BRAND LOYALTY. RATE OF USAGE SEGMENTATION DIFFERENTIATES AMONG HEAVY USERS, MEDIUM USERS, LIGHT USERS, AND NONUSERS OF A SPECIFIC PRODUCT, SERVICE OR BRAND.
    • HEAVY USERS OF TRAVEL AGENTS IN SINGAPOREWERE MORE INVOLVED WITH AND MOREENTHUSIASTIC ABOUT VACATION TRAVEL, MOTEINNOVATIVE WITH REGARD TO THEIR SELECTION OFVACATION TRAVEL PRODUCTS, MORE LIKELY TOTRAVEL FOR PLEASURE AND MORE WIDELYEXPOSED TO TRAVEL INFORMATION FROM MASSMEDIA.AWARENESS STATUS ENCOMPASSES THE NOTION OFCONSUMER AWARENESS OF THE PRODUCT,INTEREST LEVEL IN THE PRODUCT, READINESS TOBUY THE PRODUCT, OR WHETHER CONSUMERS NEEDTO BE INFORMED ABOUT HE PRODUCT. AD FORCAMPBELL’S TOMATO SOUP THAT DESIGNED TOCREATE BOTH AWARENESS AND INTEREST AMONGCONSUMERS WHO ARE INTERESTED IN REDUCINGTHEIR RISK OF CANCER.
    • SOMETIMES BRAND LOYALTY IS USED AS THE BASISFOR SEGMENTATION. MARKETERS OFTEN TRY TOIDENTIFY THE CHARACTERISTICS OF THEIR BRAND-LOYAL CONSUMERS SO THAT THEY CAN DIRECTTHEIR PROMOTIONAL EFFORTS TO PEOPLE WITHSIMILAR CHARACTERISTICS IN THE LARGERPOPULATION.INCREASINGLY, MARKETERS STIMULATE ANDREWARD BRAND LOYALTY BY OFFERING SPECIALBENEFITS TO CONSISTENT OR FREQUENTCOSTUMERS. SUCH FREQUENT USAGE ORRELATIONSHIP PROGRAMS OFTEN TAKE THE FORMOF A MEMBERSHIP CLUB (E.G. HERTZ NUMBER 1CLUB GOLD, AMERICAN AIRLINES, PLATINUM LEVEL,OR MARRIOTTS REWARDS.)
    • USAGE-SITUATIONSEGMENTATION OCCASION OR SITUATION OFTEN DETERMINES WHAT CONSUMERS WILL PURCHASE OR CONSUME. WHEN I AM AWAY ON BUSINESS FOR A WEEK OF MORE, I TRY TO STAY AT SUITES HOTEL. I ALWAYS BUY MY WIFE FLOWERS ON VALENTINE’S DAY. THE GREETING CARD INDUSTRY, FOR EXAMPLE, STRESSES SPECIAL CARDS FOR A VARIETY OF OCCASIONS THAT SEEM TO BE INCREASING ALMOST DAILY (GRANDPARENTS DAY, SECRETARIES DAY ETC.)
    • DIAMOND INDUSTRY PROMOTEDIAMOND RINGS AS AN ENGAGEMENTSYMBOL.THE GODIVA CHOCOLATE AD INFIGURE 3-4 (WWW.GODIVA.COM) IS ANEXAMPLE OF SITUATIONAL, SPECIALUSAGE OF SEGMENTATION. ITAPPEARED IN MAGAZINES A WEEKPRIOR TO VALENTINE’S DAY ANDSUGGEST THAT A BOX OF GODIVACHOCOLATE “WILL MAKE HER HEARTSKIP A BEAT.”
    • BENEFIT SEGMENTATION MARKETING AND ADVERTISING EXECUTIVES CONSTANTLY ATTEMPT TO IDENTIFY THE ONE MOST IMPORTANT BENEFIT OF THEIR PRODUCT OR SERVICES THAT WILL BE MOST MEANINGFUL TO CONSUMERS. EXAMPLES OF BENEFITS THAT ARE COMMONLY USED INCLUDE FINANCIAL SECURITY (PRUDENTIAL FINANCIAL) DATE PROTECTION (IOMEGA) GOOD HEALTH (WHEATIES) FRESH BREATH (ECLIPSE GUM) AND PEACE OF MIND (HEFTY ONE ZIP BAGS). CREST WHITENING PLUS SCOPE TOOTHPASTE (WWW.CREST.COM ARE WHITER TEETH AND FRESH BREATH.
    • HYBRID SEGMETATIONAPPROACHES MARKETERS COMMONLY SEGMENT MARKETS BY COMBINING SEVERAL SEGMENTATION VARIABLES RATHER THAN RELYING ON A SINGLE SEGMENTATION BASE.• PSYCHOGRAPHIC-DEMOGRAPHIC PROFILES DEMOGRAPHIC-PSYCHOGRAPHIC PROFILING HAS BEEN WIDELY USED IN THE DEVELOPMENT OF ADVERTISING CAMPAIGNS TO ANSWER THREE QUESTIONS: a) WHOM SHOULD WE TARGET? b) WHAT SHOULD WE SAY? c) WHERE SHOULD WE SAY IT?
    • GEODEMOGRAPHICSEGMENTATION PEOPLE WHO LIVE CLOSE TO ONE ANOTHER ARE LIKELY TO HAVE SIMILAR FINANCIAL MEANS, TASTES, PREFERENCES, LIFESTYLES AND CONSUMPTION HABITS. CLUSTERS ARE CREATED BASED ON CONSUMER LIFESTYLES, AND SPECIFIC CLUSTER INCLUDES ZIP CODES THAT ARE COMPOSED OF PEOPLE WITH SIMILAR LIFESTYLES WIDELY SCATTERED THROUGHOUT THE COUNTRY
    • MARKETERS USE THE CLUSTER DATE FORDIRECT-MAIL CAMPAIGNS, TO SELECTRETAIL SITES AND APPROPRIATEMERCHANDISE MIXES, TO LOCATE BANKSAND RESTAURANTS, AND TO DESIGNMARKETING STRATEGIES FOR SPECIFICMARKET SEGMENTS.GEODEMOGRAPHIC SEGMENTATION ISMOST USEFUL WHEN AN ADVERTISER’S ORMARKETERS BEST PROSPECT (IN TERMS OFCONSUMER PERSONALITIES, GOALS ANDINTERESTS) CAN BE ISOLATED IN TERMS OFWHERE THEY LIVE.
    • CRITERIA FOR EFFECTIVETARGETING OF MARKETSEGMENTS TO BE AN EFFECTIVE TARGET, A MARKET SEGMENT SHOULD BE:• IDENTIFIABLE• SUFFICIENT (IN TERMS OF SIZE)• STABLE OR GROWING• ACCESSIBLE (REACHABLE) IN TERMS OF BOTH MEDIA AND COST.
    • 1. IDENTIFICATION TO DIVIDE THE MARKET INTO SEPARATE SEGMENTS ON THE BASIS OF A SERIES OF COMMON SHARED NEEDS OR CHARACTERISTICS THAT ARE RELEVANT TO THE PRODUCT OR SERVICE. SEGMENTATION VARIABLES, SUCH AS GEOGRAPHY (LOCATION) OR DEMOGRAHICS (AGE, GENDER, OCCUPATION, RACE) ARE RELATIVELY EASY TO IDENTIFY OR ARE EVEN ABSERVABLE. EDUCATION INCOME OR MARITAL STATUS, CAN BE DETERMINED THROUGH QUESTIONNAIRIES.
    • 2. SUFFICIENCY FOR MARKET SEGMENT TO BE A WORTHWHILE TARGET, IT MUST CONSIST OF A SUFFICIENT NUMBER OF PEOPLE WARRANT TAILORING A PRODUCT OR PROMOTIONAL CAMPAIGN TO ITS SPECIFIC INTEREST. CENSUS BUREAU (AVAILABLE AT MANY LIBRARIES AND ONLINE VIA THE INTERNET)
    • 3. STABILITY MOST MARKETERS PREFER TO TARGET CONSUMER SEGMENTS THAT ARE RELATIVELY STABLE IN TERMS OF DEMOGRAPHIC AND PSYCHOLOGICAL FACTORS AND NEED AND THAT ARE LIKELY TO GROW LARGER OVER TIME.
    • 4. ACCESSIBILITY A FOURTH REQUIREMENT FOR EFFECTIVE TARGETING IS ACCESSIBILITY, WHICH MEANS THAT MARKETERS MUST BE ABLE TO REACH THE MARKET SEGMENTS THEY WANT TO TARGET IN AN ECONOMICAL WAY.
    • MARKET SEGMENTATIONPROCESS IDENTIFYING SEGMENTS SELECTING TARGET SEGMENTS CREATING MARKETING MIX FOR EACH TARGET SEGMENTS.
    • CRITERIA FOR EFFECTIVETARGETING OF MARKETSEGMENTS TO BE AN EFFECTIVE TARGET, A MARKET SEGMENT SHOULD BE:• IDENTIFIABLE• SUFFICIENT (IN TERMS OF SIZE)• STABLE OR GROWING• ACCESSIBLE (REACHABLE) IN TERMS OF BOTH MEDIA AND COST.
    • MARKET TARGETING ANDTARGET MARKETS MARKET TARGETING IS THE PROCESS OF SELECTING CUSTOMERS FROM THE IDENTIFED SEGMENTS, AND THE SELECTED GROUP OF CUSTOMERS ARE CALLED TARGET MARKETS, AND TARGET MARKET IS THE GROUP OF CUSTOMERS WHO HAVE GOT MONEY, AUTHORITY AND NEED FOR A PRODUCT OR GROUP OF PRODUCT, AND THEY ARE WIILLING TO PURCHASE OR USE A PRODUCT .SO MARKET TARGETING IS THE PROCESS AND THE TARGET MARKETS ARE THE RESULT OF THAT PROCESS.
    • TARGET MARKET STRATEGIES WE HAVE GOT 3 TARGET MARKET STRATEGIES: AGGREGATION STRATEGY: HERE A MARKETER TREATS THE WHOLE MARKET AS A SINGLE SEGMENT, THIS STRATEGY IS ALSO KNOWN AS “MASS MARKET STRATEGY” OR UNDIFFERENTIATED MARKET STRATEGY, SO THE COMPANY DEVISE THE SAME MARKETING MIX FOR THE WHOLLY SELECTED
    • MARKET. E.G GASOLINE, (FUEL),SALT, SUGAR, VEGETABLES,SUGAR, ETC,THIS STRATEGY ISSUITABLE FOR THOSE FIRMSWHICH ARE PRODUCINGUNDIFFERENTIATED PRODUCTS.THE ADVANTAGE OF THISSTRATEGY IS THAT, A FIRM CANMINIMIZE ITS OVERALL COST,INCLUDING PROMOTIONAL COST,
    • WAREHOUSING COST,TRANSPORTATION COST, AND LOWERPRODUCTION COSTS, BECAUSE THETOTLA MARKET IS HERE IS BEINGTREATED AS A SINGLE SEGMENT.SINGLE SEGMENT STRATEGY:IT REFERS TO SELECTING A SINGLESEGMENT AS A TARGET MARKETFROM THE WHOLE MARKET, AND ONEMARKETING MIX IS BEING DEVELOPEDFOR
    • THEM,THIS STRATEGY ENABLESMARKETERS TO ACQUIRESPECIALIZATION OR REPUTATION AS ASPECIALIST IN MARKET. E.GMERCEDEZ CAR TARGETING UPPERCLASS, SUZUKI TARGETING MIDDLECLASS, THE DISADVANTAGE OF THISSTRATEGY IS THAT THE MARKETERHAS GOT ALL THE EGGS IN A SINGLEBASKET,
    • MEANS ALL THE BUSINESS SUCCESSIS DEPENDING UPON THE SINGLESEGMENT WITH LIMITED PRODUCTSAND OTHER POTENTIAL MARKETSEGMENTS ARE NOT CONSIDERED ASTARGET MARKETS.MULTIPLE SEGMENT STRATEGYUNDER THIS STRATEGY TWO OR THAN2 SEGMENTS OF CONSUMERS ARETREATED AS
    • TARGET MARKETS, AND ASEPARATE MARKETING MIX ISBEING DEVELOPED FOR EACHSELECTED TARGET MARKET,E.GSUNSILK SHAMPOO OFFERS 5VARAITIONS IN ITS PRODUCTLINE, (FOR NORMAL, DULL, DRY,SHINNY, AND DAMAGED HAIR).
    • THIS STRATEGY RESULTS IN GREATERVOLUME OF SALES, AS MORESEGMENTS ARE BEING TARGETED,BUT ITS INEFFECTIVE IN TERMS OF“COST” AND “MARKET COVERAGE”GUIDELINES FOR SELECTING ATARGET MARKET:DEMAND, PURCHASING ABILITY ANDWILLING NESS TO BUY.
    • COMPANY SHOULD HAVEENOUGH RESOURCES TO FULFILLTHEIR DEMAND.SUFFICINCYCOMPETITION SHOULD NOT BETHAT MUCH TOUGH.STABILITY.
    • POSITIONING POSITIONING STRATEGIES: POSITIONING IN RELATION TO COMPETITORS POSITIONING IN RELATION TO A PRODUCT CLASS SPECIAL ATTRIBUTE: POSITIONING BY PRICE AND QUALITY BY: ADIL ADNAN. IQRA UNIVERSITY