Market segmentation

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Market segmentation

  1. 1. How to Identify Market Segments and Targets
  2. 2. Levels of Market Segmentation  Mass marketing  Micromarketing − Segment marketing − Niche marketing − Local marketing − Individual customer marketing
  3. 3. Patterns of Market SegmentationHomogeneous preferences Diffused preferences Clustered preferences
  4. 4. Market Segmentation Procedure 1. Needs-Based Segmentation 2. Segmentation Identification 3. Segment Attractivenss 4. Segment Profitability 5. Segment Positioning 6.Segment “Acid Test” 7.Marketing-Mix Strategy
  5. 5. Effective Segmentation  Measurable  Substantial  Accessible  Differentiable  Actionable
  6. 6. Bases forSegmenting ConsumerMarkets  Geographic segmentation  Demographic segmentation − Age and life-cycle stage − Life stage − Gender − Income − Generation − Social class
  7. 7.  Psychographic segmentation − Lifestyle − Personality − Values  Behavioral segmentation − Occasions - Benefits − User status - Usage rate − Loyalty status - Buyer-Readiness stage − Attitude Bases forSegmenting ConsumerMarkets Bases forSegmenting ConsumerMarkets
  8. 8.  Demographic  Operating variables  Purchasing approaches  Situational factors  Personal characteristics Bases forSegmenting Business Markets
  9. 9. Market Targeting  Evaluating & Selecting the Market Segments − Single-Segment Concentration − Selective Specialization − Product Specialization − Market Specialization − Full Market Coverage  Undifferentiated marketing  Differentiated marketing
  10. 10.  Differentiated Marketing − Product modification costs − Manufacturing costs − Administrative costs − Inventory costs − Promotion costs
  11. 11. Additional Considerations  Ethical choice of market targets  Segment interrelationships and supersegments  Segment-by-segment invasion plans  Intersegment cooperation

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