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Chapter 4. market segmentation
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Chapter 4. market segmentation

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  • 1. MARKET SEGMENTATION Is a process of identifying groups of buyers with different desires & requirements”.Means to divide total market for product into small segments & is done on the basis of income, age, sex, etc.Market means consumers &segmentation means to divide so it means to divide the total consumers into small groups
  • 2. NATURE / CHARACTERISTICS• Heterogeneous Market• Primary marketing Activity• Dividing the market• Bases of market segmentation• Continuous process• Consumer centric• Consumer satisfaction & fights competition• Process• Gives many benefits• Limitations
  • 3. IMPORTANCE• Identify & take advantages of market opportunities• Adjustments in marketing mix• Develop marketing programs & budget• Design the product• Media selection• Fix the timing of advertising / marketing efforts• Efficient use of Resources• Better services to consumers• Fix prices• Distribution stratergies
  • 4. BASIS OF MARKET SEGMENTATIONGEOGRAPHIC DEMOGRAPHIC SOCIOGRAPHIC Region Age CultureRural / Urban Sex Social class Locality Income, etc Reference groups PSYCHOGRAPHIC BEHAVIOURAL Life Style Usage Rate Personality User Status
  • 5. NICHE MARKETING• In market segmentation the full market is divided into small segments. Each segment is again subdivided into very small parts. Each part is called a niche market. It is a very selective market. It is very target market. It contains very small no. of consumers.• Single niche strategy• Multiple niching strategy• Geographic specialist• Product specialist• Service specialist• Channel specialist• Quality / price specialist• Customer specialist• Job – shop specialist
  • 6. CUSTOMER RELATIONSHIP MANAGMENT• Better services to customer• Customized / tailor made offers• Reduces customers defection rate• Increases long – term relationships• Increases customer equity• Competitive advantage• Improves corporate image• Easy to introduce new products• Expansion• Low advertising budget
  • 7. TECHNIQUES OF BUILDING CRM• Data Warehousing and data mining• One – to – one marketing• Loyalty programs• Priority customer programs• Know customers by name• Spend quality time with customer• Provide Best Quality products & services• Invite suggestions & complaints from customers