Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Busi 141 segmentation and target market ppt

425 views

Published on

A presentation on segmentation and target market for Principles of Marketing class.

Published in: Education
  • Be the first to comment

Busi 141 segmentation and target market ppt

  1. 1. SEGMENTATION AND THE TARGET MARKET Principles of Marketing BUSI 141 | Professor Conrad Solomon, M. B., Marshall, G. W., & Stuart, E. W. (2016). Marketing: Real People, Real Choices (8th ed.). Boston: Pearson Education, Inc.
  2. 2. WHAT WE WILL DISCUSS TODAY • Select and Enter a Market • Segmenting the Market • Demographic • Geographic • Psychographic • Behavioral • Targeting • Positioning 2
  3. 3. SELECT & ENTER A MARKET PAGES 194 – 195 • Market defined • All customers and potential customers • Share a common need satisfied by a specific product • That can make the exchange • Resources • Willingness • Authority • Goals of the marketer (you!) • Create value • Build customer relationships • Satisfy needs 3
  4. 4. SELECT & ENTER A MARKET PAGES 194 – 195 • Mass Marketing • Costs less • Eliminates need for • Separate advertising campaigns • Distinctive packaging • Least effective marketing strategy • Target market strategy • Divide total market into segments based on consumer characteristics • Select one or more segments • Develop products to meet the needs of specific segments 4
  5. 5. 5 Segmentation Targeting Positioning THREE-STEP PROCESS PAGES 194 – 195
  6. 6. SEGMENTATION PAGES 195 – 207 The process of dividing a larger market into smaller pieces on one or more meaningful, shared characteristic. 6
  7. 7. 7 Geographic • Country • Region • State • City • Weather Demographic • Age • Generation • Gender • Income • Family Life Cycle • Education • Social Class • Ethnicity Psychographic • AIOs • Activities • Interests • Opinions • VALS • Values • Lifestyles Behavioral • Users • Nonusers • Usage Rate • Usage Occasions SEGMENTATION PAGES 195 – 207
  8. 8. VALS FRAMEWORK • Based on three primary consumer motivations: • Ideals • Achievements • Self-expression • Learn more about segments • VALS types • Take the VALS survey • Survey link 7-8
  9. 9. TARGETING PAGES 207 – 210 Evaluating the attractiveness of each potential segment and deciding in which of these groups you will invest resources to try to turn them into consumers. 9
  10. 10. TARGETING PAGES 207 – 210 The result is your Target Audience… the segment(s) that becomes the focus of the marketing plan and efforts. 10
  11. 11. 11 Evaluate Market Segments Develop Segment Profiles Choose Targeting Strategy THREE-STEP PROCESS PAGES 207 – 210
  12. 12. EVALUATE MARKET SEGMENTS PAGES 207 – 210 • Are customers similar to product needs AND different from customers in other segments? • Is segment measurable? Is it worth the effort? • Is segment large enough to be profitable? • Can you communicate with the segment? • Can you serve the needs of the segment? 12
  13. 13. DEVELOP SEGMENT PROFILES PAGES 207 – 210 • Do CP – Customer Profiling • Describe the customer (Demographic, psychographic) • Locate the customer (Geographic) • Define their needs and purchase behavior • Connect with current customers/conduct research • Create a “portrait” of the “typical” customer in the segment 13
  14. 14. CHOOSE A TARGETING STRATEGY PAGES 207 – 210 • Undifferentiated targeting strategy • Differentiated targeting strategy • Concentrated targeting strategy • Customized marketing strategy • Mass customization 14
  15. 15. Developing a marketing strategy to influence how a particular market segment perceives a good/service in comparison to the competition. 15 POSITIONING PAGES 210 – 214
  16. 16. 16

×