The document discusses market segmentation, targeting, and positioning. It covers identifying different customer segments based on variables like demographics, behaviors, and preferences. Marketers evaluate these segments to select the most attractive ones to target. They then develop positioning strategies to create competitive advantage by developing products and messages tailored to meet the specific needs of targeted segments. The goal is to increase long-term success and profits through customer relationship management.
The document discusses the three steps of target marketing: market segmentation, target marketing, and market positioning. It provides details on how companies segment markets based on geographic, demographic, psychographic, and behavioral factors. It also explains how companies evaluate segment attractiveness, select target segments, and position their products within the target segments. The goal is to implant the brand's unique benefits in customers' minds to gain a competitive advantage.
The document discusses the three steps of target marketing: market segmentation, target marketing, and market positioning. It provides examples of how Procter & Gamble segments consumers and different product categories. The major bases for segmenting consumers are described as geographic, demographic, psychographic, and behavioral. The key aspects of target marketing are evaluating segment attractiveness and selecting target segments. Finally, it covers how companies identify competitive advantages and develop positioning strategies to communicate their value propositions to customers.
This chapter discusses consumer buying behavior and marketing. It presents a stimulus-response model of consumer behavior that is influenced by marketing stimuli as well as other external factors. Consumer behavior is also affected by personal characteristics including cultural, social, personal, and psychological factors. The chapter then outlines the consumer decision process of need recognition, information search, alternative evaluation, purchase decision, and post-purchase evaluation. Key concepts in consumer behavior such as motivation, perception, attitudes are also discussed.
The document discusses the key concepts of market segmentation, targeting, and positioning. It describes the three main steps as:
1) Market segmentation which involves dividing the market into distinct groups.
2) Target marketing which is selecting specific market segments to target. Companies evaluate segment attractiveness and select segments.
3) Market positioning which is developing a positioning strategy for targeted segments and a marketing mix to communicate the brand's position relative to competitors in customers' minds.
The document provides an overview of the Indian commodity markets. It defines commodities and discusses how they are an emerging asset class. It outlines the size and growth of the Indian commodity market, noting that trading volumes have increased at a compound annual growth rate of over 65% since the launch of exchanges in 2003. It also describes the classification of commodities and lists the major exchanges in India, with MCX and NCDEX having over 90% market share.
Ntrz Bio Refining Presentation Aug 2012Colin Garner
NutraCea is a company that uses proprietary bio-refining technologies to extract higher value products from rice bran, an underutilized byproduct of rice milling. Their mission is to unlock the nutritional and economic value of rice bran to help nourish the growing global population. Through sequential extraction similar to a petroleum refinery, they produce stabilized rice bran, rice bran oil, defatted rice bran, and derivative products. Rice bran is a nutrient-dense source of vitamins, minerals, fiber and protein that can address global nutrition needs in a sustainable way.
The document discusses the three steps of target marketing: market segmentation, target marketing, and market positioning. It provides details on how companies segment markets based on geographic, demographic, psychographic, and behavioral factors. It also explains how companies evaluate segment attractiveness, select target segments, and position their products within the target segments. The goal is to implant the brand's unique benefits in customers' minds to gain a competitive advantage.
The document discusses the three steps of target marketing: market segmentation, target marketing, and market positioning. It provides examples of how Procter & Gamble segments consumers and different product categories. The major bases for segmenting consumers are described as geographic, demographic, psychographic, and behavioral. The key aspects of target marketing are evaluating segment attractiveness and selecting target segments. Finally, it covers how companies identify competitive advantages and develop positioning strategies to communicate their value propositions to customers.
This chapter discusses consumer buying behavior and marketing. It presents a stimulus-response model of consumer behavior that is influenced by marketing stimuli as well as other external factors. Consumer behavior is also affected by personal characteristics including cultural, social, personal, and psychological factors. The chapter then outlines the consumer decision process of need recognition, information search, alternative evaluation, purchase decision, and post-purchase evaluation. Key concepts in consumer behavior such as motivation, perception, attitudes are also discussed.
The document discusses the key concepts of market segmentation, targeting, and positioning. It describes the three main steps as:
1) Market segmentation which involves dividing the market into distinct groups.
2) Target marketing which is selecting specific market segments to target. Companies evaluate segment attractiveness and select segments.
3) Market positioning which is developing a positioning strategy for targeted segments and a marketing mix to communicate the brand's position relative to competitors in customers' minds.
The document provides an overview of the Indian commodity markets. It defines commodities and discusses how they are an emerging asset class. It outlines the size and growth of the Indian commodity market, noting that trading volumes have increased at a compound annual growth rate of over 65% since the launch of exchanges in 2003. It also describes the classification of commodities and lists the major exchanges in India, with MCX and NCDEX having over 90% market share.
Ntrz Bio Refining Presentation Aug 2012Colin Garner
NutraCea is a company that uses proprietary bio-refining technologies to extract higher value products from rice bran, an underutilized byproduct of rice milling. Their mission is to unlock the nutritional and economic value of rice bran to help nourish the growing global population. Through sequential extraction similar to a petroleum refinery, they produce stabilized rice bran, rice bran oil, defatted rice bran, and derivative products. Rice bran is a nutrient-dense source of vitamins, minerals, fiber and protein that can address global nutrition needs in a sustainable way.
35 valuable online branding tips for rice industrySocial Bubble
Download "35 valuable online branding tips for rice industry" Free eBook by Social Bubble. And Bubble Up your Rice Industry. For Rice Industries Global Online Services Contact Social Bubble Today.
www.CandleStickForums.com
Market Commodities
What are the market commodities that I can trade in? Market commodities, just in agricultural products, include corn, wheat, soybeans, rice, and oats. However, there is more to the commodities market in crops than just the grains listed. Corn includes mini-corn, corn swaps, and corn calendar spread options. Wheat also includes mini-wheat, wheat swaps, and wheat calendar spread options. Soybeans are the same but you add the same mix for soybean meal and then soybean crush. The commodities trader needs to keep commodity trading charts on each commodity that he or she is dealing in. Speaking of the use of charts for commodities trading, it brings us to the oldest recorded method of charting and predicting commodity prices which is still in use today, Candlestick trading.
Active traders in market commodities may wish to follow more than just one or two commodities. The advantage of Candlestick chart analysis over following columns of figures is that Candlestick pattern formations are easier to recognize than the same information hidden in dense groupings of text. Commodity trading in rice used Candlestick basics as long as three hundred years ago. Traders developed Candlestick charting techniques that are in use today, not just in trading commodities but in the stock market, options trading, and the futures market as well.
Fundamental analysis certainly applies to all market commodities. If industrial production is down in China, futures on steel products from Australia may suffer. The fact that the Asian economies seem to be leading the way out of the recession bodes well for raw goods that are imported for Chinese industry. News of the weather precedes crop reports and is a strong predictor of yield. However, it is rare that one person trading commodities is the only person with market news relative to the analysis of fundamentals. Because the trader does not have a head start on the market he or she needs to be aware of how the market is behaving or in order to be either bullish or bearish in the market.
The document summarizes food regulatory frameworks and commodity food standards in China. It provides an overview of the evolution of food legislation in China from the 1950s to present. It then describes the government organizations responsible for food safety and standards. The rest of the document analyzes specific Chinese food standards for various commodity categories like frozen foods, carbonated beverages, and instant noodles through case studies. It compares Chinese standards to Codex Alimentarius formats and requirements.
Microeconomics - An Overview of the Rice Commodity in Pakitanmegasheeki
Rice is one of the most important crops globally and in Pakistan. It is a staple food for over half the world's population. In Pakistan, rice production has decreased significantly from 6,883 thousand tons in 2009-10 to 4,823 thousand tons in 2010-11, a decrease of 29.9%. The imposition of a 17% sales tax on agricultural inputs could further decrease rice productivity and GDP growth from agriculture in Pakistan. Rice plays an important economic and cultural role in Pakistan as a major staple food and export.
Javita is a company committed to enhancing the lives of millions of people by bringing together two great industries - coffee and direct selling with great tasting products and an incredible business opportunity.
We have created a line of 100% natural instant gourmet coffees infused with herbs and other beneficial ingredients. Every great-tasting cup will not only give you what you already expect from coffee, but also provide benefits from the natural herbs. We can enhance people's lives - one cup at a time!
Challenges to commodity markets in india.pptxAbha Mahapatra
o This project lists the numerous bottlenecks and hurdles in the way of a smoothly operating commodity markets. It covers Forward Contracts (Regulations) Act and its amendments in recent years, the role of Forward Market Commission in the market, various legal, regulatory, infrastructural challenges along with major initiatives taken in 2010-11
This document summarizes the results of a survey of rice brands found in local markets in Noida, India. It identifies the top 10 rice brands available, including market leaders India Gate and Daawat. The price ranges and any special offers for each brand are provided. The document also discusses the impact of price on different types of retailers and identifies threats to market leader India Gate from competitors Hello and Daawat expanding their product lines.
Entry strategy for branded rice in India - Keerthan GKeerthan G
The document outlines an entry strategy for a branded rice business called Ananya in India. It recommends starting in South India and targeting urban consumers who shop at large retailers. The brand will position itself as offering premium quality rice at local prices. It will differentiate based on innovative packaging but keep quality and pricing in parity with competitors. A two-channel distribution strategy using modern and traditional retailers is proposed. Marketing will emphasize below-the-line activities like trade promotions and experiential events over traditional advertising. The strategy will be implemented in phases over 3 years with budgets allocated regionally as the brand expands nationally.
Rice is a major industry and export in Pakistan. It is the 4th largest rice producer globally and rice exports earn 13% of Pakistan's foreign exchange. Punjab and Sindh are the top rice producing provinces. While production has increased in recent years, post-harvest losses remain high. The China-Pakistan Economic Corridor aims to boost trade and investment, including for the rice sector, by improving infrastructure connectivity between the countries. To further develop the rice industry, Pakistan needs strategies like increasing exports, expanding production capacity, improving quality control and attracting more foreign investment.
This document proposes launching a new branded rice brand called Lành targeting health-conscious mothers in Vietnam. It begins with an agenda that includes business analysis, customer understanding, brand positioning, and launch. It then provides background on the Vietnamese rice market and an opportunity for a branded rice focused on health. Customer segmentation and consumer journey maps are presented, identifying an insight that mothers worry about family health but rice safety is unaddressed. The brand is positioned around "authentic rice for good health" with benefits of traditional farming practices. A marketing strategy is outlined including a TV series, exhibition, and sampling to promote the message of giving children the same authentic rice their mothers had in the past. Financial projections estimate over 300 billion VND
The document discusses the Securities and Exchange Commission of Pakistan (SECP), the country's financial regulatory agency. It states that SECP was established in 1997 through an act to develop Pakistan's corporate sector and capital markets. SECP aims to foster investment and economic growth. It regulates corporate activities, the stock exchange, and now also supervises insurance companies and non-banking financial institutions. The SECP is divided into divisions focused on legal/regulatory functions, securities markets, specialized financial companies, and insurance.
The Securities and Exchange Commission of Pakistan (SECP) is the financial regulatory agency that oversees the corporate, insurance, and capital market sectors. It aims to develop an efficient corporate sector and capital market through sound regulation to foster economic growth. The SECP has various divisions that oversee different sectors, including the Company Law Division, Securities Market Division, Specialized Companies Division, and Insurance Division. Each division contains departments that focus on areas like policy, regulation, licensing, and supervision.
The document discusses India's agricultural price policy and related programs. It provides background on how the policy emerged in response to food scarcity issues. It then describes the objectives of price policy, the need for such a policy, its main features including the institutions involved like CACP and FCI. It also discusses factors considered in price setting, effects of the policy, and shortcomings like limited coverage and ineffective PDS. Suggestions are provided to improve the policy including expanding coverage and improving productivity.
The commodity futures market in India has evolved over 120 years, with the first organized exchange established in 1875. Key developments include the banning of futures trading in 1966 and reintroduction in 2003. Today, the major commodity exchanges are MCX and NCDEX, which trade over 60 commodities. Trading volumes have grown significantly in recent years compared to equity markets. The commodity markets benefit farmers, traders, and others through price discovery, risk management, and competitiveness. However, foreign and institutional participation remains limited. Overall, India's commodity markets have expanded rapidly and are expected to continue growing.
The document discusses market segmentation strategies. It defines segmentation as dividing a market into distinct subsets of customers with similar characteristics. There are four main types of segmentation: geographic, demographic, psychographic, and behavioral. The key aspects are identifying customer groups, evaluating their attractiveness, and isolating target segments to improve resource allocation and identify less satisfied groups. Positioning and differentiation are also discussed to establish a unique image in customers' minds.
This document discusses segmentation, targeting, and positioning in marketing. It defines segmentation as dividing the market into groups with distinct needs, and discusses different bases for segmentation including geographic, demographic, psychographic, and behavioral factors. It also outlines levels of segmentation from mass to niche marketing. Targeting involves selecting attractive market segments to focus on, while positioning is about creating the right perception of a product in the minds of consumers relative to competitors. Effective segmentation requires segments to be measurable, accessible, substantial, and differentially responsive to marketing strategies.
There are four basic types of opportunities for organizations: market penetration, market development, product development, and diversification. Marketing strategy involves market segmentation, targeting, positioning, and developing the right marketing mix. Segmentation involves dividing the market into distinct groups based on characteristics and behaviors. Targeting selects which segments to focus on. Positioning determines how the product is viewed relative to competitors. The marketing mix consists of the product, price, place, and promotion tools used to appeal to the target market.
The document discusses how to understand consumer audiences by outlining factors that influence consumer behavior such as psychological, social, and cultural influences. It also explains how segmenting consumers into groups with similar characteristics and targeting specific segments is important for effective marketing. The stages of the consumer decision making process and different paths to brand decisions are presented to provide insight into consumer motivations.
Market segmentation involves dividing a broad target market into subsets of consumers who have common needs, desires, and applications for goods and services. The key types of market segmentation are demographic, geographic, psychographic, benefits-sought, situation, and behavior/usage segmentation. Market segmentation allows companies to better understand consumers and tailor their products, increasing sales effectiveness and cost efficiencies. However, narrow segmentation can increase marketing costs and reduce brand loyalty.
Market segmentation involves dividing the total market into distinct subgroups that have similar needs and will respond similarly to marketing programs. Effective segmentation requires the market to be heterogeneous, identifiable subgroups, the ability to profitably target segments, and the means to reach segments. Segmentation allows tailoring products and marketing to specific subgroups' needs and helps uncover wants. Common bases for segmentation include geographic, demographic, psychographic, and behavioral variables.
Market segmentation involves dividing the total market into distinct subgroups with similar characteristics and needs. It includes geographic, demographic, psychographic, and behavioral variables. Targeting matches a company's products and services to the inherent needs and wants of a target segment. Positioning creates a distinct differentiation between a brand and its competitors in how it is perceived by customers.
The document discusses various topics related to consumer behaviour including:
1) Consumer behaviour involves studying how and why people make buying decisions. It looks at individual and group decision making processes.
2) Segmenting the market involves dividing consumers into groups based on characteristics like demographics, behaviours, and geographic location. This allows companies to target specific groups.
3) Factors that influence consumer behaviour include psychological, social, cultural, personal and economic factors. Understanding these factors is important for developing marketing strategies.
35 valuable online branding tips for rice industrySocial Bubble
Download "35 valuable online branding tips for rice industry" Free eBook by Social Bubble. And Bubble Up your Rice Industry. For Rice Industries Global Online Services Contact Social Bubble Today.
www.CandleStickForums.com
Market Commodities
What are the market commodities that I can trade in? Market commodities, just in agricultural products, include corn, wheat, soybeans, rice, and oats. However, there is more to the commodities market in crops than just the grains listed. Corn includes mini-corn, corn swaps, and corn calendar spread options. Wheat also includes mini-wheat, wheat swaps, and wheat calendar spread options. Soybeans are the same but you add the same mix for soybean meal and then soybean crush. The commodities trader needs to keep commodity trading charts on each commodity that he or she is dealing in. Speaking of the use of charts for commodities trading, it brings us to the oldest recorded method of charting and predicting commodity prices which is still in use today, Candlestick trading.
Active traders in market commodities may wish to follow more than just one or two commodities. The advantage of Candlestick chart analysis over following columns of figures is that Candlestick pattern formations are easier to recognize than the same information hidden in dense groupings of text. Commodity trading in rice used Candlestick basics as long as three hundred years ago. Traders developed Candlestick charting techniques that are in use today, not just in trading commodities but in the stock market, options trading, and the futures market as well.
Fundamental analysis certainly applies to all market commodities. If industrial production is down in China, futures on steel products from Australia may suffer. The fact that the Asian economies seem to be leading the way out of the recession bodes well for raw goods that are imported for Chinese industry. News of the weather precedes crop reports and is a strong predictor of yield. However, it is rare that one person trading commodities is the only person with market news relative to the analysis of fundamentals. Because the trader does not have a head start on the market he or she needs to be aware of how the market is behaving or in order to be either bullish or bearish in the market.
The document summarizes food regulatory frameworks and commodity food standards in China. It provides an overview of the evolution of food legislation in China from the 1950s to present. It then describes the government organizations responsible for food safety and standards. The rest of the document analyzes specific Chinese food standards for various commodity categories like frozen foods, carbonated beverages, and instant noodles through case studies. It compares Chinese standards to Codex Alimentarius formats and requirements.
Microeconomics - An Overview of the Rice Commodity in Pakitanmegasheeki
Rice is one of the most important crops globally and in Pakistan. It is a staple food for over half the world's population. In Pakistan, rice production has decreased significantly from 6,883 thousand tons in 2009-10 to 4,823 thousand tons in 2010-11, a decrease of 29.9%. The imposition of a 17% sales tax on agricultural inputs could further decrease rice productivity and GDP growth from agriculture in Pakistan. Rice plays an important economic and cultural role in Pakistan as a major staple food and export.
Javita is a company committed to enhancing the lives of millions of people by bringing together two great industries - coffee and direct selling with great tasting products and an incredible business opportunity.
We have created a line of 100% natural instant gourmet coffees infused with herbs and other beneficial ingredients. Every great-tasting cup will not only give you what you already expect from coffee, but also provide benefits from the natural herbs. We can enhance people's lives - one cup at a time!
Challenges to commodity markets in india.pptxAbha Mahapatra
o This project lists the numerous bottlenecks and hurdles in the way of a smoothly operating commodity markets. It covers Forward Contracts (Regulations) Act and its amendments in recent years, the role of Forward Market Commission in the market, various legal, regulatory, infrastructural challenges along with major initiatives taken in 2010-11
This document summarizes the results of a survey of rice brands found in local markets in Noida, India. It identifies the top 10 rice brands available, including market leaders India Gate and Daawat. The price ranges and any special offers for each brand are provided. The document also discusses the impact of price on different types of retailers and identifies threats to market leader India Gate from competitors Hello and Daawat expanding their product lines.
Entry strategy for branded rice in India - Keerthan GKeerthan G
The document outlines an entry strategy for a branded rice business called Ananya in India. It recommends starting in South India and targeting urban consumers who shop at large retailers. The brand will position itself as offering premium quality rice at local prices. It will differentiate based on innovative packaging but keep quality and pricing in parity with competitors. A two-channel distribution strategy using modern and traditional retailers is proposed. Marketing will emphasize below-the-line activities like trade promotions and experiential events over traditional advertising. The strategy will be implemented in phases over 3 years with budgets allocated regionally as the brand expands nationally.
Rice is a major industry and export in Pakistan. It is the 4th largest rice producer globally and rice exports earn 13% of Pakistan's foreign exchange. Punjab and Sindh are the top rice producing provinces. While production has increased in recent years, post-harvest losses remain high. The China-Pakistan Economic Corridor aims to boost trade and investment, including for the rice sector, by improving infrastructure connectivity between the countries. To further develop the rice industry, Pakistan needs strategies like increasing exports, expanding production capacity, improving quality control and attracting more foreign investment.
This document proposes launching a new branded rice brand called Lành targeting health-conscious mothers in Vietnam. It begins with an agenda that includes business analysis, customer understanding, brand positioning, and launch. It then provides background on the Vietnamese rice market and an opportunity for a branded rice focused on health. Customer segmentation and consumer journey maps are presented, identifying an insight that mothers worry about family health but rice safety is unaddressed. The brand is positioned around "authentic rice for good health" with benefits of traditional farming practices. A marketing strategy is outlined including a TV series, exhibition, and sampling to promote the message of giving children the same authentic rice their mothers had in the past. Financial projections estimate over 300 billion VND
The document discusses the Securities and Exchange Commission of Pakistan (SECP), the country's financial regulatory agency. It states that SECP was established in 1997 through an act to develop Pakistan's corporate sector and capital markets. SECP aims to foster investment and economic growth. It regulates corporate activities, the stock exchange, and now also supervises insurance companies and non-banking financial institutions. The SECP is divided into divisions focused on legal/regulatory functions, securities markets, specialized financial companies, and insurance.
The Securities and Exchange Commission of Pakistan (SECP) is the financial regulatory agency that oversees the corporate, insurance, and capital market sectors. It aims to develop an efficient corporate sector and capital market through sound regulation to foster economic growth. The SECP has various divisions that oversee different sectors, including the Company Law Division, Securities Market Division, Specialized Companies Division, and Insurance Division. Each division contains departments that focus on areas like policy, regulation, licensing, and supervision.
The document discusses India's agricultural price policy and related programs. It provides background on how the policy emerged in response to food scarcity issues. It then describes the objectives of price policy, the need for such a policy, its main features including the institutions involved like CACP and FCI. It also discusses factors considered in price setting, effects of the policy, and shortcomings like limited coverage and ineffective PDS. Suggestions are provided to improve the policy including expanding coverage and improving productivity.
The commodity futures market in India has evolved over 120 years, with the first organized exchange established in 1875. Key developments include the banning of futures trading in 1966 and reintroduction in 2003. Today, the major commodity exchanges are MCX and NCDEX, which trade over 60 commodities. Trading volumes have grown significantly in recent years compared to equity markets. The commodity markets benefit farmers, traders, and others through price discovery, risk management, and competitiveness. However, foreign and institutional participation remains limited. Overall, India's commodity markets have expanded rapidly and are expected to continue growing.
The document discusses market segmentation strategies. It defines segmentation as dividing a market into distinct subsets of customers with similar characteristics. There are four main types of segmentation: geographic, demographic, psychographic, and behavioral. The key aspects are identifying customer groups, evaluating their attractiveness, and isolating target segments to improve resource allocation and identify less satisfied groups. Positioning and differentiation are also discussed to establish a unique image in customers' minds.
This document discusses segmentation, targeting, and positioning in marketing. It defines segmentation as dividing the market into groups with distinct needs, and discusses different bases for segmentation including geographic, demographic, psychographic, and behavioral factors. It also outlines levels of segmentation from mass to niche marketing. Targeting involves selecting attractive market segments to focus on, while positioning is about creating the right perception of a product in the minds of consumers relative to competitors. Effective segmentation requires segments to be measurable, accessible, substantial, and differentially responsive to marketing strategies.
There are four basic types of opportunities for organizations: market penetration, market development, product development, and diversification. Marketing strategy involves market segmentation, targeting, positioning, and developing the right marketing mix. Segmentation involves dividing the market into distinct groups based on characteristics and behaviors. Targeting selects which segments to focus on. Positioning determines how the product is viewed relative to competitors. The marketing mix consists of the product, price, place, and promotion tools used to appeal to the target market.
The document discusses how to understand consumer audiences by outlining factors that influence consumer behavior such as psychological, social, and cultural influences. It also explains how segmenting consumers into groups with similar characteristics and targeting specific segments is important for effective marketing. The stages of the consumer decision making process and different paths to brand decisions are presented to provide insight into consumer motivations.
Market segmentation involves dividing a broad target market into subsets of consumers who have common needs, desires, and applications for goods and services. The key types of market segmentation are demographic, geographic, psychographic, benefits-sought, situation, and behavior/usage segmentation. Market segmentation allows companies to better understand consumers and tailor their products, increasing sales effectiveness and cost efficiencies. However, narrow segmentation can increase marketing costs and reduce brand loyalty.
Market segmentation involves dividing the total market into distinct subgroups that have similar needs and will respond similarly to marketing programs. Effective segmentation requires the market to be heterogeneous, identifiable subgroups, the ability to profitably target segments, and the means to reach segments. Segmentation allows tailoring products and marketing to specific subgroups' needs and helps uncover wants. Common bases for segmentation include geographic, demographic, psychographic, and behavioral variables.
Market segmentation involves dividing the total market into distinct subgroups with similar characteristics and needs. It includes geographic, demographic, psychographic, and behavioral variables. Targeting matches a company's products and services to the inherent needs and wants of a target segment. Positioning creates a distinct differentiation between a brand and its competitors in how it is perceived by customers.
The document discusses various topics related to consumer behaviour including:
1) Consumer behaviour involves studying how and why people make buying decisions. It looks at individual and group decision making processes.
2) Segmenting the market involves dividing consumers into groups based on characteristics like demographics, behaviours, and geographic location. This allows companies to target specific groups.
3) Factors that influence consumer behaviour include psychological, social, cultural, personal and economic factors. Understanding these factors is important for developing marketing strategies.
The document discusses key concepts in target marketing including market segmentation, market segments, market targeting, and product positioning. It provides examples of how companies like Procter & Gamble segment markets by identifying different niches within segments and offering varied product formulations. It also outlines the steps in target marketing such as segmenting the market, selecting target segments, and designing a marketing mix for each target. Different targeting strategies like undifferentiated, concentrated, and multisegment strategies are described along with their advantages and disadvantages. Overall, the document provides an overview of segmenting, targeting, and positioning in target marketing.
This document discusses steps in segmenting, targeting, and positioning markets. It defines market segmentation as dividing a market into smaller groups based on characteristics. Target marketing involves evaluating segments and selecting ones to enter. Positioning sets the competitive positioning for a product by creating a marketing mix. The document then discusses various bases for segmenting consumers, including geographic, demographic, psychographic, and behavioral factors. It also outlines steps for evaluating and selecting target market segments and different target marketing strategies. Finally, it covers product positioning and choosing a positioning strategy.
Market segmentation involves dividing a heterogeneous market into homogeneous sub-units. It segments consumers, not products or prices. Markets can be segmented based on geographic, demographic, psychographic, behavioral, and other factors. Segmentation allows companies to target specific groups of consumers and develop more effective marketing strategies tailored to each segment's unique characteristics and needs. Titan watches, for example, segments its market based on age, income level, and preferences for design or gold. Effective segmentation ensures segments are measurable, accessible, substantial, differentiated, and actionable.
This document outlines the key concepts in target marketing including segmentation, targeting, positioning, and customer relationship management. It discusses how markets can be segmented based on variables like preferences, behaviors, demographics and evaluating segments to choose a target. Positioning is explained as how a product or service is perceived relative to competitors. The document provides examples of segmentation and positioning candy and discusses targeting strategies and developing a marketing mix tailored to the chosen target segment.
Market segmentation involves dividing a heterogeneous market into homogeneous sub-units. It divides the overall market for a product into segments based on variables like geography, demographics, psychographics, and behavior. Effective segmentation allows companies to target specific segments, develop appropriate marketing strategies for each segment, and improve marketing efficiency. The key advantages of segmentation include helping target the right customers, tapping selected markets effectively, identifying less satisfied customer segments, and making marketing more efficient.
1) Markets are heterogeneous and can be segmented into homogeneous sub-units divided by factors like demographics, psychographics, and behaviors to better target consumers.
2) Segmenting the market allows companies to choose the right target market, effectively tap into that market, and make marketing efforts more efficient. It also helps identify less satisfied segments to focus on.
3) Common bases for segmentation include demographics like age, gender, and income. Socio-cultural factors include culture and social class. Psychographics examine lifestyle. Behavioral segmentation analyzes usage patterns and benefits sought.
This document discusses key concepts in market segmentation, targeting, and positioning. [1] It outlines different types of market segmentation including by demographics, psychographics, geography, and behavior. [2] The benefits of segmentation are that it allows companies to better understand customer groups, communicate more effectively to specific segments, and find that some segments are more profitable than others. [3] Targeting and positioning strategies are also discussed to help ensure marketing communications are tailored to specific audience segments.
Market segmentation involves dividing a heterogeneous market into homogeneous sub-units. It divides the overall market for a product into segments based on characteristics like geography, demographics, psychographics, and behavior. Effective segmentation allows companies to target specific groups, make marketing more efficient, and better meet customer needs. Some common bases for segmentation include geographic, demographic, cultural, behavioral, and psychographic factors. Market targeting then involves selecting which segments a business will focus its marketing efforts on. Common targeting strategies include single segment concentration, selective specialization, product specialization, and full market coverage.
This document discusses consumer behavior and market segmentation based on social class. It notes that the needs and lifestyles of upper and lower classes are quite different, with the upper class using higher quality products to satisfy more than basic needs. Segmenting the market according to social class is useful for identifying the specific needs of each class and allowing consumers to easily find appropriate products. Some concerns with this approach include needing to carefully select the target market. Social class segmentation may be most suitable for product categories where class directly determines needs.
The document discusses segmentation strategy as a pillar of marketing. It describes identifying market segments and targets by segmenting consumer markets based on various criteria like geography, demography, psychography, and behavior. Effective segmentation criteria should be measurable, substantial, accessible, differentiable, and actionable. The document provides examples of how Hindustan Unilever Ltd segmented consumer markets in India in 2004 by offering different brands that catered to different consumer segments and their needs.
The document discusses various marketing concepts like market segmentation, targeting, positioning, and niche marketing.
It defines market segmentation as dividing the total heterogeneous market into homogeneous subgroups based on variables like gender, age, income, lifestyle etc. It explains the five conditions for effective segmentation.
It then discusses various bases of segmentation like demographic, behavioral, geographic etc. and provides examples of companies using different segmentation strategies.
It also summarizes the steps involved in target marketing like evaluating and selecting target segments. Positioning is defined as how a brand is placed in consumers' minds relative to competitors. Common positioning errors are outlined.
Niche marketing is defined as targeting narrowly defined customer subgroups seeking unique benefits in a segment. Examples
The document discusses various concepts related to market segmentation, targeting, positioning, and differentiation. It begins by defining market segmentation as the process of dividing the heterogeneous market into homogeneous subgroups. It then discusses the benefits and implementation of market segmentation. The document also covers topics like mass marketing vs micro marketing, levels of segmentation, bases for segmenting consumer and business markets, and market segmentation in various industries. It discusses the concepts of targeting, positioning, differentiation strategies and their application to products and services.
The document discusses marketing communication and promotional planning. It describes the traditional one-way communication model and the newer many-to-many model enabled by technology and social media. The traditional promotional mix including advertising, sales promotion, public relations, and personal selling is also covered. Finally, the document outlines the five steps of developing a promotional plan: establishing objectives and strategies, selecting target markets, determining budgets, designing the promotional mix, and evaluating effectiveness.
The document discusses key concepts in retailing including defining retailing and different types of retailers. It covers the retail life cycle and factors that influence the future of retailing like technology, demographics, and globalization. The document also examines the importance of store image and elements retailers use to create a desirable image like store design, atmospherics, layout, visual merchandising, and pricing.
The document discusses supply chain management and distribution channels. It defines supply chain management as managing flows among firms to maximize profits, and defines distribution channels as the series of firms that facilitate moving products from producers to customers. It also discusses channel functions like transportation and storage, and different types of channels like consumer and business-to-business channels. The document concludes by discussing logistics and inventory control.
The document discusses the rise of social media marketing and provides statistics on current and projected spending. It defines social media marketing and lists common goals. Examples are given of successful social media campaigns by Mountain Dew and Old Spice. Key aspects of social media marketing identified are engaging and communicating with audiences, allowing consumer feedback, and leveraging user-generated content for promotional efforts.
This document discusses marketing services and intangible offerings. It describes the key characteristics of services, including intangibility, perishability, variability and inseparability. It also discusses classifying services on a continuum from core to augmented. Measuring service quality using tools like SERVQUAL and managing the service environment or "servicescape" are also covered. The importance of effective service recovery when problems arise is also highlighted.
This document discusses product and branding strategies. It covers the product life cycle (PLC) model which explains how market response and marketing activities change over a product's lifetime. The PLC includes introduction, growth, maturity, and decline stages. Branding is also discussed as creating relationships with customers through symbols, names, and unique identifiers for products. Strong brands have high brand equity which provides a pricing premium over generic competitors. Packaging is also mentioned as an important part of branding that protects products and communicates with customers.
Chapter 13 - Advertising, PR and Consumer Sales PromotionsNicholsb1
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2) Non-monetary costs like time, convenience and psychological factors influence customer perceptions of value and must be considered in pricing.
3) Developing pricing strategies requires understanding demand, costs, competitors and evaluating the business environment. Common strategies include cost-based, demand-based, yield management and competition-based approaches.
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This idea may undermine the ritual and community experience that is core to Starbucks' mission and brand identity. Portable Starbucks does not seem compatible. Let's generate other ideas that enhance rather than detract from their core value proposition.
The document provides an overview of consumer behavior and the factors that influence purchasing decisions. It defines consumer behavior and outlines the 5 stages of the purchase decision process. It then describes various internal factors, such as motivation, learning, perceptions, attitudes, and personal characteristics like demographics and psychographics. Finally, it discusses situational influences on consumer behavior, including physical environment, social groups, culture, rituals and values, and opinion leaders. The document is presenting information on consumer purchasing behaviors and the factors that marketers consider when developing advertising and marketing strategies.
Here are drawings of reliability and validity:
Reliability: Validity:
___________ ___________
The length and consistency of the line represents reliability - doing the same measurement repeatedly and getting consistent results.
The circle represents validity - measuring what you intended to measure. Ensuring your measurement is actually measuring the construct you want to measure.
The chapter discusses how globalization and new technologies have integrated ideas, information, products, services and cultures worldwide. It explains that the internet, advanced technologies, multiculturalism and multinational brands have contributed to a "flat world". The chapter then outlines the global market decision process firms go through, including analyzing whether to enter foreign markets and which markets to target. It also discusses factors like world trade flows, economic communities, and how the external business environment influences marketing strategies.
The document discusses business and marketing planning, noting that business planning is an ongoing process to prepare for the future and reach goals in the short and long term, while a marketing plan details marketing strategies, objectives, and responsibilities. It also discusses the importance of strategic planning in identifying opportunities and matching competencies to market needs, as well as the role of ethics and a company's mission and vision in guiding planning. The levels of planning within an organization should be integrated to benefit the whole.
The document discusses the concepts of marketing, including how marketing aims to identify and satisfy customer needs and wants through products and services that provide benefits to customers, organizations, and society. It explains that marketing involves activities like product development, promotion, distribution, and pricing to create, communicate, deliver, and exchange value for all involved parties. The document also differentiates between needs, which fulfill basic physiological requirements, and wants, which are culturally and socially influenced desires to satisfy needs in specific ways.
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3. Chapter Objectives
1. Identify the steps in the target marketing process.
2. Understand the need for market segmentation and
the approaches available to do it.
3. Explain how marketers evaluate segments and
choose a targeting strategy.
4. Understand how marketers develop and implement a
positioning strategy.
5. Explain how marketers increase long-term success
and profits by practicing customer relationship
management.
12. Personal
preference
segments
Demographic
segments
Behavioral
Cultural Segments
segments
Lifestyle
segments
13. Personal
preference
segments
These do!!
Demographic
segments
Behavioral
Cultural Segments
segments
Lifestyle
segments
14. Personal
preference
segments
These do!!
Demographic
segments
Behavioral
Cultural Segments
segments
Lifestyle
segments
15. Personal
preference
segments
Demographic
These do!!
segments Behavioral
Cultural Segments
segments
Lifestyle
segments
16. Personal
preference
segments
Demographic
These do!!
Segmentation
Variables
segments Behavioral
Cultural Segments
segments
Lifestyle
segments
17. Personal
preference
segments
Demographic
These do!!
Segmentation
Variables 80/20 Rule
segments Behavioral
Cultural Segments
segments
Lifestyle
segments
18. Personal
preference
segments
Demographic
These do!!
Segmentation
Variables 80/20 Rule
segments Usage Behavioral
CulturalSituation Segments
segments
Lifestyle
segments
19. Target Marketing Strategy
Identify, describe
differences
Targeting
Evaluate and specify
attractive segments
Choose targeting
Positioning
strategy
Use the marketing
mix to create
competitive advantage
in consumers’ minds
20. Target Marketing Strategy
Segmentation
Identify, describe
differences
Targeting
Evaluate and specify
attractive segments
Choose targeting
Positioning
strategy
Use the marketing
mix to create
competitive advantage
in consumers’ minds
21. A segment: is a set of the market who share
meaningful similarities.
People who like People who like
chocolate and to eat candy at the
peanut butter. movies.
Kids like “fun” candy
Adults prefer “mature” Cultures with
indulgence different taste
preferences
People who are health
conscious, or diabetic
(lifestyle/psychographic)
22. Segmentation Variable: some characteristic
that divides the total market into homogenous
(similar) groups - each group having distinct needs or
preferences.
Prefer chocolate
and peanut butter. Need less messy
(or candy with candy, in a
“filling”) sealable
container.
Like to “play” with
their food & enjoy
novelty Like flavors that
are common in
their culture
Need lower calorie or
no sugar
44. Target Marketing Strategy
Segmentation
Identify, describe
differences
Evaluate and specify
attractive segments
Choose targeting
Positioning
strategy
Use the marketing
mix to create
competitive advantage
in consumers’ minds
45. Target Marketing Strategy
Segmentation
Identify, describe
differences
Targeting
Evaluate and specify
attractive segments
Choose targeting
Positioning
strategy
Use the marketing
mix to create
competitive advantage
in consumers’ minds
46. Target market strategy: developing products
(or messages) to meet the needs of specific
customer segments.
47. Target market strategy: developing products
(or messages) to meet the needs of specific
customer segments.
48. Target market strategy: developing products
(or messages) to meet the needs of specific
customer segments.
“More Milk, More
Achievement”
49. Target market strategy: developing products
(or messages) to meet the needs of specific
customer segments.
“Drink Well, Live Well.”
“More Milk, More
Achievement”
50. Target market strategy: developing products
(or messages) to meet the needs of specific
customer segments.
Dara speaks to
middle aged women who want to
be healthy.
“Drink Well, Live Well.”
“More Milk, More
Achievement”
51. Target market strategy: developing products
(or messages) to meet the needs of specific
customer segments.
Dara speaks to
middle aged women who want to
be healthy.
Who do I speak to?
“Drink Well, Live Well.”
“More Milk, More
Achievement”
52. Target market strategy: developing products
(or messages) to meet the needs of specific
customer segments.
Dara speaks to
middle aged women who want to
be healthy.
Who do I speak to?
“Drink Well, Live Well.”
“More Milk, More
Achievement”
53. Target market strategy: developing products
(or messages) to meet the needs of specific
customer segments.
Dara speaks to
middle aged women who want to
be healthy.
Who do I speak to?
“Drink Well, Live Well.”
“More Milk, More
Achievement”
54. Target marketing checklist
✓ Are the people in the segment similar to each other, but
different from other groups?
✓ Can we measure the segment: how large is it? What it is
worth in $$?
✓ Is it worth using? Can it be profitable if the strategy is
carried out?
✓ Can we reach the segment? Will they hear us, listen to
us, respond to us? Are they willing to?
✓ Can we actually meet their needs? Do we have the right
expertise?
55. Targeting Strategies
Undifferentiated Differentiated Concentrated Customized
Segmenting and
targeting is minimal. Develops one or
Appeals to a wide more products for Offering one or more Tailoring products and
variety of customers. several customer products to a single services to each
Easy to reach groups with different segment customer
promotional product needs.
economies of scale
L’Oreal sells a variety
Spearheaded by Dell
of shampoos and
conditioners based on
Wal-mart You can customize
hair type, and desired
Target Porshe, Rolex, Dickies your shoes at
style (reduce frizz,
Gasoline (work wear), Ryobi Nike.com and
volumize).
Kroger Reebok.com
Old Navy/Gap/Banana
Back to old school!
republic
60. Positioning: a marketing strategy that influences
how a specific market segment perceives a good/
service in comparison to competitors.
Sugar-free candy often tastes bad and
leaves a bad aftertaste because of sugar alcohols or
synthetic sugar substitutes
Challenge: understand evaluative criteria consumers use
(ingredient, usage, calories, etc...) and convince them that their
product meets those needs
61. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Perceptual
map
62. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Perceptual
map
63. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Perceptual
map
64. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Perceptual
map
65. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Good Taste
Perceptual
map
66. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Good Taste
No Sugar
Perceptual
map
67. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Good Taste
No Sugar
Bad Taste
Perceptual
map
68. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Good Taste
High Sugar No Sugar
Bad Taste
Perceptual
map
69. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Good Taste
High Sugar No Sugar
Bad Taste
Perceptual
map
70. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Good Taste
High Sugar No Sugar
Bad Taste
Perceptual
map
71. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Good Taste
High Sugar No Sugar
Bad Taste
Perceptual
map
72. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Good Taste
High Sugar No Sugar
Bad Taste
Perceptual
map
73. What two main evaluative criteria
do you think this segment is using to
make their purchase decision??
Good Taste
High Sugar No Sugar
Bad Taste
Perceptual
map
78. wheth er or
h ey can chose gment
T
y want the se
not the
79. wheth er or
h ey can chose gment
T
y want the se
not the
nds to that
Wh o respo
po sition
80. Steps in positioning
1. Analyze the competition - what are their
positions/competitive advantages?
2. Offer a product/service with competitive
advantage (fill an open spot on some kind of
evaluative matrix)
3. Create and finalize the marketing mix - match the
selected segment with the appropriate messages/
distribution/product/pricing
4. Evaluate - maybe reposition
81. BUT: Even good
positioning, insightful
research, and marketing
mix execution will not
guarantee success.
82. CRM & Mass
Customization
Firms are moving to one-one
marketing, allowing customers
to make their own products.
Caters to each customers
unique needs and wants.
Tailoring value propositions!!
Thriving via Internet
technologies & social media
touch-points.
Customized Targeting Strategy
83. CRM & Mass
Customization
Requires customer interaction &
cost efficiency
Firms are moving to one-one
marketing, allowing customers
to make their own products.
Caters to each customers
unique needs and wants.
Tailoring value propositions!!
Thriving via Internet
technologies & social media
touch-points.
Customized Targeting Strategy
84. Re-Cap
1. Segment your market
2. Choose a target & targeting stragety
3. Position your product/brand
NutriSystem experienced tremendous growth selling 28-day weight loss programs in 2005. The 28 day program provides dieters with all their breakfasts, lunches, dinners, and desserts. The program is designed to place people on a reduced-calorie program and is low on the Glycemic index—meaning customers could eat “good carbs” while on the program. By extending NutriSystem’s media presence beyond an e-commerce only\nstrategy into more traditional media such as direct response television, infomercials, and magazine advertising NutriSystem was able to significantly increase its customer count.\n\nThe majority of its $212,000,000 sales were to women aged 35–55. Sales to men accounted for 13 percent of revenues. When\nfaced with growth prospects for 2006, NutriSystem’s management was concerned that the company couldn’t sustain its triple digit growth rate if the company focused all its marketing activities towards its core group of female customers.\n\nNutriSystem’s research shows that some of the same drivers\nthat pushed women to go on the program resonated with men. These motivators included vanity, energy, and health concerns. Because these drivers were an intrinsic part of the product’s core promise, Tom felt there was a chance the company could grow by targeting male dieters in addition to its core female segment—although chances for success were by no means certain, given the historical resistance of men to diet programs. Also, if the\ncompany did enter this market it wasn’t clear what the best strategy would be to speak to potential male customers.\n\nTom considered three options:\n\n1.Dip a toe into the male market by using testimonials from actual men who had tried the program, and broadcast these spots on cable television stations.\n\n2.Stick with what works; don’t enter the men’s market.\n\n3.Develop a men’s program and launch it with a big splash on national television.\n\nhttp://www.nutrisystem.com/index.jsp\n
NutriSystem experienced tremendous growth selling 28-day weight loss programs in 2005. The 28 day program provides dieters with all their breakfasts, lunches, dinners, and desserts. The program is designed to place people on a reduced-calorie program and is low on the Glycemic index—meaning customers could eat “good carbs” while on the program. By extending NutriSystem’s media presence beyond an e-commerce only\nstrategy into more traditional media such as direct response television, infomercials, and magazine advertising NutriSystem was able to significantly increase its customer count.\n\nThe majority of its $212,000,000 sales were to women aged 35–55. Sales to men accounted for 13 percent of revenues. When\nfaced with growth prospects for 2006, NutriSystem’s management was concerned that the company couldn’t sustain its triple digit growth rate if the company focused all its marketing activities towards its core group of female customers.\n\nNutriSystem’s research shows that some of the same drivers\nthat pushed women to go on the program resonated with men. These motivators included vanity, energy, and health concerns. Because these drivers were an intrinsic part of the product’s core promise, Tom felt there was a chance the company could grow by targeting male dieters in addition to its core female segment—although chances for success were by no means certain, given the historical resistance of men to diet programs. Also, if the\ncompany did enter this market it wasn’t clear what the best strategy would be to speak to potential male customers.\n\nTom considered three options:\n\n1.Dip a toe into the male market by using testimonials from actual men who had tried the program, and broadcast these spots on cable television stations.\n\n2.Stick with what works; don’t enter the men’s market.\n\n3.Develop a men’s program and launch it with a big splash on national television.\n\nhttp://www.nutrisystem.com/index.jsp\n
target marketing strategy: Select and enter a market\nUnderstanding people’s needs is an even more complex task today because technological and cultural advances in modern society have created a condition of market fragmentation. This condition occurs when people’s diverse interests and backgrounds divide them into numerous different groups with distinct needs and wants. Because of this diversity, the same good or service will not appeal to everyone.\n\nMarketers must balance the efficiency of mass marketing, serving the same items to everyone, with the effectiveness of offering each individual exactly what they want. \n\n
target marketing strategy: Select and enter a market\nUnderstanding people’s needs is an even more complex task today because technological and cultural advances in modern society have created a condition of market fragmentation. This condition occurs when people’s diverse interests and backgrounds divide them into numerous different groups with distinct needs and wants. Because of this diversity, the same good or service will not appeal to everyone.\n\nMarketers must balance the efficiency of mass marketing, serving the same items to everyone, with the effectiveness of offering each individual exactly what they want. \n\n
target marketing strategy: Select and enter a market\nUnderstanding people’s needs is an even more complex task today because technological and cultural advances in modern society have created a condition of market fragmentation. This condition occurs when people’s diverse interests and backgrounds divide them into numerous different groups with distinct needs and wants. Because of this diversity, the same good or service will not appeal to everyone.\n\nMarketers must balance the efficiency of mass marketing, serving the same items to everyone, with the effectiveness of offering each individual exactly what they want. \n\n
\n
\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
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Step 1: Segmentation\nSegmentation is the process of dividing a larger market into smaller pieces based on one or more meaningful, shared characteristic. Segmentation is often necessary in both consumer and industrial markets. In each case, the marketer must decide on one or more useful segmentation variables, that is, dimensions that divide the total market into fairly homogenous groups, each with different needs and preferences.\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\n
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Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
Segment Consumer Markets\nA total market can be sliced into smaller pieces in a number of ways, including demographic, psychological, and behavioral differences. \nDemographics are measurable characteristics such as gender and age, family structure, income and social class, race and ethnicity, and geography.\n\nSegment by Demographics\nDemographics are vital to identify the best potential customers for a good or service. Consumers of different age groups have different needs and wants. A focus on such segments is called generational marketing.\n\nAge \nChildren are considered between the ages of 4 and 12. This group has a say in family-related purchases of more than $130 billion a year.\n\nTeens are between the ages of 12 and 17. This is an attractive market segment, spends an average of $3,000 per year and as a group is growing nearly twice as fast as the general population. Much of their money goes toward “feel-good” products such as cosmetics, posters, and fast food.\n\nGeneration Y includes those consumers born between the years 1977 and 1994. They also are known as the baby “boomlet.” Generation Y is made up of the 71 million children of the baby boomers. They are the first generation to grow up online and are more ethnically diverse than earlier generations. Generation Y is an attractive market for a host of consumer products because of their size (approximately 26 percent of the population) and because of their free spending nature. As a group they spend about $200 billion annually. Marketers have had to use creative methods to reach this group as they resist reading and turn off the TV regularly.\n\nGeneration X is the group of consumers born between 1965 and 1976, consisting of 46 million Americans. They are also known as slackers or busters and have a cynical attitude toward marketing. However, one study revealed that this group has mellowed with age and is responsible for 70 percent of new start-up business in the United States. Seven out of ten regularly save some portion of their income. The slacker name may be fading.\n\nBaby boomers are consumers born between 1946 and 1964. Baby boomers never age and invest a ton of money, time, and energy to maintain their youthful image. Because there are so many of them, baby boomers are clogging the upward mobility pipeline in employment. \n\nAmericans, 65 and older are 35 million in number. This is a 12 percent increase in this age segment since 1990. This group is enjoying leisure time and continued good health. More and more marketers are offering products that have strong appeal to active lifestyle seniors.\n\nGender\nStarting with diapers, segmenting by sex occurs at a very early age. Many products appeal to men or women either because of the nature of the product or because the marketer chose to appeal to one sex or the other. In some cases, manufacturers develop parallel products to appeal to each sex.\n\nMetrosexual describes a man who is heterosexual, sensitive, educated, and an urban dweller who is in touch with his feminine side.\n\nFamily Life Cycle\nBecause family needs and expenditures change over time, one way to segment consumers is to consider the stage of the family life cycle they occupy. Consumers in different life cycle segments are unlikely to need the same products, or at least they may not need these things in the same quantities. As family’s age and move into new life stages, different product categories ascend and descend in importance.\n\nIncome and Social Class\nThe distribution of wealth is of great interest to marketers because it determines which groups have the greatest buying power. Marketers, obviously, are often more interested in high-income consumers. In the past, it was popular for marketers to consider social class segments, such as upper class, lower class, and the like. However, many consumers buy not according to where they may fall in the schema but rather according to the image they wish to portray.\n\nEthnicity\nA consumer’s national origin is often a strong indicator of his preferences for specific magazines or TV shows, foods, apparel, and choice of leisure activities. Marketers need to be aware of these differences and sensitivities. Given the United States increasingly ethnically diverse culture, cultural/religious issues must be addressed. \n\nPlace of Residence\nRecognizing that people’s preferences often vary depending on where they live, many marketers tailor their offerings to appeal to different regions. \nUse Web Site Here - PRIZM (geodemographic system): www.claritas.com\nWeb site that classifies zip codes into segments\n\nSegment by Psychographics\nPsychographic data are useful to understand differences among consumers who may be statistically similar to one another but whose needs and wants vary. Web-based services such as GeoCities http://geocities.yahoo.com allow people to sort themselves into lifestyle communities based on shared interests. \n\nPsychographics segments market in terms of shared attitudes, interests, and opinions as well as lifestyles. \n\nSegment by Behavior\nBehavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product. One way to segment based on behavior is to divide the market into users and nonusers of a product. In addition, users can be segmented into heavy, moderate, and light users.\n\nMany marketers abide by a rule of thumb called the 80/20 rule: 20 percent of purchasers account for 80 percent of the product’s sales. This means that it often makes more sense to focus on the smaller number of people who are really into a product rather than on the larger number who are just casual users.\n\n\n\n
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Marketers select a target marketing strategy in which they divide the total market into different segments based on customer characteristics, select one or more segments, and develop products to meet the needs of those specific segments. \n\nStep 2: Targeting\nIn targeting, the marketers evaluate the attractiveness of each potential segment and decide which of these groups they will invest resources against to try to turn them into customers. The customer group or groups selected are the firm’s target market.\n\nDevelop Segment Profiles\nA segment profile is a profile or description of a “typical” customer in that segment. A segment profile might include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.\n\n
Marketers select a target marketing strategy in which they divide the total market into different segments based on customer characteristics, select one or more segments, and develop products to meet the needs of those specific segments. \n\nStep 2: Targeting\nIn targeting, the marketers evaluate the attractiveness of each potential segment and decide which of these groups they will invest resources against to try to turn them into customers. The customer group or groups selected are the firm’s target market.\n\nDevelop Segment Profiles\nA segment profile is a profile or description of a “typical” customer in that segment. A segment profile might include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.\n\n
Marketers select a target marketing strategy in which they divide the total market into different segments based on customer characteristics, select one or more segments, and develop products to meet the needs of those specific segments. \n\nStep 2: Targeting\nIn targeting, the marketers evaluate the attractiveness of each potential segment and decide which of these groups they will invest resources against to try to turn them into customers. The customer group or groups selected are the firm’s target market.\n\nDevelop Segment Profiles\nA segment profile is a profile or description of a “typical” customer in that segment. A segment profile might include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.\n\n
Marketers select a target marketing strategy in which they divide the total market into different segments based on customer characteristics, select one or more segments, and develop products to meet the needs of those specific segments. \n\nStep 2: Targeting\nIn targeting, the marketers evaluate the attractiveness of each potential segment and decide which of these groups they will invest resources against to try to turn them into customers. The customer group or groups selected are the firm’s target market.\n\nDevelop Segment Profiles\nA segment profile is a profile or description of a “typical” customer in that segment. A segment profile might include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.\n\n
Marketers select a target marketing strategy in which they divide the total market into different segments based on customer characteristics, select one or more segments, and develop products to meet the needs of those specific segments. \n\nStep 2: Targeting\nIn targeting, the marketers evaluate the attractiveness of each potential segment and decide which of these groups they will invest resources against to try to turn them into customers. The customer group or groups selected are the firm’s target market.\n\nDevelop Segment Profiles\nA segment profile is a profile or description of a “typical” customer in that segment. A segment profile might include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.\n\n
Marketers select a target marketing strategy in which they divide the total market into different segments based on customer characteristics, select one or more segments, and develop products to meet the needs of those specific segments. \n\nStep 2: Targeting\nIn targeting, the marketers evaluate the attractiveness of each potential segment and decide which of these groups they will invest resources against to try to turn them into customers. The customer group or groups selected are the firm’s target market.\n\nDevelop Segment Profiles\nA segment profile is a profile or description of a “typical” customer in that segment. A segment profile might include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.\n\n
Marketers select a target marketing strategy in which they divide the total market into different segments based on customer characteristics, select one or more segments, and develop products to meet the needs of those specific segments. \n\nStep 2: Targeting\nIn targeting, the marketers evaluate the attractiveness of each potential segment and decide which of these groups they will invest resources against to try to turn them into customers. The customer group or groups selected are the firm’s target market.\n\nDevelop Segment Profiles\nA segment profile is a profile or description of a “typical” customer in that segment. A segment profile might include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.\n\n
Marketers select a target marketing strategy in which they divide the total market into different segments based on customer characteristics, select one or more segments, and develop products to meet the needs of those specific segments. \n\nStep 2: Targeting\nIn targeting, the marketers evaluate the attractiveness of each potential segment and decide which of these groups they will invest resources against to try to turn them into customers. The customer group or groups selected are the firm’s target market.\n\nDevelop Segment Profiles\nA segment profile is a profile or description of a “typical” customer in that segment. A segment profile might include customer demographics, location, lifestyle information, and a description of how frequently the customer buys the product.\n\n
the criteria used for determining whether a segment may be a good candidate for targeting.\n\nJust because a marketer identifies a segment does not necessarily mean that it’s a useful one to target. A viable target segment should satisfy the following requirements:\n\n•Are members of the segment similar to each other in their product needs and wants and, at the same time, different from consumers in other segments? \n•Can marketers measure the segment?\n•Is the segment large enough to be profitable now and in the future?\n•Can marketing communications reach the segment?\n•Can the marketer adequately serve the needs of the segment?\n\n
Choose a Targeting Strategy\nA basic targeting decision is how finely tuned the target should be.\n\nUndifferentiated Marketing\nAn undifferentiated targeting strategy is one that appeals to a wide-spectrum of people. If successful, this type of operation can be very efficient, especially because production, research, and promotion costs benefit from economies of scale—it’s cheaper to develop one product or one advertising campaign than to choose several targets and create separate products or messages for each. The company must be willing to bet that people have similar needs or differences among them that are trivial.\n\nDifferentiated Marketing\nA company that chooses a differentiated targeting strategy develops one or more products for each of several customer groups with different product needs. A differentiated strategy is called for when consumers are choosing among brands that are well known in which each has a distinctive image in the marketplace and in which it’s possible to identify one or more segments that have distinct needs for different types of products.\n\nDifferentiated marketing can also involve connecting ones products with different segments by communicating differently to appeal to those segments.\n\nConcentrated Marketing\nWhen a firm focuses its efforts on offering one or more products to a single segment, it is using a concentrated targeting strategy. A concentrated strategy is often useful for smaller firms that do not have the resources or the desire to be all things to all people.\n\nCustomized Marketing\nIdeally, marketers should be able to define segments so precisely that they can offer products and services that exactly meet the unique needs of each individual or firm. A custom marketing strategy is common in industrial contexts in which a manufacturer often works with one or a few large clients and develops products and services that only these clients will use.\n\nIn most cases this level of segmentation is neither practical nor possible when mass-produced products are sold. However, advances in computer technology, coupled with the new emphasis on building solid relationships with customers, have focused managers’ attention on devising a new way to tailor specific products and the messages about them to individual customers.\n\nMass customization is the modification of a basic good or service to meet the needs of an individual.\n
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Step 3: Positioning\nPositioning means developing a marketing strategy aimed at influencing how a particular market segment perceives a good or service in comparison to the competition. Developing a positioning strategy entails gaining a clear understanding of the criteria target consumers use to evaluate competing products and then convincing them that your product will meet those needs. Positioning can be done in many ways. \n\nPositioning \nMarketers must devise a marketing mix that will effectively target the segment’s members by positioning their products to appeal to that segment. There are four steps marketers follow to develop a positioning strategy.\n \n1.Analyze competitor’s positions\n2.Offer a good or service with a competitive advantage\n3.Match elements of the marketing mix to the selected segment\n4.Evaluate the target market’s responses and modify if necessary\n\nMarketers must evaluate the target market’s responses so they can modify strategies as needed. Over time, the firm may find that it needs to change which segments it targets or even redo a product’s position to respond to marketplace changes. An example of such a makeover is called repositioning.\n\nRepositioning also occurs when brands once thought to be dead or near-dead get revived. Some brands may ride a wave of nostalgia and return to the marketplace as retro brands such as Oxydol, Breck Shampoo, and Tab.\n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
Bring a Product to Life: The Brand Personality\nA positioning strategy often tries to create a brand personality for a good or service—a distinctive image that captures its character and benefits. Part of creating a brand personality is developing an identity for the product that the target market will prefer over competing brands. How do marketers determine where their product actually stands in the minds of consumers? One solution is to ask consumers what characteristics are important and how competing alternatives would rate on these attributes. Marketers use this information to construct a perceptual map, which is a vivid way to construct a picture of where products or brands are “located” in consumers’ minds.\n\nCreating a positioning strategy is the last step in the target marketing process. \n\n
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CRM: A New Perspective on An Old Problem\nCRM is about communicating with customers and about customers being able to communicate with a company one-to-one. CRM systems are applications that, through computers, CRM computer software, databases, and often the Internet, capture information at each touch point (or interaction) between customers and companies to allow for overall better customer care. CRM helps firms communicate with and serve customers by better understanding their needs. Firms that practice CRM have found that this level of individualized attention results in a much higher rate of customer retention and satisfaction, so CRM creates a win-win situation for everyone.\n\n6.Customer Relationship Management: Toward a Segment of One\nToday many highly successful marketing firms embrace customer relationship management (CRM) programs that allow companies to talk to individual customers and adjust elements of their marketing programs in light of how each customer reacts to elements of the marketing mix.\n\nDon Peppers and Martha Rogers popularized a term called one-to-one marketing. They identified four steps in one-to-one marketing:\n\n1.Identify customers and get to know them in as much detail as possible.\n2.Differentiate these customers in terms of both their needs and their value to the company.\n3.Interact with customers and find ways to improve cost efficiency and the effectiveness of the interaction.\n4.Customize some aspect of the products or services they offer to each customer.\n\nA CRM strategy allows a company to identify its best customers, stay on top of their needs, and increase their satisfaction. CRM has become a driving philosophy in many successful firms. It is a more efficient way to serve new customers who may have been overlooked by prior marketing efforts. CRM presents a new way of looking at how to effectively compete in the marketplace. This begins with looking at customers as partners. CRM proponents suggest that the traditional relationship between customers and marketers is an adversarial one where marketers try to sell their products to customers and customers seek to avoid buying.\n\nCRM is widely used to strengthen business-to-business relationships as well as end consumers. \n\n