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Segmentation
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- 2. What is MarketSegmentationWhat is Market Segmentation The process of dividing a potential market into distinct subsets of consumers and selecting one or more segments as a target market to be reached with a distinct marketing mix.
- 3. Three Phases ofMarketing Strategy Phase 1 Phase 2 Phase 3 Market Segmentation Target Market and Marketing Mix Selection Product/Brand Positioning
- 4. Customer Segmentation High Low Consumption High CurrentShare Low LoLows (starve) HiHighs (stroke) LowHighs (chase) HiLows (tickle)
- 5. Segmentation Studies Designedto discover the needs and wants of specific groups of consumers in order to develop specialized products to satisfy specific group needs Designed to guide the repositioning of a product Used to identify the most appropriate media for advertising
- 6. Bases for Segmentation •Geographic Segmentation • Demographic Segmentation • Psychological Segmentation • Psychographic Segmentation • Sociocultural Segmentation • Use-Related Segmentation • Usage-Situation Segmentation • Benefit Segmentation • Hybrid Segmentation Approaches
- 7. Market Segmentation Occupation SEGMENTATION BASESEGMENTATIONBASE SELECTED SEGMENTATION VARIABLESSELECTED SEGMENTATION VARIABLES Geographic Segmentation Climate Density of area City Size Region Andhra, Karnataka, Gujarath Major metropolitan areas, small cities, towns Urban, suburban, exurban, rural Temperate, hot, humid, rainy Demographic Segmentation Income Marital status Sex Age Under 18,19-29, 30-49, 50-64, 65-74, 75-99, 100+ Male, female Single, married, divorced, living together, widowed Under INR 25,000, INR 25,000-INR 34,999, ................................................................... Education Some high school, Graduate, postgraduate Professional, blue-collar, white-collar, agricultural, military
- 8. SEGMENTATION BASESEGMENTATION BASESELECTED SEGMENTATION VARIABLESSELECTED SEGMENTATION VARIABLES Psychological Segmentation Learning-involvement Perception Personality Needs-motivation Shelter, safety, security, affection, sense of self-worth Extroverts, novelty seeker, aggressives, low dogmatics Low-risk, moderate-risk, high-risk Low-involvement, high-involvement Psychographic Subcultures (Race/ethnic) Religion Cultures (Lifestyle) Segmentation Economy-minded, couch potatoes, outdoors enthusiasts, status seekers American, Italian, Chinese, Mexican, French, Pakistani Catholic, Protestant, Jewish, Moslem, other African-American, Caucasian, Asian, Hispanic Family life cycle Social class Lower, middle, upper Bachelors, young married, full nesters, empty nesters Attitudes Positive attitude, negative attitude Sociocultural Segmentation Market Segmentation
- 9. SEGMENTATION BASESEGMENTATION BASESELECTED SEGMENTATION VARIABLESSELECTED SEGMENTATION VARIABLES Use-Related Segmentation Brand loyalty Awareness status Usage rate Heavy users, medium users, light users, non users Unaware, aware, interested, enthusiastic None, some, strong Use-Situation Segmentation Location Objective Time Leisure, work, rush, morning, night Personal, gift, snack, fun, achievement Home, work, friend’s home, in-store Person Self, family members, friends, boss, peers Benefit Segmentation Convenience, social acceptance, long lasting, economy, value-for-the-money Geodemographics “Money and Brains,” “Black Enterprise,” “Old Yankee Rows,” “Downtown Dixie-Style” Demographic/ Psychographics Combination of demographic and psychographic profiles of consumer segments profiles SRI VALSTM Actualizer, fulfilled, believer, achiever, striver, experiencer, maker, struggler Hybrid Segmentation Market Segmentation
- 10. Geographic SegmentationGeographic Segmentation Thedivision of a total potential market into smaller subgroups on the basis of geographic variables (e.g., region, state, or city).
- 11. Demographic Segmentation • Age •Sex • Marital Status • Income, Education, and Occupation
- 12. Psychological Segmentation • Motivations •Personality • Perceptions • Learning • Attitudes
- 13. Psychographic Segmentation •Sends and/orreceives 15 or more e-mail messages a week •Regularly visits Web sites to gather information and/or to comparison shop •Often buys personal items via 800 numbers and/or over the Internet •May trade stocks and/or make travel reservations over the Internet •Earns $100,000 or more a year
- 14. Sociocultural Segmentation • FamilyLife Cycle • Social Class • Culture, Subculture, and Cross-Culture
- 15. Use-Related Segmentation • Rateof Usage – Heavy vs. Light • Awareness Status – Aware vs. Unaware • Brand Loyalty – Brand Loyal vs. Brand Switchers
- 16. Usage-Situation Segmentation • Segmentingon the basis of special occasions or situations • Example Statements: – Whenever our daughter, Jamie, gets a raise, we always take her out to dinner. – When I’m away on business, I try to stay at a suites hotel. – I always buy my wife flowers on Valentine’s Day.
- 17. Benefit Segmentation • Segmentingon the basis of the most important and meaningful benefit –Prudential - financial security –Iomega - data protection –Wheaties - good health –Eclipse - fresh breath
- 18. Hybrid Segmentation Approaches •Psychographic-Demographic Profiles • Geodemographic Segmentation • SRI Consulting’s Values and Lifestyle System (VALSTM )
- 19. Mindbase Segmentation MindBase Segmentationis an attitudinal segmentation capability that can enhance your understanding of – and engagement with – those consumer groups most important to your business.
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