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Mktg431StudyGuideLecture05
Course: MKTG 431, Spring 2012School: S.F. State
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Word Count: 646
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5 Lecture Target Marketing 1 Chapter 9 Segmentation *From lecture 1 *A market is all the people who *Benefit from your product *Have the resources needed to exchange *Money to spend *Willingness to spend it *Ability to make the exchange *Paradox *Perception is in the mind of the consumer *If no two people are truly alike *How can we speak of mass markets? *The law of truly large numbers *Given enough people...
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5 Lecture Target Marketing 1 Chapter 9
Segmentation
*From lecture 1
*A market is all the people who
*Benefit from your product
*Have the resources needed to exchange
*Money to spend
*Willingness to spend it
*Ability to make the exchange
*Paradox
*Perception is in the mind of the consumer
*If no two people are truly alike
*How can we speak of mass markets?
*The law of truly large numbers
*Given enough people
*Subset similar enough with respect to your product
*This subset may be large enough for you to make money
*This is what segmentation is all about
What is a segment?
*Relatively homogeneous groups of prospective buyers who are similar to each other in terms of
their consumption behavior
*4 conditions for a segment (This is different than in the book)
*Similar to each other
*Different from everyone else
*Reachable
*Economically viable
Why Segment?
*So you can respond more effectively to the wants of groups of potential buyers
*And thus increase sales and profits
*Two fundamental strategies (Porter)
*Low cost producer
*Differentiation
*There is only room for one low cost producer
*Everyone else has to differentiate
*The point:
*Unless you are the low cost producer in your industry you will have to differentiate
your product in order to succeed
*This will make your product more expensive
*By definition
*Segmentation gives you a better chance of earning back the increased cost
Study Guide for lecture 5 Target marketing 1 9-2-11 page 1
*Once you have identified market segments you can develop specific product/market offerings
for the segment
*The four Ps
*This is an example of discovering unmet needs
Bases for segmentation
*Note- Your book covers some of these segmentation variables in Chapter 5 under sociocultural
influences on consumer behavior
Business segment
*Company characteristics
*Geographic location
*Size
*Type of company (NAICS Code)
*Product use
*Buying process
*Satisficers
*Optimizers
*Personal characteristics
*Reachable?
*Trade Publications
*Sales force
*Measurable?
*NAICS
*Industry data
Geographic segmentation
*Why geographic
*Logistics
*Regional differences
*Suntan lotion in San Francisco?
*Cultural differences
*Reachable?
*Local media
*Regional editions of national media
*Event marketing
Demographics
*The common most way to segment markets
*Age
*Gender
*Family life-cycle
*Income
*Ethnicity
*Occupation
*Very easy to measure
*Useful differences
*Age
*Age groups
*Cohorts have similar experiences
*Baby Boom
*Generation X
*Generation Y
*Biology
*Lifestage
*Family life cycle
*Ethnicity
*Both race and culture play a role in consumption patterns
*There is a fine line between ethnic marketing and stereotyping
*Win identify unmet needs
*Lose waste money and offend people
*False assumption
*Ethnic groups are homogeneous
Psychographics
*Segmenting based on the social self
*Personality
*Lifestyle
*Values
*VALS profile
*Eight unique consumer segments
*Primary motivation
*Resources
*Prizm (Neilsen Claritas)
*66 segments
*Social and lifestage groups
*Demographics
*Available at Household, ZIP+6, ZIP+4 block group and ZIP
*What is yours?
Study Guide for lecture 5 Target marketing 1 9-2-11 page
3
*Find out now
*http://www.claritas.com/MyBestSegments/Default.jsp?ID=20&SubID=&pageName=ZIP
%2BCode%2BLook-up
*Difficult to measure
*Who is and who isnt environmentally conscious?
*Reach is indirect
*Specialty Magazines
*Organizations
Buying situations
*Outlet type
*Benefits sought
*Usage
*Awareness
*Involvement
*Criteria for determining segments
*Point you can use any combination of segmentation variables to come up with a segmentation
scheme that works for you
Targeting
*What is a target market
*The segment you choose to target
*Duh!
*Evaluate market segments
*What is the opportunity associated with each segment
*Size/market potential
*Growing/shrinking
*Competitive position
*Cost of reaching the segment
*Synergies
*Strategic considerations
*Cutting edge
*Full service
*Frequently you target more than one segment
*Maximize profits given the resources available
*Targeting strategy
*Undifferentiated
*Mass marketing
*Concentrated
*Focus on one segment
*Niche marketing
*Multisegment
*One product/multiple segments
*Multiple products/multiple segments
*One-to-one marketing
Develop marketing programs
*You need to develop a specific marketing program for each segment you are targeting
*We will spend the next several weeks talking about how
*The four ps
Study Guide for lecture 5 Target marketing 1 9-2-11 page
5
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