KashifRashid_42_12364_3-Lecture 6.pptx - Chapter Seven Customer-Driven Marketing Strategy Creating Value for Target Customers Customer-Driven Marketing

Chapter Seven Customer-Driven Marketing Strategy Creating Value for Target Customers

Customer-Driven Marketing Strategy: Creating Value for Target Customers  Customer-Driven Marketing Strategy  Market Segmentation  Market Targeting  Differentiation and Positioning Topic Outline

Customer Driven Marketing Strategy

Market Segmentation Market segmentation is the process that companies use to divide large, heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs

Market Segmentation  Segmenting consumer markets  Segmenting business markets  Segmenting international markets  Requirements for effective segmentation

Market Segmentation Geographic segmentatio n Demographic segmentatio n Psychographi c segmentation Behavioral segmentatio n Segmenting Consumer Markets

Market Segmentation Geographic segmentation divides the market into different geographical units such as nations, regions, states, counties, or cities Segmenting Consumer Markets

Market Segmentation Demographic segmentation divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality Segmenting Consumer Markets

Market Segmentation  Age and life-cycle stage segmentation is the process of offering different products or using different marketing approaches for different age and life-cycle groups  Gender segmentation divides the market based on sex (male or female)

Market Segmentation  Demographics (gender, age):  Cosmetics and perfumes firms could effectively use a variety of segmentation variables. For example, males and females would have different needs, as would younger and older consumers Segmenting Consumer Markets