Session Agenda • Chapter 7 – Customer Driven Marketing Strategy: Creating Value for Target Customers
Chapter Seven Customer-Driven Marketing Strategy: Creating Value for Target Customers
Customer-Driven Marketing Strategy: Creating Value for Target Customers • Define the major steps in designing a customer- driven marketing strategy • Identify and discuss the major basis for Market Segmentation • Explain how companies identify and tap attractive markets, Market Targeting • Discuss how companies Position and Differentiate their products for maximum competitive advantage Session Outline
• Market segmentation is the process that companies use to divide large, heterogeneous markets into small markets. • Markets are divided based on their distinct needs, characteristics or behavior . • This way, smaller segments can be reached more efficiently and effectively with products and services that match their unique needs Market Segmentation
1. Segmenting consumer markets 2. Segmenting business markets 3. Segmenting international markets 4. Requirements for effective segmentation Market Segmentation
Market Segmentation Geographic segmentation Demographic segmentation Psychographic segmentation Behavioral segmentation Segmenting Consumer Markets
Market Segmentation • Geographic segmentation divides the market into different geographical units such as nations, regions, states, counties, or cities • Even if a company is operating on an international scale, it may take into cater for the specific needs and wants of the individual geographic units. • Other companies are trying to cultivate the as-yet- untapped geographic territory. 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 • Age and life-cycle stage segmentation
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- Fall '17
- Kashan Abbasi
- Marketing, Effective Segmentation