Ch06_NE - Segmenting and Targeting Markets Chapter 6...

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Prepared by Deborah Baker Prepared by Deborah Baker Texas Christian University Texas Christian University Canadian Adaptation by Miguel Morales Canadian Adaptation by Miguel Morales Saint Mary’s University Saint Mary’s University COPYRIGHT © 2006 by Nelson, a division of Thomson Canada Limited. All rights reserved  Segmenting and Targeting  Markets Chapter 6
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2 COPYRIGHT © 2006 by Nelson, a division of Thomson Canada Limited. All rights reserved  Learning Objectives 1. Describe the characteristics of  markets and market segments. 2.  Explain the importance of market  segmentation. 3.  Discuss criteria for successful market  segmentation.
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3 COPYRIGHT © 2006 by Nelson, a division of Thomson Canada Limited. All rights reserved  Learning Objectives (continued) 4.  Describe the bases commonly used to segment consumer markets. 5. Describe the bases for segmenting  business markets. 6.  List the steps involved in segmenting  markets.
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4 COPYRIGHT © 2006 by Nelson, a division of Thomson Canada Limited. All rights reserved  Learning Objectives (continued) 7.  Discuss alternative strategies for  selecting target markets. 8. Explain how and why firms implement  positioning strategies and how product  differentiation plays a role. 9. Discuss global market segmentation  and targeting issues.
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5 COPYRIGHT © 2006 by Nelson, a division of Thomson Canada Limited. All rights reserved  Market Segmentation Market People or organizations with needs or wants  and the ability and willingness to buy
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6 COPYRIGHT © 2006 by Nelson, a division of Thomson Canada Limited. All rights reserved  Market Segmentation Market Segment Market Segmentation A subgroup of people or organizations  sharing one or more characteristics that  cause them to have similar product needs. The process of dividing a  market into  meaningful, relatively similar, identifiable  segments or groups.
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7 COPYRIGHT © 2006 by Nelson, a division of Thomson Canada Limited. All rights reserved  The Concept of Market Segmentation Exhibit 6.1
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8 COPYRIGHT © 2006 by Nelson, a division of Thomson Canada Limited. All rights reserved  Importance of Market  Segmentation Markets have different product needs and  preferences Marketers can better identify define customer  needs and wants Decision makers can define marketing  objectives and allocate resources more  accurately
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9 COPYRIGHT © 2006 by Nelson, a division of Thomson Canada Limited. All rights reserved  Criteria for Successful  Segmentation Substantiality Identifiability Measurability Accessibility Responsiveness Segment must be large  enough to warrant a special  marketing mix.
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This note was uploaded on 08/22/2009 for the course MKTG 1301 taught by Professor Bethpett during the Fall '05 term at Niagara College.

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Ch06_NE - Segmenting and Targeting Markets Chapter 6...

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