solomon07_media - CHAPTER 7 Sharpening the Focus: Target...

Info iconThis preview shows pages 1–14. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: CHAPTER 7 Sharpening the Focus: Target Marketing Strategies and Customer Relationship Management M A R K E T I N G Real People, Real Choices Fourth Edition Michael R. Solomon Greg W. Marshall Elnora W. Stuart 7-2 Chapter Objectives_1 Understand the need for market segmentation in todays business environment Know the different dimensions marketers use to segment consumer and industrial markets Explain how marketers evaluate and select potential market segments 7-3 Chapter Objectives _2 Explain how marketers develop a targeting strategy Understand how a firm develops and implements a positioning strategy Know how marketers practice customer relationship management to increase long-term success and profits 7-4 Figure 7.1: Steps in the Target Marketing Process 7-5 Step 1: Segmentation Segmentation is the process of dividing a larger market into smaller pieces based on one or more meaningful, shared characteristics Segmentation variables are used to divide the market into smaller slices 7-6 Segmenting Consumer Markets Demographics Psychographics Behavior 7-7 Vans Young shredders are a profitable target segment 7-8 Demographic Dimensions Age Gender Family structure Income and social class Race and ethnicity Geography 7-9 Age Groups Children Teens Generation X Baby Boomers Elderly 7-10 Avon Mark Avon is targeting a younger consumer with its mark brand 7-11 Nip Tuck The show Nip/Tuck shows how far some baby boomers will go for a youthful appearance 7-12 The Hispanic Market Segment Brand loyalty Highly concentrated by national origin Youthful (median age is 23.6) 3.5 people in average household Receptive to relationship building Some companies appeal to Mexican Americans by developing promotions celebrating Cinco de Mayo 7-13 Products target Hispanics 7-14...
View Full Document

Page1 / 41

solomon07_media - CHAPTER 7 Sharpening the Focus: Target...

This preview shows document pages 1 - 14. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online