ADM2320X summer 2008-ch.9

ADM2320X summer 2008-ch.9 - Identifying Market Segments and...

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1 Identifying Market Segments and Targets Chapter Nine
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2 Market Segmentation People or organizations in a market are grouped according to similar needs and benefits that they seek in a purchase Such needs and benefits are related to the marketing mix and specific marketing strategies Market-product grid links market segments with specific products Actual marketing strategies (for product, price, placement and promotion) will vary according to market segment (i.e. youth, middle-aged, senior)
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3 When to segment markets PCs: small business, home office, students Airline travel (various features): first class, business, economy; charter Segments of one: mass customerization IT and online capabilities support the customization of goods and services to the meet the tastes of individual customers on a high- volume scale Dell uses build-to-order, just-in-time inventory and rapid delivery to keep costs down and provide competitive pricing
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4 5 Steps in segmenting and targeting markets Group potential buyers into segments Group products to be sold into categories Develop a market-product grid and estimate size of markets Select target markets Take marketing actions to reach target markets
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ADM2320X summer 2008-ch.9 - Identifying Market Segments and...

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