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Chapter_7__short_ - Market Segmentation Targeting...

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1 Market Segmentation, Targeting & Positioning (week five)
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2 Learning objectives 1. Explain market segmentation, and identify several possible bases for segmenting markets. 2. Distinguish between the requirements for effective segmentation. 3. Outline the process of evaluating market segments and suggest some methods for selecting market segments. 4. Illustrate the concept of positioning for competitive advantage by offering specific examples. 5. Discuss choosing and implementing a positioning strategy, and contrast positioning based on product, service, personnel and image differentiation.
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3 Market-product grid showing how different Market-product grid showing how different Reebok shoes reach segments of Reebok shoes reach segments of customers. . . customers. . .
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4 The Markets 1. Organisations that sell to consumer and business markets recognise that they cannot appeal to all buyers in those markets, or at least not to all buyers in the same way. 2. Buyers are too numerous, too widely scattered and too varied in their needs and buying practices. 3. Different companies vary widely in their abilities to serve different segments of the market. 4. Rather than trying to compete in an entire market, sometimes against superior competitors, each company must identify the parts of the market that it can serve best.
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5 Three Major Steps in Target Marketing 1. market segmentation dividing a market into distinct groups of buyers with different needs, characteristics or behaviour who might require separate products or marketing mixes. 2. market targeting evaluating each market segment’s attractiveness and selecting one or more of the market segments to enter. 3. market positioning setting the competitive positioning for the product and creating a detailed marketing mix.
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6 Steps in Segmentation, Targeting, and Positioning
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7 Market Segmentation Markets consist of buyers, and buyers differ in one or more ways. They may differ in their wants, resources, locations, buying attitudes and buying practices and preferences for buying channels such as ordering by mail, phone, the Internet or from a physical location.
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