Chapter 8 - M a rketing Chapter 8 Segmentation, Ta rgeting...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Marketing Chapter 8 Segmentation, Targeting and Positioning Step 1: Establish overall strategy or Objectives First step is to articulate the vision or the objectives of the company’s marketing strategy clearly. Segmentation strategy must be consistent and derived from the firm’s mission and objectives as well as the firms SWOT Step 2: Profile Segments: Describe the different segments (needs, wants, and characteristics), which help firms better understand the profile of the customers in each segment as well as the customers similarities within a segment and dissimilarities across segments Geographic Segmentation - The grouping of consumers on the basis of where they live o Grouped by country, city, urban, rural, climate and topography. o Good for companies with products that satisfy needs that vary by region Demographic Segmentation – The grouping of consumers according to easily measured, objective characteristics such as age, gender, income, and education o Represent most common means to define segments because they are easy to identify Psychographics – Used in segmentation; delves into how consumers describe themselves; allows people to describe themselves using those characteristics that help them chose how they occupy their time (behaviour) and what underlying psychological reasons determine those choices o Self values: Goals for life, not just the goals one wants to accomplish in a day; refers to overriding desires that drive how a person lives. (Status etc.) o Self-concept: The image a person has of him or herself; a component of psychographics How the underlying goals affects the individual A person who has a goal to belong, may see themselves as a fun-loving type that people with to be around
Background image of page 1

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

View Full DocumentRight Arrow Icon
o Life styles: Refers to the way a person lives his or her life to achieve goals. Strong sense of belonging might want to live in a highly populated area Wants to keep in shape, and in style etc. o VALS: A Psychographic tool developed by SRI consulting Business Intelligence; Classifies consumers into eight segments Innovators: successful, emerging business leaders , cultivated taste for finer things Thinkers: Mature, satisfied like durability and clear value Believers: Conservative, conventionalists; choose familiar products and established brands Achievers: Goal-oriented lifestyles, deep commitment to career and family; favour prestige products that demonstrate their success, time saving products Strivers: Trendy and fun loving, money defines success, favour stylish products, spend as much money as they can Experiencer’s: Seek variety and excitement. Active socially and in sports, spend high proportion of income on fashion Makers : Practical people with constructive skills, value self- sufficiency, suspicious of new ideas, prefer value over luxury
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/26/2010 for the course BU BU352 taught by Professor Stan during the Fall '09 term at Wilfred Laurier University .

Page1 / 6

Chapter 8 - M a rketing Chapter 8 Segmentation, Ta rgeting...

This preview shows document pages 1 - 3. Sign up to view the full document.

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