P of MKT-C5-09 - Market Segmentation, Targeting &...

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Principles of MKT, S5 Dr. Lê Thành Long 1 Market Segmentation, Dr. LE THANH LONG
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Principles of MKT, S5 Dr. Lê Thành Long 2 Contents s Describe the characteristics of markets and market segments s Explain the importance of market segmentation s Discuss criteria for successful market segmentation s Describe the bases commonly used to segment consumer markets s Describe the bases for segmenting business markets s List the steps involved in segmenting markets s Discuss alternative strategies for selecting target markets s Explain how and why firms implement positioning strategies and how product differentiation plays a role
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Principles of MKT, S5 Dr. Lê Thành Long 3 A Market Is. .. (1) people or organizations with (2) needs or wants, and with (3) the ability and (4) the willingness to buy. A group of people that lacks any one of these characteristics is not a market.
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Principles of MKT, S5 Dr. Lê Thành Long 4 A Market Is. .. People or organizations with needs or wants and the ability and willingness to buy People or organizations with needs or wants and the ability and willingness to buy c c c c c c c c c c c c c c
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Principles of MKT, S5 Dr. Lê Thành Long 5 Market Segment A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. c 1 c 3 c 2 c 2 c 1 c 3 c 3 c 1 c 2 c 2 c 4 c 1 c 4 c 1
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Principles of MKT, S5 Dr. Lê Thành Long 6 Market Segmentation The process of dividing a market into meaningful, relatively similar, identifiable segments or groups. The process of dividing a market into meaningful, relatively similar, identifiable segments or groups. c 1 c 1 c 1 1 2 3 c 2 c 2 c 2 c 2 c 3 c 3 c 3 c 1 c 1 c 4 c 4 4
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Principles of MKT, S5 Dr. Lê Thành Long 7 The Importance of Market Segmentation Market segmentation Market segmentation More precise definition of customers needs and wants More precise definition of customers needs and wants More accurate marketing objectives More accurate marketing objectives Improved resource allocation Improved resource allocation Better marketing results Better marketing results
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Principles of MKT, S5 Dr. Lê Thành Long 8 The Importance of Market Segmentation Market segmentation Market segmentation More precise definition of customers needs and wants More precise definition of customers needs and wants More accurate marketing objectives More accurate marketing objectives Improved resource allocation Improved resource allocation Better marketing results Better marketing results Inappropriate segmentation strategy b lost sales and missed profit opportunities
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Principles of MKT, S5 Dr. Lê Thành Long 9 Criteria for Segmentation Substantiality Substantiality Identifiability/ Measurability Identifiability/ Measurability Accessibility Accessibility Responsiveness Responsiveness Large enough b developing and maintaining
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P of MKT-C5-09 - Market Segmentation, Targeting &...

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