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ch9lecture-1 - m Lecture 7 WM Market Segmentation...

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Unformatted text preview: m»... , Lecture 7 WM Market Segmentation, Targeting, and Positioning Criteria for Effective Segmentation Segment must match the llrm’s marketing capablliflu Segment must he aumclently large enough for good profit potential Marketers must be able to effectively promote to and serve the segment Segment must present measurable purehaslng power and size Segmentation Bases Geographic Segmentation Demographic Segmentation - Gender, Age, Ethnic Group, Family Life Cycle, Household Type, Income and Expenditure Patterns Psychographic Segmentation - VALSZ Product-Related Segmentation - Benefit: Sought, Usage Rates, Brand Loyalty Market Segmentation i ! Division of the total market into smaller, relatively ‘ homogeneous groups. Criteria for Effective Segmentation SIZE: NUMBER, PURCHASE FREQUENCY, AMOUNT SPECIAL NEED: DISTINCTIVE FROM LARGER MARKET STABLE: ENDURING NEED REACHABLE: COMMUNICATION, DELIVERY, SERVICE ABILITY TO BUY: DISPOSIBLE INCOME. HOMOGENEOUS : GROUP THAT RESPONDS TO A SPECIFIC MARKETING MIX VARIABLE COST TO SERVE: PROFITABLE COMPETITIVE ADVANTAGE: SUSTAINABLE IF YES, THEN FOLLOW A SEGMENTATION STRATEGY RATHER THAN A MASS MARKETING STRATEGY |Psychographic Segmentation Dividing a population into homogeneous groups on the basis of psychological and lifestyle profiles. f L. ________________________________________ mum 1 , Lifestyle i J People’s decisions about how to live their daily 1 lives, including family, job, social, and consumer 1 activities. 1 Commercially available system for psychographic segmentation of consumers. l l Product-related Segmentation Dividing a consumer population into homogeneous groups based on characteristics of 1 their relationships to a product. i 1 A10 Statements } Statements in a psychographic survey; choices 3 reflect respondents activities, interests, and 1 opinions. VALSTM 2 Network High Resources Status Oriented Productrrelated Segmentation ,, w 1. Segmenting by the benefits that people seek when they buy a product. 2. Segmenting by usage rates for a product. 3. Segmenting according to consumers’ brand loyalty toward a product. ’ Market Segmentation Decision Process Identify Market Select Specific Stage I Segmeahllon Process Mum Segment: Company cm and mm... . um." Do en: II A: love Stage II mm. tor sun sun-int Bun-me Coll-Men! tar s'uze III M Eu" QI‘ Alllyu Competitive Farce- Dlterlnlle erhllng MIX Forecast Own Mll'hl Wlllll Each Sag-lent to Sen/- Euh Scull!!! Share 'or Elch Segment J Marketing strategy that emphasizes sewing a i specific market segment by achieving a certain position in buyers minds. Positioning Map Graphic illustration that shows differences in consumers perceptions of competing products 1‘ l Stage V Strategies for Reaching Target Markets Undifferentiated Marketing Differentiated Marketing Concentrated Marketing (Niche Marketing) Micromarketing Positioning Strategies Based on Attributes (99% pure soap) Based on Benefit (mildness) Based on Price/Quality (JohnDeer =Tiffany’s) Based on Competitors (Taurus and BMW) Based on Usage Situation (Weekends Michelob) Based on Product User ( celeb or testimonials) Based on Emotional Link (Hallmark) Based on Goal-Brand Linkages (luxury car — recognition of achievement) Marketing strategy to change the position of a 1 product in consumers minds relative to the 3 positions of competing products. ...
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ch9lecture-1 - m Lecture 7 WM Market Segmentation...

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