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Marketing Ch8 part1

Marketing Ch8 part1 - Chapter 8 Identifying Market Segments...

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Chapter 8: Identifying Market Segments and Targets Effective target marketing requires that marketers: (1) identify and profile distinct groups of buyers who differ in their needs and preferences (market segmentation), (2) select one or more market segments to enter (market targeting), (3) for each target segment, establish and communicate the distinctive benefits of the company’s market offering (market positioning). Market segmentation Mass marketing – seller engages in the mass production, mass distribution, and mass promotion of one product for all buyers. Most companies are turning to micromarketing at one of four levels: segments, niches, local areas, and individual. o Segment marketing: A market segment is a group of customers who share a similar set of needs/wants. A flexible market offering consists of two parts: a naked solution containing the product and service elements that all segment members value, and discretionary options that some segment members value.
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