Chapter_8 - 2010-2011 SEGMENTINGANDTARGETMAR 1 Chapter8 2 A...

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SEGMENTING AND TARGET M Chapter 8 1 2010-2011
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A MARKET IS. .. 3 1) people or organizations with 1) needs or wants, and with 1) the ability and 1) the willingness to buy. A group of people that lacks any one of these characteristics is not a market.
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MARKET SEGMENTATION 4 Market Market Segment Market Segmentation People or organizations with needs or wants and the ability and willingness to buy. A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. The process of dividing a market into meaningful, relatively similar, identifiable segments or groups.
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CONCEPT OF  MARKET  SEGMENTATION 5
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THE IMPORTANCE OF MARKET SEGMENTATION 6 Markets have a variety of product needs and preferences Marketers can better define customer needs Decision makers can define objectives and allocate resources more accurately
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4 CRITERIA FOR SEGMENTATION 7 Substantiality Identifiability and Measurability Accessibility Responsiveness Segment must be large enough to warrant a special marketing mix. Segments must be identifiable and their size measurable. Members of targeted segments must be reachable with marketing mix. Unless segment responds to a marketing mix differently, no separate treatment is needed.
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5 MAIN BASES FOR SEGMENTING CONSUMER MARKETS 8 Geography Demographics Psychographics Benefits Usage Rate Climate Geodemo- graphics • Benefits sought Heavy • Region • Market size • Market density • Age • Gender • Income • Race/ethnicity • Family life cycle • Personality • Motives • Lifestyle • Former • Potential • 1 st time • Light or irregular • Medium
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GEOGRAPHIC SEGMENTATION Region of the country or world Market size Market density Climate 9
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BENEFITS OF REGIONAL SEGMENTATION
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This note was uploaded on 03/10/2011 for the course MARKETING 3701 taught by Professor ? during the Spring '11 term at University of Minnesota Duluth.

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Chapter_8 - 2010-2011 SEGMENTINGANDTARGETMAR 1 Chapter8 2 A...

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