Ch. 07 Target Marketing Strategies-1

Ch. 07 Target Marketing Strategies-1 - Ch. 7 Target...

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Target Marketing Strategies [Sharpening the Focus] Ch. 7
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2 Chapter Objectives Understand the need for market segmentation in today’s business environment Know the different dimensions that marketers use to segment consumer and business-to-business markets Show how marketers evaluate and select potential market segments Explain how marketers develop a targeting strategy Understand how a firm develops and implements a positioning strategy Explain how marketers increase long-term success and profits by practicing customer relationship management
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3 Target Marketing Strategy Selecting and Entering a Market Market Fragmentation : The “reality” of the existence of many consumer groups due to the diversity of needs and wants. Target Marketing Strategy : consequently, the need to divide the total market into different segments based on customer characteristics, selecting one or more segments, and developing products to meet those segments’ needs.
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4 Steps in the Target Marketing Strategy Process Segmentation Targeting Positioning
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5 Target Marketing Strategy Process Step 1: Segmentation The process of dividing a larger market into smaller pieces based on one or more meaningful shared characteristics Segmentation variables: dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences
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6 Target Marketing Strategy Process Segmenting Consumer Markets Segmentation variables can slice up the market according to Demographic, psychological, and behavioral differences
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7 Target Marketing Strategy Process Segmenting by Demographics Age : Generational Marketing Children (4-12) Teens (12-17) or tweens (8-14) Generation Y: born between 1977 and 1994 (13-30 years old--71 Mil.) Generation X: born between 1965 and 1976 (32-41 years old--46 Mil.) Baby boomers: born between 1946 and 1964 (43- 61 years old) Older consumers (65 years old+--35 Mil.)
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8 Target Marketing Strategy Process Segmenting by Demographics Gender Many products appeal to one sex or the other Metrosexual: a man who is heterosexual, sensitive, educated, and an urban dweller in touch with his feminine side
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9 Target Marketing Strategy Process Segmenting by Demographics (cont’d) Family Structure Income Social Class Race and Ethnicity African Americans Asian Americans Hispanic Americans
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10 U.S. Census Bureau http://www.census.gov/main/www/popclock.html U.S. and World Population Clocks - POPClocks Population Clocks U.S. 304,753,346 World 6,713,937,859 18:50 GMT (EST+5) Aug 01, 2008 Greenwich Mean Time (GMT) is the equivalent of Eastern Standard Time (EST) plus 5 hours or Eastern Daylight Saving Time (EDT) plus 4 hours. Note: The U.S. POPClock is consistent with Census 2000 data and the most recent national population estimates.
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Ch. 07 Target Marketing Strategies-1 - Ch. 7 Target...

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