Chapter 4 - Announcements Chapter 4 Segmentation targeting...

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Announcements
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Chapter 4: Segmentation, targeting and positioning
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Learning Outcomes 1. Debate the reasons for performing market segmentation. 2. Identify and/or suggest market segmentation bases to successfully segment a consumer market. 3. Indicate the importance of the emergence of the Black Diamonds in the South African market. 4. Indicate the uniqueness and appropriateness of the Living Standard Measure developed by SAARF. 5. Discuss the criteria for successful market segmentation. 6. Explain how the process of target marketing can aid in selecting the most lucrative segment(s) to serve. 7. Describe the four factors of credibility, clarity, consistency and competitiveness marketers should consider when positioning their products. 8. Suggest possible bases for differentiating market offerings from competing offerings. 9. Suggest an appropriate positioning method to differentiate the business’ product from competitors’ products.
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DEFINITIONS DEFINITIONS MARKET: A group of individuals or businesses that have the need, financial resource (money) and are willing and capable to buy a business’ product. Consumer market Homogeneous market Heterogeneous market MASS MARKETING: mass production, distribution and marketing of one product
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DEFINITIONS DEFINITIONS MARKET SEGMENTATION: process whereby the total market is divided into distinctive smaller groups based on similar characteristics, needs or behaviour Market segment Target market Target marketing Positioning
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1.1. ADVANTAGES: 1.1. ADVANTAGES: market segmentation and target marketing market segmentation and target marketing Tailored marketing mix Determine product demand Identify competitors Increased sales and cost effectiveness Effective positioning Identify opportunities
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1.2. DISADVANTAGES: 1.2. DISADVANTAGES: market segmentation and target marketing market segmentation and target marketing Increased costs Increase in the number of products that the business offers Violation of privacy Unethical and stereotypical activities
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2. MARKET SEGMENTATION 2. MARKET SEGMENTATION BASES FOR SEGMENTATION Geographic segmentation Demographic segmentation Psychographic segmentation Behavioural segmentation
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GEOGRAPHIC GEOGRAPHIC Divides into homogeneous groups on the basis of geographic location Region City or town size Population density Climate
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DEMOGRAPHIC DEMOGRAPHIC Divides into homogenous groups on the basis of : Age Gender Family size Family life cycle Education Income Occupation Population group Religion BLACK DIAMONDS!!
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PSYCHOGRAPHIC PSYCHOGRAPHIC Goes further than demographic and divides on the basis of: Social class Lifestyle Personality characteristics LSM
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SEGMENTATION IN RSA SEGMENTATION IN RSA LSM – Living Standards Measure Developed by: South African Advertising Research Foundation (SAARF)
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