Marketing%20Final%20%283025%29

Marketing%20Final%20%283025%29 - Exam # 2 MAR 3023 Module #...

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Exam # 2 MAR 3023 Module # 5 Market segmentation is the process that companies use to divide large heterogeneous markets into small markets that can be reached more efficiently and effectively with products and services that match their unique needs - Geographic Divides the market into different geographical units such as nations, regions, states, counties, or cities - Demographic (most popular) Divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religions, race, generation, and nationality - Psychographic Divides buyers into different groups based on social class, lifestyle, or personality traits - Behavioral Divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product Occasion Divides buyers into groups according to occasions when they get the idea to buy, actually make purchase, or respond to a product Benefits sought Requires finding the major benefits people look for in the product class, the kinds of people who look for each benefit, and the major brands that deliver each benefit User status Divides buyers into ex-users, potential users, first-time users, and regular users of a product Usage rate Divides buyers into light, medium, and heavy product users Loyalty status Divides buyers into groups according to their degree of loyalty Market targeting Undifferentiated marketing targets the whole market with one offer Market positioning
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Is the way the product is defined by consumers on important attributes-the place the product occupies in consumers minds relative to competing products Perceptions Impressions Feelings Bases for Segmenting Consumer Markets (4) Demographic segmentation Divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product Divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religions, race, generation, and nationality Psychographic segmentation Divides buyers into different groups based on social class, lifestyle, or personality traits Behavioral segmentation Divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product • Requirements for Effective Market Segmentation (4) - Measurable Examples include the size, purchasing power, and profiles of the segments – degree to be measured - Accessible Refers to the facts that the market can be effectively reached and served - Substantial Refers to the fact that the markets are large and profitable enough to serve - Actionable Refers to the fact that effective program can be designed for attracting and serving segments • 3 Factors for Evaluating Market Segments - Substantiality - Accessibility - Fit • 3 Options for Selecting Market Segments - Undifferentiated marketing Targets the whole market with one offer
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Mass marketing Focuses on common needs rather than what’s different
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This note was uploaded on 09/17/2011 for the course MAN 3025 taught by Professor Doreengooden during the Spring '09 term at FIU.

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Marketing%20Final%20%283025%29 - Exam # 2 MAR 3023 Module #...

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