CH08-SegmentationTargetingPositioning - Chapter 8:...

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Chapter 8: Segmentation, Targeting, and Positioning Step 1: Establish Overall Strategy or Objectives (Segmentation) the segmentation strategy must be consistent with and derived from the firms mission and objectives, as well as its current situation it's strengths, weaknesses, opportunities, and threats. Step 2: Profile Segments describe the different segments which helps firms better understand the profile of the customers in each segment, as well as the customer similarities within a segment and dissimilarities across segments. Geographic Segmentation organize on the basis of where they life, country, province, region, climate. Demographic Segmentation groups consumers according to easily measured objective characteristics such as age, gender, income, and education. Demographics can be poor predictors also, as Nike thought only young active people buy their active wear, but that is in fact not true. Psychographic Segmentation how consumers describe themselves. psychographics allow people to describe themselves using those characteristics that help them choose how they occupy their time and what underlying psychological reasons determine those choices. Determined psychographics involves knowing and understanding three components Self Values: life goals, overriding desires that drive how a person lives his or her life including, self respect, self fulfillment, or a sense of belonging. Self Concept: the image people have of themselves. Wants to see himself as a fun, and hip. So commercials show people having fun who look hip. Lifestyles: how we live our lives to achieve goals. Lululemon based on lifestyle, of healthy balanced fun filled lifestyle. Value and Lifestyle Survey there are three universal primary motives are ideals, achievements, and self expression ideals: are guided by knowledge and principles achievement: look for products/services that demonstrate success to their peers psychographic segmentation is often used in conjunction with other methods, cause it's difficult to identify the segment. Benefit Segmentation
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This note was uploaded on 10/24/2011 for the course MKTG 301 taught by Professor Pingli during the Spring '11 term at Cardiff University.

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CH08-SegmentationTargetingPositioning - Chapter 8:...

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