7_SegmentationTargetingPositioning

7_SegmentationTargetingPositioning - 1 Market Segmentation,...

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Unformatted text preview: 1 Market Segmentation, Market Segmentation, Target Market Selection, Target Market Selection, and Product Positioning and Product Positioning Related to Chapter 9 2 Round trip air flight ticket to New York, NY American Airlines Departure date Nov. 28 (Fri.) Return date Nov. 30 (Sun) Ticket price $ 335 (Yahoo.com) American Airlines Departure date Nov. 26 (Wed.) Return date Nov. 28 (Fri.) Ticket price $1,191 (Yahoo.com) 3 Market segmentation links market needs to an organizations marketing program through marketing mix actions MARKETS EVOLVE TOWARD HETEROGENEITY OVER TIME EXAMPLE: ATHLETIC SHOES % OF MARKET LOW PREFERRED AMOUNT OF HI ANKLE SUPPORT RUNNING BASKETBALL SHOE SHOE % OF MARKET LOW HIGH PREFERRED AMOUNT OF ANKLE SUPPORT 6 Why market segmentation, targeting, and positioning? Consumer needs and wants and heterogeneous. How can we satisfy peoples different needs and wants? Should we satisfy all consumers? If no, which kinds of consumers should we focus on? How should we use marketing mix to target those consumers? 7 Steps in market segmentation, targeting, and positioning Market Segmentation 1. Identifying bases for market segmentation 2. Developing profiles of market segments Target market selection 3. Measuring segment attractiveness 4. Selecting target segment(s) Product positioning 5. Developing positioning for each target segment 6. Developing marketing mix for each target market 8 Heterogeneity of market: A motivation for market segmentation The total market (consumers) for most products is too heterogeneous to be considered a single, uniform entity Economic, social, cultural, personal, psychological difference The answer: market segmentation market segmentation 9 Definition: Market segmentation Market segmentation involves aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. is the process of dividing the total heterogeneous market into several segments, each of which tends to be homogeneous 10 The five key steps in segmenting and targeting markets that link market needs to a firms marketing program 9-10 11 Market Segmentation Bases Geographic Region, City size, Density, Climate Demographic Age, Gender, Family size, Family life cycle, Income, Occupation, Education, Religion, Ethnic group Psychographic Personality, Lifestyle Behavioral Usage rate, Benefit sought 12 Geographic Dividing market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods....
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This document was uploaded on 10/26/2011 for the course MKT 301 at DePaul.

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7_SegmentationTargetingPositioning - 1 Market Segmentation,...

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