Marketing Management Lecture WEEK 3 FALL 2010 EVC HEDONIC REG ECON OPTIONAL

Marketing Management Lecture WEEK 3 FALL 2010 EVC HEDONIC REG ECON OPTIONAL

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Unformatted text preview: ARJUN CHAKRAVARTI Spring 2010 MARKETING MANAGEMENT WEEK 3 / 4 : Tools for Understanding Consumer Behavior (Part I) Individual Consumer and Market Segmentation Analysis Modern Approach to Segmentation OLD WAY NEW WAY Based on Demographics Based on multiple factors Consumer needs only Needs and ability of all stakeholders Intuition Analytical Methods No Databases Data collection and management Few large segments Toward individual customization Source: Capon eneral Notes: Segmentation Analysis Mass Marketing Differentiated Marketing Niche Marketing Company Marketing Mix Entire Market Seg 1 Seg 2 Seg 3 Mix 1 Mix 2 Mix 3 Seg 1 Seg 2 Seg 3 Company Marketing Mix eneral Notes: Segmentation Analysis Traditional Segmentation Variables Geographic ‐ Region ‐ City/Metro ‐ Climate ‐ Density Demographic ‐ Age ‐ Family Size ‐ Family Life Cycle ‐ Gender ‐ Income ‐ Occupation ‐ Education ‐ Religion ‐ Race ‐ Generation ‐ Nationality Psychographic ‐ Region ‐ City/Metro ‐ Climate ‐ Density Demographic ‐ Age ‐ Family Size ‐ Family Life Cycle ‐ Gender ‐ Income ‐ Occupation ‐ Education ‐ Religion ‐ Race ‐ Generation ‐ Nationality Psychographic ‐ Region ‐ City/Metro ‐ Climate ‐ Density Demographic ‐ Age ‐ Family Size ‐ Family Life Cycle ‐ Gender ‐ Income ‐ Occupation ‐ Education ‐ Religion ‐ Race ‐ Generation ‐ Nationality Geographic ‐ Region ‐ City/Metro ‐ Climate ‐ Density Psychographic ‐ Region ‐ City/Metro ‐ Climate ‐ Density Demographic ‐ Age ‐ Family Size ‐ Family Life Cycle ‐ Gender ‐ Income ‐ Occupation ‐ Education ‐ Religion ‐ Race ‐ Generation ‐ Nationality Behavioral ‐ Occasions ‐ Benefits ‐ User Status ‐ Usage Rate ‐ Loyalty Status ‐ Readiness Stage ‐ Product Attitude Geographic ‐ Region ‐ City/Metro ‐ Climate ‐ Density Demographic ‐ Age ‐ Family Size ‐ Family Life Cycle ‐ Gender ‐ Income ‐ Occupation ‐ Education ‐ Religion ‐ Race ‐ Generation ‐ Nationality Psychographic ‐ Region ‐ City/Metro ‐ Climate ‐ Density Geographic ‐ Region ‐ City/Metro ‐ Climate ‐ Density Demographic ‐ Age ‐ Family Size ‐ Family Life Cycle ‐ Gender ‐ Income ‐ Occupation ‐ Education ‐ Religion ‐ Race ‐ Generation ‐ Nationality Rule of thumb: before using a segmentation variable, always be sure you can justify how it can uniquely explain why a group of people buys your product xample Segmentation Analysis Are all Best Buy stores designed the same? xample Segmentation Analysis Developed customer database- Demographic information- Location details- Behavioral details Identified many types of profitable customers “Barry”: Affluent Tech “Jill” : Busy Suburban Mom xample Segmentation Analysis Developed customer database- Demographic information- Location details- Behavioral details Identified many types of profitable customers “Buzz”: Young gadget fiend “Ray” : Price conscious Dad Example: Segmentation and Evolution of Grocery Stores...
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Marketing Management Lecture WEEK 3 FALL 2010 EVC HEDONIC REG ECON OPTIONAL

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