Segmentation

Segmentation - Segmentation, Segmentation, Targeting,...

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Unformatted text preview: Segmentation, Segmentation, Targeting, Targeting, and Positioning and Positioning Segmentation- the most basic of concepts Segmentation, Targeting, and Positioning Mass-marketing A strategy that presumes there is one undifferentiated market and that one product will appeal to all consumers in that market. Advantages Lower cost One advertising campaign is needed One marketing strategy is developed Usually only one standardized product is developed Disadvantage It only works if all consumers have the same needs, wants, desires, and the same background, education and experience Market matching strategy Today, we go from mass marketing to market matching strategy Positioning Segmentation Market Matching Strategy Market Matching Targeting Market Matching Strategy Segmentation Act of dissecting the marketplace into submarkets that require different marketing mixes Targeting Process of reviewing market segments and deciding which one(s) to pursue Positioning Establishing a differentiating image for a product or service in relation to its competition Segmentation Variables Segmentation Variables Geographic Demographic Psychographic Behavioral Geodemographic Marketers may use a single variable Marketers may use two or more variables Geographic Segmentation Division of the market based on the location of the target market People living in the same area have similar needs and wants that differ from those living in other areas Climate Population density Taste Micromarketing Demographic Segmentation Partitioning of the market based on factors such as age gender marital status income occupation education ethnicity Age Product needs and interests often vary with consumers age Age Effects Occurrences due to chronological age Cohort Effects Based on the idea that people hold onto the interests they learned to appreciate growing up Gender Gender is frequently a distinguishing variable Changes in the family and growth of the dual- income household have blurred some of the lines Marital Status Marketers have identified specific marital status groups, such as: 1. Singles 2. Divorced individuals 3. Single parents 4. Dual-income married couples They then market products specifically designed for one or more groups Income, Education & Occupation These three variables are often related and therefore often used together as a measure of ones social class . Income is commonly used because marketers feel it is a strong indicator of ability to pay for a particular product or service Income is often combined with other variables to narrow target markets: With age to identify the important affluent elderly With age and occupation to produce the yuppie segment Race and Ethnicity The size and purchasing power of minorities make them an attractive target market The size of the market is growing...
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Segmentation - Segmentation, Segmentation, Targeting,...

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