Week 5 Marketing

Week 5 Marketing - Segmentation(SOME Segmentation identify...

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Segmentation (SOME) Segmentation: identify the potential customer by group. There is a market some where for some thing for someone Customer segmented by Consumers: Demographics: age, gender, family size, life cycle, race, occupation, income. geography: region, city, density climate, lifestyle, personality, Psycho-graphic: lifestyle or personality, interests, DIYer behavioral: occasions, uses, attitudes. product usage: light, heavy, commercial benefits: application, price, delivery, service Enterprises: Commercial, institutional, governmental. geographic: country, region of country demographic: type of business, sales volume, number of employees, locations, years in business, market position usage: light/heavy, loyal/non-loyal buying situation: new/repeat buyer benefits: application, price, delivery, service adopter: innovator, early adopter, pragmatists Segmentation: process of partitioning markets into groups of potential customers with similar needs and or characteristics who are likely to exhibit similar purchase behavior. (skill level and sophistication of product) business to business marketing: Marketing of goods and services to commercial enterprises, institutions, government, Distinguishing characteristics between b2b and consumers: Motivation: buy due to need, instead of want; Habits: buy after research instead of buying quickly Criteria to use in picking the target segments Size: determine whether or not it is worth going after expected growth: small but growing- or just small competitive position: less competition better cost of reaching the market: is the market accessible to a firm’s marketing action compatibility with the organization’s objectives and resources (profitability, market share, emerging market) High-growth companies succeed by Selecting a well-defined group of potentially profitable customers, allows narrow targeting of ads Developing distinctive value proposition that meets these customers’ needs better than competitors focusing marketing resources on acquiring, developing, and retaining profitable customers
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Week 5 Marketing - Segmentation(SOME Segmentation identify...

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