STP - 8-1Try not to become a man of success but rather a...

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Unformatted text preview: 8-1Try not to become a man of success but rather a man of value. -Albert EinsteinIdentifying MarketSegments, Targets &Positioning the Brand(STP)8-3A Market Is...1)people or organizations with2)needs or wants, and with3)the ability and 4)the willingness to buy. A group of people that lacks any one of these characteristics is not a market.8-4Market SegmentationMarketMarketMarketSegmentMarketSegmentMarketSegmentationMarketSegmentationPeople or organizations with needs or wants and the ability and willingness to buy.People or organizations with needs or wants and the ability and willingness to buy.A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.The process of dividing a market into meaningful, relatively similar, identifiable segments or groups.The process of dividing a market into meaningful, relatively similar, identifiable segments or groups.8-5WHY SEGMENT MARKETS?What Market Segmentation MeansLinking Needs to Actions8-6Four levels of MicromarketingSegmentsLocal areasIndividualsNiches8-7Effective Targeting RequiresIdentify and profile distinct groups of buyers who differ in their needs and preferences.Select one or more market segments to enter.Establish and communicate the distinctive benefits of the market offering.8-8Segment MarketingTargeting a group of customerswho share a similar set ofneeds and wants.8-9Mature consumers are a rapidly growing market8-10Fords Model T Followed a Mass Market Approach8-11Niche MarketersEnterprise Rent-a-Cartargets the insurance-replacement market8-12Niche Marketers: Toms8-13Bases for SegmentationUsage RateUsage RateBenefits SoughtBenefits SoughtPsychographicsPsychographicsDemographicsDemographicsGeographyGeography8-14Bases for Segmenting Consumer MarketsGeographyDemographicsPsychographicsBenefitsUsage Rate Region Market sizeMarketdensity Climate AgeGender Income Race/ethnicity Family life cycle PersonalityMotives Lifestyle Geodemo-graphics Benefitssought FormerPotential 1sttime Light orirregular MediumHeavy8-15Claritas Prizm8-16Demographic SegmentationAge and Life CycleAge and Life CycleLife StageLife StageGenderGenderIncomeIncomeGenerationGenerationSocial ClassSocial Class8-17Toyota Scion targets Gen Y consumers8-18Ethnic SegmentationLargest ethnic markets are:Hispanic AmericansAfrican AmericansAsian AmericansComprise 1/3 of U.S. population with buying power of $1 trillion annually8-19Family Life CycleAgeMaritalStatusChildren8-20Family Life Cycle8-21Psychographic SegmentationPsychographicSegmentationPsychographicSegmentationMarket segmentation on the basis of personality, motives, lifestyles, and geodemographics.8-22Benefit SegmentationThe process of grouping customers into market segments according to the benefits they seek from the product....
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This note was uploaded on 04/02/2012 for the course BUAD 307 taught by Professor Morristowns during the Spring '07 term at USC.

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STP - 8-1Try not to become a man of success but rather a...

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