Chapter 8_Segmenting and Targeting Markets

Chapter 8_Segmenting and Targeting Markets - Lamb, Hair,...

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1 Lamb, Hair, McDaniel CHAPTER 8 Segmenting and Targeting Markets 2010-2011
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2 LO 1 Describe the characteristics of markets and market segments LO 2 Explain the importance of market segmentation LO 3 Discuss criteria for successful market segmentation LO 4 Describe the bases commonly used to segment consumer markets LO 5 Describe the bases for segmenting business markets Learning Outcomes Learning Outcomes
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3 LO 6 List the steps involved in segmenting markets LO 7 Discuss alternative strategies for selecting target markets LO 8 Explain one-to-one marketing LO 9 Explain how and why firms implement positioning strategies and how product differentiation plays a role Learning Outcomes Learning Outcomes
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4 A Market Is. .. 1) people or organizations with 2) needs or wants, and with 3) the ability and 4) the willingness to buy. 5) A group of people that lacks any one of these characteristics is not a market. LO 1
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5 Market Segmentation Market Market Market Segment Market Segment Market Segmentation Market Segmentation People 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. LO 1
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6 The Concept of Market Segmentation LO 1
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7 The Importance of Market Segmentation Markets have a variety of product needs and preferences Marketers can better define customer needs Decision makers can define objectives and allocate resources more accurately LO 2
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Criteria for Segmentation Substantiality Identifiability and Measurability Accessibility Responsiveness Segment must be large enough to warrant a special marketing mix. Segments must be identifiable and their size measurable. Members of targeted segments must be reachable with marketing mix. Unless segment responds to a
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Chapter 8_Segmenting and Targeting Markets - Lamb, Hair,...

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