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Unformatted text preview: rule (80% sales are to 20% of your customers Ethical? – Vodka targeting alcoholics? Geographic Geographic If you are a regional firm then Geo targeting is also self evident Some firms have regional product mix (grocery stores and “ethnic” foods. Even national firms may target regionally. – Product may mean different things in different parts of the country – Coke or Pop or Soda and is it a breakfast drink? We Slice and Dice Segments We Typically using more then one variable or type of segmentation variable – Use multiple Demographic Variables such as age, gender, income & – Use various Demographic, Psychographic, Geographic, and Behaviorist Variables Art as much as science – So can come up with different segments using different variables and different analytical/statistical techniques Geodemographic Segmentation Geodemographic Marketing segmentation that clusters people in pim code areas and smaller neighborhood units based on lifestyle (psychographic) and demographic information – (Combines Geographic and Demographic info) Example are PRIZM and MicroVision Psychographics and Demographics Variables Demographics VALS & VALS 2 Based on values, lifestyles, and demographic Therefore, combines Psychographic and Demographic variables VALS 2 Percentage of Adults, Classified by VALS 2 Type, Who Participated in Selected Sports in 1996 FIGURE 7.6 TARGET MARKET SELECTION PROCESS SELECTION Once We Have Our Segments We Need to Target Them With a Marketing Mix Marketing Three options: – – – Undifferentiated Differentiated Concentrated Targeting Strategies • • • • The classic mass marketing, all things to all people approach Ignore segments One mm Rarely used today – Name an undifferentiated product? FIGURE 7.2 FIGURE 7.2 Differentiated Strategy (cont.) • The firm decides to target several separate segments and designs separate marketing strategies for each • GM’s “a car fo...
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