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ib_p04_videowkshop - – Psychographic – Behavioral No...

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Click to edit Master subtitle style Marketing 101 Professor William Falls Summer B
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Click to edit Master subtitle style Market Segmentation William Falls, Consultant
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What Is Marketing? Simple Definition: Marketing is managing profitable customer relationships. Goals: 1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction.
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What Is a Market? § The set of actual and potential buyers of a product. § These people share a need or want that can be satisfied through exchange relationships.
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Marketing Management § Designing a winning marketing strategy requires answers to the following questions: 1. What customers will we serve? What is our target market? 2. How can we best serve these customers? What is our value proposition?
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Segmentation & Target Marketing § Market Segmentation: Divide the market into segments of customers § Target Marketing: Select the segment to cultivate
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Market Segmentation § Key variables: Geographic Demographic
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Unformatted text preview: – Psychographic – Behavioral § No single way to segment a market. § May combine more than one variable to better define segments. Click to edit Master subtitle style Market Segmentation Variables Geographic Demographic Psychographic Behavioral Market Segmentation § Geographic: – World region or country – Region of country – City or metro size – Density or climate Market Segmentation § Demographic: – Age, gender, family size, family life cycle, income, occupation, education, race, religion, etc. – The most popular bases for segmenting customer groups. – Easier to measure than most other types of variables. Market Segmentation § Psychographic: – Social class – Lifestyle – Personality Market Segmentation § Behavioral: – Occasion segmentation • Special promotions and labels for holidays. – (e.g., Hershey Kisses) • Special products for special occasions. – (e.g., Kodak disposable cameras)...
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