mktg chp6

mktg chp6 - Marketing: An Introduction Chapter 6-...

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Marketing: An Introduction Chapter 6- Segmentation, Targeting, and Positioning: Building the Right Relationships with the Right Customers Road Map: Previewing the Concepts Companies need to identify the parts of the market that it can serve best and most profitably, they need to develop strategies to build the right relationships with the right customers Market segmentation- dividing a market into distinct groups with distinct needs, characteristics, or behaviors who might require separate products or marketing mixes Target marketing- the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter Market positioning- arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers Market Segmentation Segmenting Consumer Markets Geographic Segmentation o Geographic segmentation- dividing a market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods o Companies localize their advertising, products, etc. based on needs of that area Demographic Segmentation o Demographic segmentation- dividing the market into groups based on demographic variables such as age, sex, family size, family life cycle, income, occupation, education, religion, race, and nationality o Most popular bases for segmenting customer groups o Age and Life-Cycle Stage Age and life-cycle segmentation - dividing a market into different age and life- cycle groups Marketers need to be careful to guard against stereotypes when using this kind of segmentation Age is often a poor predictor of a person’s life-cycle o Gender Gender segmentation- dividing a market into different groups based on gender o Income Income segmentation- dividing a market into different income groups Psychographic Segmentation o Psychographic segmentation- dividing a market into different groups based on social class, lifestyle, or personality characteristics Behavioral Segmentation o Behavioral segmentation- dividing a market into groups based on consumer knowledge, attitude, use, or response to a product o Occasions Occasion segmentation- dividing the market into groups according to occasions when buyers get the idea to buy, actually make their purchase, or
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use the purchased item For example: eggs are most often eaten at breakfast, turkeys most often consumed at Thanksgiving, and specialized Valentine’s Day products o Benefits Sought Benefit segmentation- dividing the market into groups according to the different benefits that consumers seek from the product o User Status Nonusers, ex-users, potential users, first-time users, regular users o Usage Rate Light, medium, and heavy product users Company’s dollars are often used to target light users, heavy users will use the
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mktg chp6 - Marketing: An Introduction Chapter 6-...

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