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Market Segmentation and Strategic Targeting

Market Segmentation and Strategic Targeting. CHAPTER THREE. Learning Objectives. To Understand Why Market Segmentation Is Essential. To Understand the Criteria for Targeting Selected Segments Effectively. To Understand the Bases for Segmenting Consumers.

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Market Segmentation and Strategic Targeting

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  1. Market Segmentation and Strategic Targeting CHAPTER THREE

  2. Learning Objectives • To Understand Why Market Segmentation Is Essential. • To Understand the Criteria for Targeting Selected Segments Effectively. • To Understand the Bases for Segmenting Consumers. • To Understand How Segmentation and Strategic Targeting Are Carried Out. Chapter Three Slide

  3. What Kind ofConsumer Does This Ad Target? Chapter Three Slide

  4. This Ad Targets Runners Who Are Physically Active People and Also Relish the Outdoors. Chapter Three Slide

  5. Why Segmentation is Necessary • Consumer needs differs • Differentiation helps products compete • Segmentation helps identify media Chapter Three Slide

  6. Positioning The value proposition, expressed through promotion, stating the product’s or service’s capacity to deliver specific benefits. Chapter Three Slide

  7. Criteria for Effective Targeting Chapter Three Slide

  8. Which Distinct Benefit Does Each of the Two Brands Shown in This Figure Deliver? Chapter Three Slide

  9. The Dentyne Ad’s Benefit is Fresh Breath and the Nicorette Ad is Whitening and Smoking Cessation Chapter Three Slide

  10. Bases for Segmentation Chapter Three Slide

  11. Discussion Questions • Considering the largest bank in your college’s city or town: • How might consumers’ needs differ? • What types of products might meet their needs? • What advertising media makes sense for the different segments of consumers? Chapter Three Slide

  12. Consumer-Rooted Segmentation Bases Chapter Three Slide

  13. Demographic Segmentation Chapter Three Slide

  14. Discussion Questions • What types of marketers might segment according to social class? • What ethical issues might marketers have when marketing to different social classes? Chapter Three Slide

  15. Geodemographic Segmentation • Based on geography and demographics • People who live close to one another are similar • “Birds of a feather flock together” Chapter Three Slide

  16. One PRIZM Segment - Table 3.4 (excerpt) Chapter Three Slide

  17. Personality Traits • People often do not identify these traits because they are guarded or not consciously recognized • Consumer innovators • Open minded • Perceive less risk in trying new things Chapter Three Slide

  18. Lifestyles • Psychographics • Includes activities, interests, and opinions • They explain buyer’s purchase decisions and choices Chapter Three Slide

  19. Discussion Questions • How might you differ from a person with similar demographics to yourself? • How would this be important for marketers? Chapter Three Slide

  20. Two Views of Post-Retirement LifestyleTable 3.6 (excerpt) Chapter Three Slide

  21. VALS – Figure 3.4 Chapter Three Slide

  22. Socio-Cultural Values and Beliefs • Sociological = group • Anthropological = cultural • Include segments based on • Cultural values • Sub-cultural membership • Cross-cultural affiliations Chapter Three Slide

  23. Consumption-Specific Segmentation Bases Chapter Three Slide

  24. Consumption-Specific SegmentationUsage-Behavior • Usage rate • Awareness status • Level of involvement Chapter Three Slide

  25. Consumption-Specific SegmentationUsage-Behavior • Usage-situation segmentation • Segmenting on the basis of special occasions or situations • Example : When I’m away on business, I try to stay at a suites hotel. Chapter Three Slide

  26. Which Consumption-Related Segmentation Is Featured in This Ad? Chapter Three Slide

  27. This is an Example of a Situational Special Usage Segmentation. Chapter Three Slide

  28. Benefits Segmentation • Benefits sought represent consumer needs • Important for positioning • Benefits of media Chapter Three Slide 28

  29. Benefits Visiting Tourists Seek in National Park – Table 3.13 (excerpt) Chapter Three Slide

  30. Brand Loyalty and Relationships • Brand loyalty includes: • Behavior • Attitude • Frequency award programs are popular • Customer relationships can be active or passive • Retail customers seek: • Personal connections vs. functional features • Banking customers seek: • Special treatment • Confidence benefits • Social benefits Chapter Three Slide

  31. Implementing Segmentation Strategies • Micro- and behavioral targeting • Personalized advertising messages • Narrowcasting • Email • Mobile • Use of many data sources Chapter Three Slide

  32. Sample Acxiom Clusters - Table 3.16 (excerpt) Chapter Three Slide

  33. Implementing Segmentation Strategies • Concentrated Marketing • One segment • Differentiated • Several segments with individual marketing mixes • Countersegmentation Chapter Three Slide

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