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Lamb, Hair, McDaniel

Lamb, Hair, McDaniel. CHAPTER 8. Segmenting and Targeting Markets. Market. People or organizations with needs or wants and the ability and willingness to buy. Market Segment.

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Lamb, Hair, McDaniel

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  1. Lamb, Hair, McDaniel CHAPTER 8 Segmenting and Targeting Markets

  2. Market People or organizations with needs or wants and the ability and willingness to buy. Market Segment A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. Market Segmentation The process of dividing a market into meaningful, relatively similar, identifiable segments or groups. Market Segmentation

  3. Understanding the Concept of Market Segmentation

  4. 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

  5. Substantiality Segment must be large enough to warrant a special marketing mix. Identifiabilityand Measurability Segments must be identifiable and their size measurable. Accessibility Members of targeted segments must be reachable with marketing mix. Responsiveness Unless segment responds to a marketing mix differently, no separate treatment is needed. Criteria for Segmentation

  6. Bases for Segmenting Consumer Markets Geography Demographics Psychographics Benefits Usage Rate • Personality • Former • Age • Region • Benefitssought • Motives • Potential • Market size • Gender • Lifestyle • Income • 1st time • Marketdensity • Race/ethnicity •Geodemo-graphics • Light orirregular • Climate • Family life cycle • Medium •Heavy 6

  7. Age Gender Income Ethnic background Family life cycle Demographic Segmentation

  8. Family Life Cycle

  9. Personality Motives Lifestyles Geodemographics Bases for Psychographic Segmentation

  10. Lifestyle Segmentation • VALS framework • How time is spent • Importance of things around them • Beliefs • Socioeconomic characteristics

  11. Geodemographic Segmentation Geodemographic Segmentation Segmenting potential customers into neighborhood lifestyle categories. Combines geographic, demographic, and lifestyle segmentation.

  12. Benefit Segmentation The process of grouping customers into market segments according to the benefits they seek from the product. Benefit Segmentation

  13. Usage-RateSegmentation Dividing a market by the amount of product bought or consumed. 80/20Principle A principle holding that 20 percent of all customers generate 80 percent of the demand. Usage Rate Segmentation

  14. Steps in Segmenting Markets 1 4 2 3 5 6 Select a market for study Choosebasesfor segmen-tation Selectdescriptors Profileandanalyzesegments Selecttargetmarkets Design,implement,maintainmarketingmix Note that steps 5 and 6 are actually marketing activities that follow market segmentation (steps 1 through 4).

  15. TargetMarket Strategies for Selecting Target Markets A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.

  16. Undifferentiated Targeting Strategy

  17. Concentrated Targeting Strategy

  18. Multisegment (Differentiated) Targeting Strategy

  19. Positioning and Repositioning Positioning: Developing a specific marketing mix to influence potential customers’ overall perception of a brand, product line, or organization in general. Repositioning: Changing consumers’ perceptions of a brand in relation to competing brands.

  20. Positioning and Product Differentiation

  21. Toothpaste Product Positions

  22. A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds. Perceptual Mapping

  23. Perceptual Map and PositioningFor Pain Relievers

  24. Producers Resellers Government Institutions Bases for Segmenting Business Markets Company Characteristics Buying Processes

  25. Ch 8: Discussion Questions Define market segmentation. Explain the criteria for successful market segmentation and their usefulness in targeting strategy. Discuss the bases for segmenting consumer markets. How demographics can be useful in segmentation? I can ask you to explain the usefulness of any one of the factors. Describe the three types of targeting strategy. How do they differ? Explain their points of distinction. What is positioning? How does it relate to segmentation or targeting? Explain.

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