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Understanding Market Segmentation: Strategies, Targets, and Effective Approaches

This guide delves into market segmentation, a crucial process for businesses aiming to understand and cater to their specific audience. It covers key components such as defining product markets, developing segmentation strategies, and evaluating potential success. The discussion includes demographic, psychographic, geographic, and behavioral segmentation, essential for targeting consumers effectively. Additionally, the requirements for effective segmentation are outlined, helping brands to connect with distinct groups based on their needs, characteristics, and purchasing behaviors.

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Understanding Market Segmentation: Strategies, Targets, and Effective Approaches

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  1. THE IBC STRATEGY: PART III ZeenatJabbar

  2. NIKE ZeenatJabbar

  3. Definition • Market Segmentation: • Dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes. ZeenatJabbar

  4. Know Your Market • What information do you need to reach your prospects successfully? • Do you understand their problems? • Have you thought about what you want people to think and feel about your brand? ZeenatJabbar

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  6. Define Product Market Determine Bases for Segmentation Developing a Market Segmentation Strategy Describe Segments Evaluate Potential Success 1 Select Target Markets 2 Determine Marketing Mix Strategies 3 4 5 6 ZeenatJabbar

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  9. Target Information • Men • Single-Person Households • Household income • Spending • Marrieds • Birthrate • Aging • Women ZeenatJabbar

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  11. Geographical segmentation • Marketing mixes are customized geographically • Demographic segmentation • Most popular segmentation • Demographics are closely related to needs, wants and usage rates • Psychographic segmentation • Lifestyle, social class, and personality-based segmentation • Behavioral segmentation • Typically done first • Segmenting Consumer Markets ZeenatJabbar

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  13. Measurable • Size, purchasing power, and profile of segment • Accessible • Can be reached and served • Substantial • Large and profitable enough to serve • Differentiable • Respond differently • Actionable • Effective programs can be developed • Requirements for Effective Segmentation ZeenatJabbar

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  15. Bases for Segmentation Needs Profilers ZeenatJabbar

  16. Advertising & Promotion for BBA2K7 ZeenatJabbar

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  18. Elements of Lifestyle ZeenatJabbar

  19. Kellogg’s Special K ZeenatJabbar

  20. Laptops ZeenatJabbar

  21. ASIAN PAINTS ZeenatJabbar

  22. Target Generations Good warriors (1909-1928) Matures (1929-1945) Baby boomers (1946-1964) Gen Xers (1965-1982) Gen Yers (1983-2001) Generation Zers (2002+) ZeenatJabbar

  23. Planning the Advertising • Market segmentation is the division of an entire market of consumers into groups whose similarity makes them a market for products serving their special needs. • A situation analysis is the part of the advertising plan that answers the questions: Where are we today and how did we get here? ZeenatJabbar

  24. Steps in the Market Segmentation Process Segment your market Target a segment Position your product Communicate your positioning ZeenatJabbar

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