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(Chapter 9) Identifying Market Segments and Selecting Target Markets

(Chapter 9) Identifying Market Segments and Selecting Target Markets. A single product can seldom meet the needs and desires of ___________________ Consumers are too numerous and diverse in their buying requirements. Using Market Segmentation (p. 171).

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(Chapter 9) Identifying Market Segments and Selecting Target Markets

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  1. (Chapter 9) Identifying Market Segments and Selecting Target Markets A single product can seldom meet the needs and desires of ___________________ Consumers are too numerous and diverse in their buying requirements

  2. Using Market Segmentation (p. 171) Markets can be targeted at four levels: segments, niches, local areas, and individuals Segment marketing: Market segment: large, groups within a market

  3. Using Market Segmentation Niche marketing: : a more narrowly defined group seeking a distinctive mix of benefits; has size, profits, and growth potential Distinct set of needs Willing to pay premium

  4. Using Market Segmentation Local marketing: Needs and wants of local customer groups (e.g., neighborhood, trade areas) Individual marketing: customized marketing; one-to-one marketing

  5. Effective Segmentation (p. 175) Measurable: the size, purchasing power, and characteristics of the segments can be measured Substantial: the segments are large and profitable enough to serve; each should be the largest possible homogeneous group worth pursuing with a tailored program Accessible: The segments can be effectively reached and served Differentiable: The segments are conceptually distinguishable and respond differently to different market mixes. Actionable: Effective programs can be formulated for attracting and serving the segments

  6. Effective Segmentation (p. 175) Substantial/Differentiable • How people are in this market? • How frequently will they purchase? • What market share can we expect? • What is the ? • How satisfied are current customers with current offerings?

  7. Effective Segmentation (p. 175) Accessible/Actionable • Can this segment be reached with current distribution channels? • Can we establish new channels efficiently, if needed? • What promotion media does this segment read, listen to, or watch? 4. Can we afford to promote to this segment and is there a media to reach them?

  8. Bases for Segmenting Consumer Markets (p. 175) Geographic Segmentation: nations, states, regions, counties, etc. Demographic Segmentation: age, family size, gender, income, etc. Psychographic Segmentation: lifestyle, personality, values

  9. Bases for Segmenting Consumer Markets (p. 175) Behavioral Segmentation: buyers segmented on their knowledge of, attitude toward, use of, or response to a product. User status: regular user, first time user Usage rate: light, medium, heavy user Multi-attribute segmentation:

  10. Market Targeting Strategies (p. 181) Various segments: decide how many and which ones to target • What makes the segments attractive? • Consider company resources and objectives - able or unable to offer superior value - company objectives

  11. Market Targeting Strategies (p. 181) Single segment concentration: focus on ____ segment m1 m2 m3 p = product offering p1 m = market segment p2 p3 Porsche (p2) – for sports car market ________

  12. Market Targeting Strategies (p. 181) Selective specialization: select a of segments; each segment is appealing m1 m2 m3 p1 p2 p3 Truck (p1); economy (p2); luxury (p3); _______________________________________________

  13. Market Targeting Strategies (p. 181) Product specialization: specialize in making a certain product for __________________ segments m1 m2 m3 p1 p2 p3 Microscopes (p2) ____________________________________________________

  14. Market Targeting Strategies (p. 181) Market specialization: serve many needs of a particular customer group m1 m2 m3 p1 p2 p3 Microscope (p1); test tubes (p2); chemicals (p3) ________________________________________

  15. Market Targeting Strategies (p. 181) Full market coverage: serve __customer groups with ______ the products they might need Undifferentiated: Ignore segment differences Differentiated: Different offerings for different segments

  16. Market Segmentation Issues Increased segmentation allows company to meet needs of more customers; increased profitability Increased segmentation increases costs Tradeoff: Will increased segmentation _________ for added costs? Mass customization: prepare individually designed offerings on a mass basis to meet each customer’s requirements

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