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8 Identifying Market Segments and Targets

1. 8 Identifying Market Segments and Targets. What is a Market Segment?. A market segment consists of a group of customers who share a similar set of needs and wants. The marketer’s does not create the segments. The marketer’s task is to identify segments and decide which one(s) to target.

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8 Identifying Market Segments and Targets

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  1. 1 8Identifying Market Segments and Targets

  2. What is a Market Segment? • A market segment consists of a group of customers who share a similar set of needs and wants. • The marketer’s does not create the segments. • The marketer’s task is to identify segments and decide which one(s) to target.

  3. Segmenting Consumer Markets Geographic Demographic Psychographic Behavioral

  4. Geographic Segmentation

  5. Geographic Segmentation • Nation • State • Region • Countries • Cities • Neighborhoods

  6. Demographic Segmentation • Age and life cycle • Life stage • Gender • Income • Generation • Social class • Race and Culture

  7. Psychographic Segmentation • Personality traits • Life style • Value

  8. Behavioral Segmentation: Behavioral Variables • Occasions • Benefits • User Status • Usage Rate • Buyer-Readiness • Loyalty Status

  9. Loyalty Status • Hard-core • Split loyals • Shifting loyals • Switchers

  10. Effective Segmentation Criteria • Measurable • Substantial • Accessible • Differentiable • Actionable

  11. Patterns of Target Market Selection

  12. Patterns of Target Market Selection

  13. Patterns of Target Market Selection

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