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Market Segmentation, Target Marketing

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Psychographic. Behavioral. Benefits sought. Usage. Situation. Geographic Segmentation. When an organization localizes its ... Psychographic Segmentation ... – PowerPoint PPT presentation

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Title: Market Segmentation, Target Marketing


1
Market Segmentation, Target Marketing
Positioning
Chapter 6
2
Market Segmentation
  • Key variables
  • Geographic
  • Demographic
  • Psychographic
  • Behavioral
  • Benefits sought
  • Usage
  • Situation

3
Geographic Segmentation
  • When an organization localizes its marketing
    efforts to accommodate the unique needs of
    specific geographic regions

4
Demographic Segmentation
Income Level
  • Age

Family
Ethnicity
Education
5
Psychographic Segmentation
  • Grouping customers together based on social
    class, lifestyles and psychological
    characteristics (attitudes, interests and
    opinions - AIO)
  • Useful but more difficult to identify and measure
    compared to demographic variables

6
Benefits-Sought Segmentation
  • Markets can be segmented based on the benefits
    that consumers desire from using a specific
    product

7
Usage Segmentation
  • Markets can be segmented by how often or how
    heavily consumers use a specific product

8
Situation Segmentation
  • Purchase situation or occasion
  • Physical surroundings
  • Social surroundings
  • Time
  • Reason for purchase
  • Mood
  • Loyalty
  • Attitude

9
Criteria for Successful Segmentation
10
Evaluating A Market SegmentDeveloping a profile
  • Segment size and growth
  • Segment structural attractiveness
  • Company objectives and resources

11
Target Marketing Segments
  • Undifferentiated (mass) marketing
  • Differentiated (segmented) marketing
  • Concentrated (niche) marketing
  • Micromarketing (local or individual marketing)

12
Advantages of Target Marketing
  • Know the customers
  • Enable customization
  • Assess potential demand
  • Respond to competition
  • Increase effectiveness and efficiency
  • Position products precisely
  • Identify opportunities

13
Disadvantages of Target marketing
  • Increase marketing costs
  • Difficult and costly to manage multiple products
  • Over-segmentation can have a negative impact
  • Require vast amount of information
  • Prevent brand loyalty development

14
Variety of Means for Positioning
  • Attributes
  • Price Quality
  • Use or Application
  • Product User
  • Product Class
  • Competitor
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