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Market Segmentation

Market Segmentation. Chapter 8. Market Segmentation. What is it? Segments should Have common needs Respond similarly to a marketing action Product differentiation Market-product grid. Source: http://www. b2binternational.com. Market Segmentation. Segmentation Criteria Substantiality

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Market Segmentation

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  1. Market Segmentation Chapter 8

  2. Market Segmentation • What is it? • Segments should • Have common needs • Respond similarly to a marketing action • Product differentiation • Market-product grid Source: http://www. b2binternational.com

  3. Market Segmentation • Segmentation Criteria • Substantiality • Identifiability • Accessibility • Responsiveness

  4. Potential Buyers into Segments • Ways to Divide the Market • Region • Age/ household size • Lifestyle • Benefits sought • Usage rate • 80/20 rule

  5. Bases for Consumer Segmentation • Geographic segmentation • Demographic segmentation • Age segmentation • Tweens • Generation Y • Generation X • Baby Boomers

  6. Bases for Consumer Segmentation • Demographic segmentation (cont’d) • Gender segmentation • Men • Women • Income segmentation • Why used? • Ethnic segmentation • Ramifications • Family life cycle segmentation • Increasing role of single adults Source: http://hashtagsocialmedia.com

  7. Bases for Consumer Segmentation • Psychographic segmentation • Personality • Motives • Lifestyles • Geodemographics • Claritas PRIZM • Benefit segmentation • Snack food market • Usage rate segmentation • 80/20 rule

  8. Bases for Organizational Segmentation • Company characteristics • Geography • Industry (NAICS) • Size • Product use • Buying process • What are they looking for? • Optimizers v. satisficers

  9. Strategies to Select Target Market • Undifferentiated targeting • One marketing mix for entire market • Concentrated targeting • One particular segment • Multisegment targeting • Wal-mart • Brand aspirationalists, price sensitive affluents, value price shoppers • One-to-one marketing • Individualized

  10. Positioning • Product differentiation • Perceptual map • Repositioning • Wal-mart • Mountain Dew Source: http://mergevisual.blogspot.com

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