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(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
(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
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

using market segmentation
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

using market segmentation1
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

effective segmentation p 175
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

effective segmentation p 1751
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?
effective segmentation p 1752
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?

bases for segmenting consumer markets p 175
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

bases for segmenting consumer markets p 1751
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:

market targeting strategies p 181
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

market targeting strategies p 1811
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 ________

market targeting strategies p 1812
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);

_______________________________________________

market targeting strategies p 1813
Market Targeting Strategies (p. 181)

Product specialization: specialize in making a certain product for __________________ segments

m1 m2 m3

p1

p2

p3

Microscopes (p2)

____________________________________________________

market targeting strategies p 1814
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)

________________________________________

market targeting strategies p 1815
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

market segmentation issues
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