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Published on November 15, 2007

Author: Davidson

Source: authorstream.com

MARKET SEGMENTATION & TARGETING :  MARKET SEGMENTATION & TARGETING TARGET MARKETING Major Steps:  TARGET MARKETING Major Steps Segmenting Targeting Positioning TARGET MARKETING Major Steps:  TARGET MARKETING Major Steps Segmenting Targeting Positioning MARKET SEGMENTATION:  MARKET SEGMENTATION The act of dividing a market into distinct groups of buyers who (1) have common needs & (2) will respond similarly to a marketing action. Process: Identify segmentation variables Segment market Develop profiles of segments Slide5:  NOTES Segmentation Variables can be loosely defined as any data that can be converted into decision information to better direct market your product, idea, service. Some of the elements of the database are solely for this purpose--the complimentary data also helps us plan, implement, and control. SEGMENTATION BASES:  SEGMENTATION BASES Geographic Region County Size ZIPCODE Demographic Age Sex Family Size, etc. SEGMENTATION BASES:  SEGMENTATION BASES Psychographic Social Class Lifestyle Personality Behavioral Usage Rate (Light to Heavy) Loyalty Buying Responses SEGMENTATION BASES:  SEGMENTATION BASES Benefit Attributes Sought Example: Toothpaste Market Fluoride Freshens Breath Tartar Control Plaque Reduction Whitening GEOGRAPHIC:  GEOGRAPHIC DEMOGRAPHIC:  DEMOGRAPHIC PSYCHOGRAPHICS:  PSYCHOGRAPHICS BEHAVIORAL :  BEHAVIORAL Ex.: Usage Rate BENEFIT SOUGHT:  BENEFIT SOUGHT Toothpaste Ex.: Fluoride & Tartar Control EFFECTIVE SEGMENTATION REQUIRES:  EFFECTIVE SEGMENTATION REQUIRES Measurability Substantiality Accessibility Actionability EFFECTIVE SEGMENTATION REQUIRES:  EFFECTIVE SEGMENTATION REQUIRES Measurability Degree to which size & purchasing power of segments can be measured. Slide16:  Notes Later, we will see some of these as ways to develop life time usage, etc. EFFECTIVE SEGMENTATION REQUIRES:  EFFECTIVE SEGMENTATION REQUIRES Measurability Substantiality Accessibility Actionability EFFECTIVE SEGMENTATION REQUIRES:  EFFECTIVE SEGMENTATION REQUIRES Substantiality Degree to which segments are large and/or profitable enough EFFECTIVE SEGMENTATION REQUIRES:  EFFECTIVE SEGMENTATION REQUIRES Measurability Substantiality Accessibility Actionability EFFECTIVE SEGMENTATION REQUIRES:  EFFECTIVE SEGMENTATION REQUIRES Accessibility Degree to which segments can be effectively reached and served Slide21:  Notes AHHHHHHHH-----Maybe Direct Marketing. EFFECTIVE SEGMENTATION REQUIRES:  EFFECTIVE SEGMENTATION REQUIRES Measurability Substantiality Accessibility Actionability EFFECTIVE SEGMENTATION REQUIRES:  EFFECTIVE SEGMENTATION REQUIRES Actionability Degree to which effective programs can be formulated for attracting and serving the segments Slide24:  Notes Maybe--Direct Marketing????????? EFFECTIVE SEGMENTATION REQUIRES:  EFFECTIVE SEGMENTATION REQUIRES Let’s Review: Measurability Substantiality Accessibility Actionability TARGET MARKETING Major Steps:  TARGET MARKETING Major Steps Segmenting Targeting Positioning MARKET TARGETING:  MARKET TARGETING The act of developing measures of segment attractiveness and determining number of segments to enter. Process: Evaluate attractiveness of segments Select target segment(s) EVALUATING MARKET SEGMENTS :  EVALUATING MARKET SEGMENTS Three Factors to Consider: Segment Size & Opportunities for Growth Segment Structural Attractiveness (Competition) Company Objectives & Resources EVALUATING MARKET SEGMENTS :  EVALUATING MARKET SEGMENTS Segment Size & Opportunities for Growth Is the segment the right size? Large versus Small Does segment have right growth characteristics? Sales Profits EVALUATING MARKET SEGMENTS :  EVALUATING MARKET SEGMENTS Segment Structural Attractiveness (Competition): Potential Entrants Industry Competitors Substitutes Buyers Suppliers EVALUATING MARKET SEGMENTS :  EVALUATING MARKET SEGMENTS Company Objectives & Resources (firm’s ability to compete) Do segments mesh with company’s long-run objectives? Will segments move company toward its goals? Does company possess skills & resources to succeed in segment? Can company develop some superior advantage to competition? SELECTING MARKET SEGMENTS:  SELECTING MARKET SEGMENTS Selecting one or more segments worth entering. Concentrated Approach Undifferentiated Approach Differentiated Approach CONCENTRATED APPROACH:  CONCENTRATED APPROACH Select a single segment & develop a single marketing mix for that segment. Company hopes to capture a large share of this marketing) Ex. 1950s Volkswagen only major automobile company competing in the economy car segment in the U.S. Slide34:  P P P P UNDIFFERENTIATED APPROACH:  UNDIFFERENTIATED APPROACH Referred to as Mass Marketing Ignores segments differences & offers one product/service to entire market. Assumes all consumers are similar and will respond similarly to a single marketing mix Good for homogeneous markets Good when competition is minimal or nonexistent Ex. Henry Ford’s Black Model T UNDIFFERENTIATED OR COMBINED STRATEGY:  UNDIFFERENTIATED OR COMBINED STRATEGY P P P P DIFFERENTIATED APPROACH:  DIFFERENTIATED APPROACH Attempts to reach all or most market segments by developing a unique marketing mix for each segment. Allows tailoring to specific market segments needs. DIFFERENTIATED APPROACH:  DIFFERENTIATED APPROACH SEGMENT 1 SEGMENT 2 SEGMENT 3 SEGMENT 4 SEGMENT 5 P P P P P P P P MULTISEGMENT TARGETING BENEFITS:  MULTISEGMENT TARGETING BENEFITS Potentially Greater Sales Volume Higher Profits Larger Market Share Economies of Scale in: manufacturing marketing MULTISEGMENT TARGETING COSTS:  MULTISEGMENT TARGETING COSTS Production Design Costs Production Costs Promotion Costs Inventory Costs Market Research Costs Management Costs Cannibalization TARGET MARKETING Major Steps:  TARGET MARKETING Major Steps Segmenting Targeting Positioning (to be discussed later)

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