Marketing Segmentation

51問 • 2年前

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Is composed of individuals or organizations with the ability and willingness to make purchases to fulfill their needs or wants.

Market

Is a subdivision or part of an overall market with specific and distinctive characteristics. As opposed to mass marketing where companies direct their marketing activities to the entire market.

Market Segment

Involves grouping various customers into segments that have common needs or will respond similarly to a marketing action. Each segment will respond to a different marketing mix strategy, with each offering alternate growth and profit opportunities.

Market Segmentation

Involves finding out what kinds of consumers with different needs exist.

Segmentation

The targeted segment needs to be large enough to justify creating and maintaining a customized marketing mix. Simply put, there would be no point in wasting marketing budget on a market segment that is inadequately large, or has insignificant spending power.

Sustainability

The company must be able to identify this specific segment and its size measurable. Market segments are usually measured in terms of sales value or the number of customers within the segment.

Measurability

The company must have access to its targeted segment with its specific marketing mix.

Accessibility

The best market segment should be internally homogeneous.Internal homogeneity means all customers within the segment have similar preferences and characteristics but externally heterogeneous.

Differentiable

The market segment must have practical value. Its characteristics must give supporting data for a marketing position or sales approach.

Actionable

Means segregating markets by region of the country or the world, market size, market density or climate.

Geographic Segmentation

Is the number of people within a unit of land like census tract.

Market Density

Is market segmentation according to age, race, religion, gender, family size, ethnicity, income, and education.

Demographic Segmentation

Is the use of marketers of a variety of terms to refer to different age groups.

Age Segmentation

This exert substantial influence over family purchases specifically in food. As young as two years old, children pick their choices on what they want to eat, play with and wear.

School Age Children

Members of this generation were born between 1982 and 2003. Tweens are also called preteens. They desire to be kids but also wanted the fun of being teenagers.

Generation Y

Members of this generation were born between 1981 and 1965. This group is very family-oriented, well-educated and optimistic. Many of them are parents and they make purchase decisions with inputs from and thoughts for their families.

Generation X

Members of this generation were born between 1946 and 1964, a popular target of marketers because of their numbers and income levels.

Baby Boomers

Members of this generation were born beyond 1946. Mostly they are composed of retirees living on modest incomes (pensions).

Seniors

Is dividing a market into different segments based on gender. It has long been used in clothing, cosmetics, toiletries, and magazines.

Gender Segmentation

Is dividing a market into different income segments. Income influences consumers' wants and determines their buying power.

Income Segmentation

Is a series of stages established through a combination of age, marital status and the presence or absence of children.

The Family Life Cycle

It divides buyers into different segments based on personality characteristics, motives, lifestyles and geodemographics.

Psychographic Segmentation

Mirrors a person's traits, attitudes and habits. An ultimate personality descriptor is clothing. People buy clothes that give others the idea of who they are.

Personality

Is a need that is sufficiently pressing to direct the person to seek satisfaction. Products and services have varying appeals.

Motives

Is a person's way of living and describes how an individual spends his time, the importance of things around him, his beliefs and socioeconomic characteristics like income and education.

Lifestyles

Divides the potential market into neighborhood lifestyles. This manner of segmentation combines geographic, demographic and lifestyle segmentations.

Geodemographics

Divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product.

Behavioral Segmentation

Buyers can be grouped according to occasions when they get the idea to buy, actually make their purchase, or use the purchased item.

Occasions

A powerful form of segmentation is grouping buyers according to the different benefits that they seek from a product.

Benefits Sought

Markets can be segmented into nonusers, ex-users, potential users, first-time users, and regular users of a product.

User Status

Markets can also be segmented into light, medium, and heavy product users.

Usage Rate

A market can also be segmented by consumer loyalty. Consumers can be loyal to brands.

Loyalty Status

Involves breaking a market into segments and then concentrating marketing efforts on one or a few key segments.

Market Targeting

Strategy assumes that all members of a market have similar needs that can be met with a single marketing mix.

Undifferentiated Targeting

Strategy focusés all marketing efforts on a single market segment.

Concentrated Targeting

Is a strategy that uses two or more marketing mixes to target two or more market segments.

Multisegment Targeting

Is tailoring a particular product to the specific needs of an individual customer.

Customized Marketing

Is developing a product and brand image in the minds of consumers. It can also include improving a customer's perception about the experience they will have if they choose to purchase a company's product or service.

Market Positioning

Is a technique of attempting to determine through graphing how different product brands are perceived by consumers when mapped or compared against two or more product dimensions.

Perceptual Mapping

Highlight a product feature or customer benefit; example Tide detergent powder is positioned on bringing incomparable whiteness

Attribute

Stress high price as an indication of quality or emphasize low price as a signal of value; example premium automobile brands like BMW and Mercedes maintain their quality such that their customers are ready to give the highest pricing for the cars

Price and Quality

Stress unique use/s; example are mobile phones and telecom companies with their different offerings

Use or Application

Focuses on a personality or type of user; example L'Oreal position itself targeting fashion-conscious women

Product User

Associate with a particular category of products; example margarine brand with butter

Product Class

An explicit or implicit frame of reference of one or more competitors; example Philippine Daily Inquirer and Manila Bulletin in terms of circulation and readership

Competitor

Focuses on how the product makes customer feels; example Nikes "Just Do It" offers an emotional message of achievement and courage

Emotion

Is a brief description of the target market as well as a convincing picture of how the company wants that market to perceive the brand

Positioning Statement

Companies situated in same region most probably have similar environment or culture as well as they speak similar languages

Geographical Location

There can be segments on the basis of the company size as it can be prominently noticed that the companies that are larger in size have different goals as compared to the companies that are small.

Company Size

In business to-business market there can be segment based on the consumption of the product.

Usage Rate

The product that are used in the formation of another product without undergoing any further processing.

End User Application

Industrial Revolution

Danny Wee · 16問 · 2年前

Industrial Revolution