Market Segmentation. Why would marketers want to target teens? Impulse buyers Disposable income Building brand loyalty.

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Presentation transcript:

Market Segmentation

Why would marketers want to target teens? Impulse buyers Disposable income Building brand loyalty

Identifying Your Consumers MarketPeople having needs or wants and having the ability or willingness to buy. Market Segmentation The strategy of dividing a market into meaningful identifiable segments. Market Segment A subgroup of people sharing one or more characteristics that cause them to have similar product needs.

Two Variables Used in Market Segmentation Profilers – descriptive, measurable customer characteristics Needs – most common way to segment

Profilers Demographic – age, gender, family size, occupation Geographic – region of country, urban/rural Behavioral – brand loyalty, product usage Psychographic – social class, lifestyle

Why segment a market? Need to understand customers before marketing Stay ahead of competition Directly satisfy potential customers wants and needs

Steps in Market Segmentation 1.Identify the market (broad) 2.Break the market into the possible profilers 3.Determine your specific market profile 4.Analyze your specific market profile and meet the customers needs (How will you read the segment?)

Market Segmentation Example An investing group would like to open a state of the art, 21 st Century gym. Their ideal vision for this gym would be ‘tech-savvy’, sleek, and convenient. Who should be your market segment?

Market Segmentation Example 1.Health conscious individuals looking for a gym. 2.Demographic – male/female, 16+ Geographic – Urban or rural Behavioral – after/before work, weekends Psychographic – tech-savvy, middle/upper 3.Our market segment will include urban males and females, between the age of 16-30, who are into technological advances, currently exercise before/after work, and already live a healthy lifestyle. 4.Build your product/brand (explain)