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8 Identifying Market Segments and Targets
MARKETING MANAGEMENT 8 Identifying Market Segments and Targets
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Chapter Questions What are the different levels of market segmentation? How can a company divide a market into segments? How should a company choose the most attractive target markets? What are the requirements for effective segmentation?
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Mature consumers are a rapidly growing market
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Effective Targeting Requires…
Identify and profile distinct groups of buyers who differ in their needs and preferences. Select one or more market segments to enter. Establish and communicate the distinctive benefits of the market offering.
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A Mass Market Approach
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General Motors Alfred P. Sloan “A car for every purse and purpose”
Cadillac Oldsmobile Pontiac Buick Chevrolet
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Another positioning strategy was Volkswagen (1959), the first small car in the North American market, and lasted through the energy crisis of the 1970s.
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Mercedes Which, of course, contrasts with that for Mercedes. What is MERCEDES USP?
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Volvo What is Volvos USP?
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Volvo Another execution
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Four levels of Micromarketing
Segments Niches Local areas Individuals
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Basic Market Preference Patterns
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Customerization Combines operationally driven
mass customization with customized marketing in a way that empowers consumers to design the product and service offering of their choice.
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Segmenting Consumer Markets
Geographic Demographic Psychographic Behavioural
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Demographic Segmentation
Age and Life Cycle Life Stage Gender Income Generation Social Class
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Toyota Scion targets Gen Y consumers
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Models of Sequential Segmentation
Stage of decision First-time prospects Novices Sophisticates Orientation Price-oriented Solution-oriented Strategic-value
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Patterns of Target Market Selection
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Patterns of Target Market Selection
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Effective Segmentation Criteria
Measurable Substantial Accessible Differentiable Actionable
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