A set of buyers sharing common needs or characteristics that the company decides to serve

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Dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes

The process of evaluating each market segment’s attractiveness and selecting one or more segments to enter

Differentiating the market offering to create superior customer value

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Geographic segmentation; Demographic segmentation; Psychographic segmentation; Behavioral segmentation

Effective Segmentation Requirements

Market segments must be: Measurable, Accessible, Substantial, Differentiable, Actionable

A set of buyers sharing common needs or characteristics that the company decides to serve

Market Targeting Strategies

1. Undifferentiated (mass) marketing; 2. Differentiated (segmented) marketing; 3. Concentrated (niche) marketing; 4. Micromarketing (local or individual marketing)

Socially Responsible Target Marketing

Marketing generates concern when targeting: 1. Vulnerable, minority or disadvantaged populations; 2. Children and teens; 3. Controversy arises when an attempt is made to profit at the expense of these segments

An advantage over competitors gained by offering greater customer value, either by having lower prices or providing more benefits that justify higher prices

Differentiation and Positioning

A firm can create differentiation on: Product, Services, Channels, People, Image

The full positioning of a brand—the full mix of benefits on which it is positioned

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Student Resources

Chapter 7: Customer-driven marketing strategy: creating value for target customers

Multiple choice questions

Try the multiple choice questions below to test your knowledge of this chapter. Once you have completed the test, click on 'Submit Answers for Grading' to get your results.

	The major segmentation variables for consumer markets, refers to which of the following?   Geographic, density, psychographic, behavioral Gender, demographic, psychographic, lifestyle Geographic, demographic, psychographic, behavioral None of the above

What is a set of buyers who share common needs or characteristics that the company decides to serve?

What are the 4 types of market segmentation?

What are the four 4 categories of shared characteristics in the market segmentation process?

Which characteristic is essential for a group of people or organizations to be considered a market?