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Chapter9 Identifying Market Segments and Selecting Target Markets PowerPoint by Karen E. James Louisiana State University - Shreveport ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 1 in .Objectives Learn how companies Download Xem online
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- Chapter9 Identifying Market Identifying Segments and Selecting Target Markets Target PowerPoint by Karen E. James Louisiana State University - Shreveport ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 1 in
- Objectives Learn how companies identify the segments that make up a market. Understand the criteria companies use to choose the most attractive market segments. ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 2 in
- TargetMarketing Target marketing requires marketers to take three major steps: Market segmentation: Identifying and profiling distinct groups of buyers who differ in their needs and preferences. Market targeting: Selecting one or more market segments to enter. Market positioning: Establishing and communicating the key distinctive benefit[s] of the companys market offering to each target. ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 3 in
- UsingMarketSegmentation Mass marketing is losing popularity Micromarketing can be undertaken at four levels: Segment marketing Niche marketing Local marketing Individual marketing ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 4 in
- UsingMarketSegmentation Three patterns of preference segments are typically identified: Homogeneous preferences Diffused preferences Clustered preferences ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 5 in
- UsingMarketSegmentation Needs-based Segmentation Process Needs-based Segment segmentation profitability Segment Segment identification positioning Segment Segment attractiveness acid test Marketing-mix strategy ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 6 in
- UsingMarketSegmentation Useful market segments share certain characteristics: Measurable Substantial Accessible Differentiable Actionable ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 7 in
- SegmentingConsumerMarkets Bases for Nation or country Segmentation State or region Geographic City or metro size Demographic Density Psychographic Climate Behavioral ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 8 in
- SegmentingConsumerMarkets Age, race, gender Bases for Income, education Segmentation Family size Family life cycle Geographic Occupation Demographic Religion, nationality Psychographic Generation Behavioral Social class ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 9 in
- SegmentingConsumerMarkets Bases for Lifestyle Segmentation Activities Interests Geographic Opinions Demographic Personality Psychographic Core values Behavioral ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 10 in
- SegmentingConsumerMarkets Bases for Occasions Segmentation Benefits User status Geographic Usage rate Demographic Loyalty status Psychographic Buyer-readiness Behavioral Attitude ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 11 in
- SegmentingConsumerMarkets Multi-attribute segmentation via geoclustering combines multiple variables to identify smaller, better- defined target groups PRIZM Geoclustering system uses demographic, geographic, lifestyle, and behavioral characteristics ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 12 in
- SegmentingBusinessMarkets Bases for Segmentation Operating Situational variables factors Purchasing Personal approaches characteristics Demographic variables ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 13 in
- SegmentingBusinessMarkets Rackman and Vincentis proposed a segmentation scheme that classifies business buyers into three groups: Price-oriented customers: best served via transactional selling Solution-oriented customers: best served by means of consultative selling Strategic-value customers: best served by means of enterprise selling ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 14 in
- MarketTargetingStrategies Evaluating and selecting market segments requires assessing the segments overall attractiveness in light of companys objectives and resources. Five patterns of target market selection can then be considered. ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 15 in
- MarketTargetingStrategies Patterns of Target Market Selection Single-segment Product concentration specialization Selective Market specialization specialization Full market coverage ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 16 in
- MarketTargetingStrategies Targeting multiple segments may result in cost economies Supersegment targeting may be appropriate Blocked markets often require megamarketing countermeasures Be aware of ethical concerns ©2003 Prentice Hall, Inc. To accompany A Framework for Slide 17 in