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20 Cards in this Set
- Front
- Back
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Marketing Segmentation
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Dividing a market into smaller groups with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes.
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Market Segmentation Process
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Segmentation, Targeting, Differentiation, and Positioning.
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Segmentation
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Divide the total market into smaller segments
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Targeting
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Select the segment or segments to enter
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Differentiation
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Differentiate the market offering to create superior customer value
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Positioning
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Position the market offering in the minds of target customers
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Geographic Segmentation
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Dividing a market into different geographical units such as nations, states, regions etc.
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Demographic Segmentation
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Dividing the market into groups based on age, gender, family size, income, occupation.
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Psychographic Segmentation
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dividing a market into different groups based on social class, lifestyle, or personality characteristics.
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Behavioral Segmentation
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Dividing a market into groups based on consumer knowledge, attitudes, uses, or responses to a product.
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Requirements for Effective Segmentation
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Measurable, Accessible, Substantial, Differentiable, and Actionable.
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Effective Segmentation - Measurable
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The size purchasing power and profiles of the segments can be measured.
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Effective Segmentation - Accessible
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The market segments can be effectively reached and served.
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Effective Segmentation - Substantial
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The market segments are large or profitable enough to serve.
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Effective Segmentation - Differentiable
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The segments are conceptually distinguishable and respond differently to different marketing mix elements and programs.
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Effective Segmentation - Actionable
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Effective programs can be designed for attracting and serving the segments.
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Target Marketing Selection - Undifferentiated Marketing
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A market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market.
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Target Marketing Selection - Differentiated Marketing
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The market coverage strategy in which a firm decides to target several market segments and designs separate offers for each.
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Target Marketing Selection - Concentrated (Niche)
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A market coverage straegy in shich a firm goes after a large share of one or a few segments or niches.
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Target Marketing Selection - Micromarketing
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The practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer groups
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