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16 Cards in this Set
- Front
- Back
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The process of grouping into clusters, consumers who have similar wants or needs, to which a firm can respond by tailoring one or more elements of the marketing mix
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market segmentation
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3 definitions of market segmentation
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Process of dividing a market
Forming smaller subgroups Based upon common characteristics. |
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market segments selected as potential customers
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target markets
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to help patients recognize the benefits of using your services
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goal of market segments
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benefits of market segmentation (4)
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Identify opportunities in the market
Charge and receive higher prices Serve customers more efficiently Gain a competitive advantage |
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5 patterns of target market selection
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single-segment concentration
selective specialization product specialization market specialization full market coverage |
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characteristics of market segments (5)
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identifiable
accessible affordable profitable compatible |
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bases for segmentation
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geographic
demographic psychographic behavioral |
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most common and easiest base for segmentation
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geopraphic/demographic
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most popular base for segmentation
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demographic
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what base of segmentation am I?
income, ethnicity, age, gender |
demographic
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what base of segmentation am I?
values, personalities, lifestyle, |
psychographic
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what base of segmentation am I?
occasions, benefits sought, user state, usage rate |
behavioral
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The act of designing the firm’s product and marketing mix to fit a given place in the consumer’s mind
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positioning
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this is used to create the desired position
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marketing mix variables
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bases for positioning (5)
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product features
benefits or problem solution usage occasion against another product product class dissociation |
