Prof. Samruddhi R.

Dhote

Market segmentation is the process of dividing a heterogeneous market into homogeneous sub-units

Customer based segmentation Product related segmentation Competition related segmentation Life style segmentation

Geographic location of customers Psychographics variables Buyer readiness

Steps in target marketing Market segmentation Market targeting Market positioning

Positioning is a popular term in marketing, first coined by two marketing executives Al Ries & Jack Trout in 1972.
Product positioning is an attempt to create and maintain in the mind of target audience the intended image for the product/brand, relative to other brands.

Explore the market Segmentation & Targeting Competitive strategy

Perceptual space map shows the perceived relative positions of products along different dimensions.

Buyer behavior is all psychological, social & physical behavior of potential customer as they become aware of, evaluate, purchase, consume and tell other people about products & services

Mental activity Physical activity Complex Affected by external & internal factors

Production policies Pricing policy Decisions regarding channels of distribution Decisions regarding sales promotion

Primary buying motives Food & drink Comfort To attract opposite sex Freedom from fear & danger Social approval To live longer

Secondary buying motive Information Cleanliness Efficiency Convenience Style & beauty curiosity

Difficulties in studying buying motives Consumer ignorance Consumers hesitation or misstatement Difficulty in identifying buying motives Dynamic nature of buying motives

1.
2. 3.

4.

Need arousal Information search Evaluation behavior purchase decision Post purchase feelings

Buy

Stimulus

Consumer Mind ( Black Box)

Response
No Buy

Participants in buying process Initiator Influencer Decider Buyer User

Factors affecting consumer behavior

Social factors Cultural factors Culture group Social class

Reference life Cycle Family Role& status

Personal factors Age Occupation Economic condition Life style

Psychological factors Motivation Perception Learning Beliefs & attitides