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Segmentation, Targeting & Selection

Authored by Dr.K.Chitra, Director,Management Studies, SREC

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Approaches

Undifferentiated Marketing Differentiated Marketing Customization

Authored by Dr.K.Chitra, Director,Management Studies, SREC

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Why segmentation, targeting & selection?

Segments homogenous collection of prospective buyers Segmentation aggregating prospective buyers into groups that
Have common needs Will respond similarly to a marketing action

Authored by Dr.K.Chitra, Director,Management Studies, SREC

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Criteria
Potential for increased profit and ROIROISubstantiability Feasibility of a marketing action to reach a segment - Accessibility Simplicity and cost of assigning potential buyers to segments Measurability Actionability ability to design effective marketing mix Similarity of needs of potential buyers within a segment Difference of needs of buyers among the segments

Authored by Dr.K.Chitra, Director,Management Studies, SREC

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Process

Identify the basis for segmenting the markets Develop profiles of resulting segments Develop measures of segment attractivenessattractivenessevaluation based on criteria Select the target segment Ensure that the target segments are compatible Individualized service mass customization
Authored by Dr.K.Chitra, Director,Management Studies, SREC

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Identifying and Selecting Target Segments


User characteristics
Demographics Psychographics Geographic location

User behavior

Benefit segmentation Purchase occasion User status Usage rate Loyalty profitability of relationship

sensitivity to marketing

variables Technographic segmentation


Authored by Dr.K.Chitra, Director,Management Studies, SREC

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The Customer Pyramid


Good Relationship Customers Which segment sees high value in our offer, spends more with us over time, costs less to maintain, and spreads positive word-of-mouth?

Platinum Gold Iron Lead


Poor Relationship Customers

Which segment costs us in time, effort and money, yet does not provide the return we want? Which segment is difficult to do business with?

Authored by Dr.K.Chitra, Director,Management Studies, SREC

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Service-Relevant Segmentation ServiceVariables


Timing

of service use (e.g., by hour, day,

season)
Level

of skill and experience as cocoproducer/self-server producer/selflanguage in face-to-face contact face-toto electronic delivery systems (e.g., Internet) toward use of new service technologies
Authored by Dr.K.Chitra, Director,Management Studies, SREC

Preferred Access

Attitudes

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Basic Segmentation Issues: Building an Appropriate Customer Portfolio


Target

customers whose needs match firms capabilities on value of prospective customers within each segment, not just numbers targeting customers who might abuse: our employees, facilities other customers

Focus

Avoid

Create

a mix of segments to reduce risks of volatility during swings of economic cycles

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Targeting

The process of estimation & comparison of the identified segments for selecting one or more segments that is profitable It is group of customers for whom a seller designs a particular marketing mix

Authored by Dr.K.Chita, Director,Management Studies, SREC

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Guidelines to select target markets

Target market should be consistent , should meet the goals of organization Consistent with resources Sufficient sales volume and profit volume Growth potential Number and size of competition should be small
Authored by Dr.K.Chitra, Director,Management Studies, SREC

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Targeting strategies

Single segment /concentrated Selective specialization /differentiated Product specialization Market specialization Full market coverage

Various services to the entire market


Mass marketing strategy Differentiated marketing mix for each segment

Mass customization

Collaborative, adaptive, cosmetic,transparent


Authored by Dr.K.Chitra, Director,Management Studies, SREC