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Market: people or institutions with sufficient purchasing power, authority, and willingness to buy
Market Segmentation Dividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes.
Target market: specific segment of consumers most likely to purchase a particular product
Consumer products: goods or services purchased by an ultimate consumer for personal use
Business products: goods or services purchased for use either directly or indirectly in the production of other goods and services for resale
Cattlemens Product Targeted at the Business Market: Comes in 1 and 5 Gallon Containers. Introduced more than 40 years ago to meet the special needs of foodservice operators
Market segmentation procedure Stage I - Survey stage Stage II - Analysis stage Stage III - Profiling stage
Pampers This ad is an example of geographic segmentation. When visiting the web site look for the different countries Pampers markets to.
Demographic segmentation
Age Family size Family life cycle Gender Income Occupation Education Religion
Psychographics segmentation
Life style
Personality
Product-related segmentation: dividing a consumer population into homogeneous groups based on characteristics of their relationships to the product Can take the form of segmenting based on: Benefits that people seek when they buy Usage rates for a product Consumers brand loyalty toward a product
Measurable
Accessible
Substantial
Differential
Segments must respond differently to different marketing mix elements & programs.
Undifferentiated Marketing
Differentiated Marketing
Concentrated Marketing
Undifferentiated marketing:
Undifferentiated Marketing
Differentiated Marketing
Concentrated Marketing
Positioning
Positioning is the act of designing the companys offerings and image so they occupy a meaningful and distinct competitive position in the target customers minds
POSITIONING
Using product characteristics The price quality approach The use or applications approach The product user approach The cultural symbol approach