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Marketing Management

Week 2

Market Segmentation

Week 2

What went well for you last time? What could have gone better? What did you take away?
Marketing is an Exchange Process Marketing is not just another business function Marketing Management Framework
5Cs: Change STP 4Ps (Marketing Mix): Interrelated

Unlocked Weeks 3 -11 Cannot unlock discussion sections (anyway we will be covering these in-class) Requested loading of e-Chapters 4 15 Chapter 15 is a useful resource for your Marketing Plans Assignments (see posted Syllabus, not Course Guide): Pre-assignment approval due to me via email by midnight July 12th Assignment #1: July 19th Rubrics! Assignment #2: July 26th Uploaded supplemental resource material for 5 Week #3 see Blackboard

Marketing Framework

Why Segment?
Consumers needs and preferences vary It is impossible for firms to satisfy everyones needs with a single offering

Discussion Question
Can you think of a single product that satisfies everyones needs/preferences?
Consider the following:
A 12 ounce can of Pepsi Magic Kingdom at Disney World A Ritz Carlton Hotel

What is Segmentation?
Segmentation
Breaking the heterogeneous market into smaller, homogeneous markets Within segment customers are more alike than customers who are not in the segment

Segment
A group of customers who share similar preferences toward a product or brand
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Groups of Customers

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Groups of Customers
Mass Marketing
All customers are treated the same
Customer unique needs are not addressed Butless expensive to implement

One-to-one Marketing
Each customer serves as own segment
More expensive to implement Butcustomer needs are better addressed
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Groups of Customers
Marketing Segmentation
Customers are broken into more homogeneous groups
Groups are small enough that customer needs are addressed Butlarge enough to be profitable

Niche marketing
A segment is broken into smaller customer groups with particular needs that the company can serve well
Falls between segmenting and one-to one
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Segmentation Bases
Marketers segment markets by identifying variables that help them determine whether or not customers will like, prefer and buy their product
Segmentation bases
Factors that are utilized to group customers

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Bases for Consumer Segmentation


Demographic
Easy to identify and commonly used
But be certain that variable helps determine customer needs/preferences

Examples:
gender age household composition lifestyle cycle education income, etc.
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Bases for Consumer Segmentation


Geographic
Easy to identify and commonly used
But be certain that variable helps determine customer needs/preferences

Examples
country area of country climate urban vs. rural, etc.
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Bases for Consumer Segmentation


Psychological
Harder to identify but maybe more insightful in determining customer needs/preferences Examples
attitudes knowledge and awareness wants and needs affiliations, e.g., political party traits, e.g., extraversion expertise and involvement, e.g., hobbies brand attributes sought, stage in family life cycle etc.

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Bases for Consumer Segmentation


Behavioral
Cannot directly observe customers psychology (attitudes) but can observe their behaviors
grocery scanner data, etc.

Examples
products purchased user status media habits loyalty frequency of usage, etc.
80/20: 80% of sales come from 20% of customers
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Procter & Gamble: Discussion


How have households changed over the past 20years? What implications do these changes have for the purchase of consumer goods? How might P&G market shampoos differently to Young Transitionals compared to Start-up Families? How might Young Transitionals differ from Start-up Families in terms of products they purchase? What significant does a marketing segment have for a companys marketing strategy?
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Segmenting the Market


When segmenting the market, marketers integrate two things
1. knowledge of the marketplace with 2. appropriate customer data which gives insight into similarities in customer needs/preferences

Cluster analysis is the research technique typically utilized in market segmentation


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Effective Segmentation
Is Data-driven
Can you identify meaningful data? Can you obtain/afford access to the data?

Allows Access to Customers


Can you access the customers that meet your data specifications directly?
Is there a database?

Can you access the customers indirectly?


Are there activities they participate in, media they frequently use, etc.?
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Effective Segmentation
Has Profitability Potential
Is the profitability potential sufficient?
How frequently do customers purchase? How price sensitive are they? How deep ($) is their purchase? How much growth potential exists?

Segments do not have to be large to be profitable Be careful; dont too narrowly define segments
Always askIs the segmentation criteria meaningful?
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Effective Segmentation
Fits with Corporate Goals
Does the segment align with the firms strengths, market image, market trends, etc.? Is the segment under-served?

Is Actionable
Can you develop an actionable plan to effectively reach the segment? Can you visualize who the segment is, where they are, what they do, etc.?

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Segmentation Strategies
Breadth Strategy
Reaching multiple segments with a single product

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Segmentation Strategies
Depth Strategy
Serving one segment with multiple products

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Segmentation Strategies
Tailored Strategy
Customizing products for each segment

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Segmentation Strategies
What are some considerations that Marketers might use to decide which strategy is best?
Companys strategy, image, strengths and weaknesses Competitors strategies Context Revenue Cost = Profitability
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Discussion Question
Youre marketing Dove soap primarily to women. Sales are flat, how would you determine which way to expand?

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