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Segmentation
process of dividing a larger market into smaller pieces based on one or more meaningful, shared characteristics and that will respond similarly to a marketing action Segmentation variables are used to divide the market into smaller slices: demographics, psychographics, behavior, etc.
Demographic Dimensions
Age Gender Family structure Income and social class Race and ethnicity Geography
Age
Children Teens Generation X, Y Baby Boomers Elderly
Psychographics
Psychographic segments market in terms of shared attitudes, interests, and opinions Segments include demographic information such as age and income, but also includes richer descriptions Some organizations develop their own psychographic segments for their consumers, but others utilize national systems (VALS by SRI International)
Segmenting by Behavior
Behavioral segmentation slices consumers on the basis of how they act toward, feel about, or use a product
Users versus nonusers Heavy, moderate, light users Usage occasions
NAICS characteristics
Targeting
Evaluating Market Segments Developing Segment Profiles Choosing a Targeting Strategy
Targeting Strategies
Undifferentiated Marketing Differentiated Marketing Concentrated Marketing Customized Marketing
Undifferentiated Marketing
Appeals to a broad spectrum of people Efficient due to economies of scale Effective when most consumers have similar needs
Differentiated Marketing
Develops one or more products for each of several customer groups with different product needs Appropriate when consumers are choosing among well-known brands with distinctive images and it is possible to identify one or more segments with distinct needs for different types of products
Concentrated Marketing
Entails focusing efforts on offering one or more products to a single segment Useful for smaller firms that do not have the resources to serve all markets Example: Hard Candy
Customized Marketing
Segments are so precisely defined that products are offered to exactly meet the needs of each individual
Example: Levis Original Spin (custom) jeans, hair stylists
Mass customization is a related approach in which a company modifies a basic good to meet the needs of an individual
Example: Gateway computers, Proctor & Gambles products at Reflect.com Form Products to Be Sold into Groups
Targeting
Form Products to Be Sold into Groups Develop a Market-Product Grid and Estimate Size of Markets
Market-product grid showing how different Reebok shoes reach segments of customers with different needs
Comparison of various kinds of users and nonusers for Wendys, Burger King, and McDonalds restaurants
Positioning
Developing a marketing strategy aimed at influencing how a particular market segment perceives a product in comparison to the competition Strategy may also consider creating a barrier to entry for competitors
Product Positioning
Head-to-head Differentiation
Perceptual Map
CRM strategy allows a company to identify its best customers, stay on top of their needs, and increase their satisfaction CRM is about communicating with customers one on one CRM views customers as partners
Characteristics of CRM
Share of Customer Lifetime Value of the Customer A Greater Focus on High-Value Customers