Ch8 IdentifyingMarketSegmentturinganTop10

TOP 10 Learning Concepts Chapter 8 Identifying Market Segments & Targets Sheilanor C. Turingan March 31, 2011 http://sheilanorturingan.blogspot.com

What’s in store for you: What is Target Marketing? What are the Levels of Target Marketing? Identifying customers through Segment Marketing What are the steps in the Segmentation Process? How to segment effectively? http://sheilanorturingan.blogspot.com

What do you need to know? How can a company divide market into segments? Demographic Segmentation – Key to effective marketing Understanding consumers through Psychographic Segmentation Identifying Behavioral Variables Assessing Buyer Readiness & Loyalty http://sheilanorturingan.blogspot.com

Concept# 1 To compete more effectively: TARGET MARKETING Market Segmentation >identify distinct groups http://sheilanorturingan.blogspot.com

Concept# 1 To compete more effectively: TARGET MARKETING Market Segmentation >identify distinct groups Market Targeting >select segment to enter http://sheilanorturingan.blogspot.com

Concept# 1 To compete more effectively: TARGET MARKETING Market Segmentation >identify distinct groups Market Targeting >select segment to enter Market Positioning >communicate offering http://sheilanorturingan.blogspot.com

Concept# 2 What are the levels of target marketing? http://sheilanorturingan.blogspot.com

Concept# 2 What are the levels of target marketing? http://sheilanorturingan.blogspot.com Segment Marketing

Concept# 2 What are the levels of target marketing? http://sheilanorturingan.blogspot.com Segment Marketing Local Marketing

Concept# 2 What are the levels of target marketing? http://sheilanorturingan.blogspot.com Segment Marketing Local Marketing Individual Marketing

Concept# 2 What are the levels of target marketing? http://sheilanorturingan.blogspot.com Segment Marketing Local Marketing Individual Marketing Niche Marketing

Concept#3 Identifying consumers through Segment Marketing http://sheilanorturingan.blogspot.com

Concept#3 Identifying consumers through Segment Marketing http://sheilanorturingan.blogspot.com Market segment

Concept#3 Identifying consumers through Segment Marketing http://sheilanorturingan.blogspot.com Market segment Group based on similar needs &wants

Concept#3 Identifying consumers through Segment Marketing http://sheilanorturingan.blogspot.com Market segment Group based on similar needs &wants Decide which to target

http://sheilanorturingan.blogspot.com Concept# 4 What are the steps in the Segmentation Process?

http://sheilanorturingan.blogspot.com Concept# 4 What are the steps in the Segmentation Process? identify needs

http://sheilanorturingan.blogspot.com Concept# 4 What are the steps in the Segmentation Process? determine variables identify needs

http://sheilanorturingan.blogspot.com Concept# 4 What are the steps in the Segmentation Process? test attractiveness identify needs determine variables

http://sheilanorturingan.blogspot.com Concept# 4 What are the steps in the Segmentation Process? test attractiveness identify needs determine variables calculate profitability

http://sheilanorturingan.blogspot.com Concept# 4 What are the steps in the Segmentation Process? test attractiveness identify needs determine variables calculate profitability develop strategy

http://sheilanorturingan.blogspot.com Concept# 4 What are the steps in the Segmentation Process? test attractiveness identify needs determine variables calculate profitability develop strategy determine viability

http://sheilanorturingan.blogspot.com Concept# 4 What are the steps in the Segmentation Process? test attractiveness identify needs determine variables calculate profitability develop strategy determine viability Include marketing mix strategy (product, price promotion, place)

http://sheilanorturingan.blogspot.com Concept# 5 How to segment market effectively? 5 Criteria

http://sheilanorturingan.blogspot.com Concept# 5 How to segment market effectively? 5 Criteria Measurable Substantial Accessible Differentiable Actionable

http://sheilanorturingan.blogspot.com Concept# 6 How can a company divide a market into segments

http://sheilanorturingan.blogspot.com Geographic by continent by country by region Concept# 6 How can a company divide a market into segments by cities

http://sheilanorturingan.blogspot.com Geographic by continent by country by region Psychographic lifestyle activities values Concept# 6 How can a company divide a market into segments by cities

Benefits sought Brand loyalty http://sheilanorturingan.blogspot.com Behavioral Concept# 6 How can a company divide a market into segments

Benefits sought Brand loyalty http://sheilanorturingan.blogspot.com Behavioral Demographic Gender Age/ Life-Cycle Stage Concept# 6 How can a company divide a market into segments

http://sheilanorturingan.blogspot.com > Conducts business 4 regions: North America, Europe, Latin America & Asia-Pacific Geographic > Dedicated to the health and well-being of infants and children Demographic Concept# 6 How can a company divide a market into segments: Ex:

http://sheilanorturingan.blogspot.com Pyschographic Behavioral Concept# 6 How can a company divide a market into segments: Ex:

Concept# 7 Demographic Segmentation- Key to effective Target Marketing http://sheilanorturingan.blogspot.com

Concept# 7 Demographic Segmentation- Key to effective Target Marketing http://sheilanorturingan.blogspot.com Income Family size Occupation Religion Nationality

http://sheilanorturingan.blogspot.com Concept# 7 Demographic Segmentation Example:

> flagship brand LACTUM – provides nutrition essential for the growth & development of kids, appropriate for their age. Lactum 1+ Lactum 3+ Lactum 6+ http://sheilanorturingan.blogspot.com Concept# 7 Demographic Segmentation Example:

> Creates nutritional brands and products to infants, toddlers, kids and adults Enfakid A+ Lactum 1+ Sustagen Kid Sustagen Premium for adults http://sheilanorturingan.blogspot.com Concept# 7 Demographic Segmentation Example:

Concept# 8 How to better understand consumers? PSYCHOGRAPHIC SEGMENTATION http://sheilanorturingan.blogspot.com Innovators Thinkers Achievers Experiencer

Concept# 8 How to better understand consumers? PSYCHOGRAPHIC SEGMENTATION http://sheilanorturingan.blogspot.com

Concept# 8 How to better understand consumers? PSYCHOGRAPHIC SEGMENTATION http://sheilanorturingan.blogspot.com Believers Strivers Makers Survivors

http://sheilanorturingan.blogspot.com Concept# 9 Identifying Behavioral Variables BEHAVIORAL SEGMENTATION

http://sheilanorturingan.blogspot.com Concept# 9 Identifying Behavioral Variables BEHAVIORAL SEGMENTATION Occasions Benefits User status Usage rate Buyer-readiness Loyalty Status Attitude

http://sheilanorturingan.blogspot.com Concept# 10 Who are your buyers? Assessing Brand Loyalty

http://sheilanorturingan.blogspot.com Concept# 10 Who are your buyers? Assessing Brand Loyalty Hard-core Loyals - can help identify strengths

http://sheilanorturingan.blogspot.com Concept# 10 Who are your buyers? Assessing Brand Loyalty Hard-core Loyals - can help identify strengths Split Loyals –can help identify competitors

http://sheilanorturingan.blogspot.com Concept# 10 Who are your buyers? Assessing Brand Loyalty Hard-core Loyals - can help identify strengths Split Loyals –can help identify competitors Shifting Loyals – can help identify weaknesses

http://sheilanorturingan.blogspot.com Concept# 10 Who are your buyers? Assessing Brand Loyalty Hard-core Loyals - can help identify strengths Split Loyals –can help identify competitors Shifting Loyals – can help identify weaknesses Switchers – can help correct weaknesses

http://sheilanorturingan.blogspot.com Concept 10 Who are your Buyers? Understanding Buyer-Readiness

http://sheilanorturingan.blogspot.com Concept 10 Who are your Buyers? Understanding Buyer-Readiness Aware Ever tried Occasional user Regular User Most often used

Summary Effective target marketing > identifying market segment and their needs. 2. Dividing a market into segments > geographic, demographic, psychographic behavioral 3. Demographic segmentation > includes knowing the market’s age, gender, income, family size, religion and nationality 4. Psychographic segmentation > identifying consumers based on values, lifestyle http://sheilanorturingan.blogspot.com

Summary 5. Behavioral Segmentation >assessing consumer’s attitude towards a product (brand loyalty, buyer-readiness) 5. Criteria for Effective Segmentation > must be measurable, substantial, accessible, differentiable http://sheilanorturingan.blogspot.com

Source: Marketing Management by Philip Kotler http://sheilanorturingan.blogspot.com

Ch8 IdentifyingMarketSegmentturinganTop10

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