Market Segmentation:
Targeting & Positioning!
Micromarketing 4 levels
Segment, Niche , Local & Individual bitches !!
Segment:Large Identifiable Group within a market with similar want/purchasing power,geographical location, buying attitudes.
Niche:Narrow defined, small market whose needs are not well served.
Estee Lauder for older/junior leaguer types
Local:Programs being tailored to needs and wants of local customer groups.
Individual:Mass customization.One-to-One marketing.
Homogeneous Preference- Same
Diffused-
Clustered-
Market Segment Procedure:Survey>Analysis>Position
Segmenting Consumer Markets:Geo,Demo,Psychograph,Behaviour.
Segment Business Markets:First time prospects, Novices > Purchase decision process.
Sophisticates.
4 Business Segments:
Programmed,Relationship,Transaction Buyers,Bargain Hunters
Effective Segmentation
Measurable, Substantial,,Accessible & Actionable
Market Targeting
1.Evaluate Market Segments
2.Selecting Market Segments
Single Segment Concentration
- Selective Concentration
- Product Specialization
- Market Specialization
- Full Market Coverage
Undifferentiated Marketing- Firm Ignores market segment differences and goes after the whole market with one market offer
Differentiated Marketing-Operates in several market segments and design different programs for each.Creates more sales than undifferentiated marketing, at the cost of increased cost.
Production Modification costs
Manufacturing Cost
Administrative Cost
Inventory Costs
Promotion Costs
What are the meanings of Diffused and Clustered preference?
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