Marketing
Chapter-8
Identifying Market Segments and Targets
Levels of market Segments
Segments marketing: A market segment consists of a group of customers who share a similar set of needs and wants. Rather than creating the segments, the marketers task is to identity them and decide which one (s) to target.
Niche Marketing: A niche is a more narrowly defined customer group seeking a distinctive mix of benefits. Marketers usually identity niches by dividing a segments into sub segments.
Local Marketing: Target marketing is leading to marketing programs tailored to the needs and wants of local customer groups in trading areas, neighborhoods, even individual stores.
Individual Marketing: The ultimate level of segmentation leads to “segments of one” customized marketing, or “one to one marketing”
Bases for Segmenting Consumer Markets
Geographic Segmentation: Geographic segmentation calls for dividing the market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods. For example, Hilton Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more cosmopolitan. Southwestern hotels are more rustic.
Demographic Segmentation: In demographic segmentation, we divide the market into groups on the basis of variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class.
Psychographic Segmentation: Psychographics is the science of using psychology and demographics to better understand consumers. In psychographic segmentation, buyers are divided into different groups on the basis of psychological/personality traits, lifestyle, or values.
Behavioral Segmentation: In behavioral segmentation, marketers divide buyers into groups on the basis of their knowledge of, attitude toward, use of, or response to a product.
Market Targeting
Effective Segmentation Criteria
Measurable:
Identifying Market Segments and Targets
Levels of market Segments
Segments marketing: A market segment consists of a group of customers who share a similar set of needs and wants. Rather than creating the segments, the marketers task is to identity them and decide which one (s) to target.
Niche Marketing: A niche is a more narrowly defined customer group seeking a distinctive mix of benefits. Marketers usually identity niches by dividing a segments into sub segments.
Local Marketing: Target marketing is leading to marketing programs tailored to the needs and wants of local customer groups in trading areas, neighborhoods, even individual stores.
Individual Marketing: The ultimate level of segmentation leads to “segments of one” customized marketing, or “one to one marketing”
Bases for Segmenting Consumer Markets
Geographic Segmentation: Geographic segmentation calls for dividing the market into different geographical units such as nations, states, regions, counties, cities, or neighborhoods. For example, Hilton Hotels customizes rooms and lobbies according to location. Northeastern hotels are sleeker and more cosmopolitan. Southwestern hotels are more rustic.
Demographic Segmentation: In demographic segmentation, we divide the market into groups on the basis of variables such as age, family size, family life cycle, gender, income, occupation, education, religion, race, generation, nationality, and social class.
Psychographic Segmentation: Psychographics is the science of using psychology and demographics to better understand consumers. In psychographic segmentation, buyers are divided into different groups on the basis of psychological/personality traits, lifestyle, or values.
Behavioral Segmentation: In behavioral segmentation, marketers divide buyers into groups on the basis of their knowledge of, attitude toward, use of, or response to a product.
Market Targeting
Effective Segmentation Criteria
Measurable: