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Geographic Segmentationdemographic Segmentationpsychographic Segmentationbehavioral Segmentation

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14 views2 pages

Geographic Segmentationdemographic Segmentationpsychographic Segmentationbehavioral Segmentation

Uploaded by

edserrano
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Customer-Driven Marketing Strategy: Creating Value for Target Customers

Market segmentation is the process that companies use to divide large heterogeneous markets
into small markets that can be reached more efficiently and effectively with products and services that
match their unique needs.

Segmenting Consumer
Markets

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Geographic segmentation divides the market into different geographical units such as nations, regions,
states, counties, or cities.

Demographic segmentation divides the market into groups based on variables such as age, gender,
family size, family life cycle, income, occupation, education, religion, race, generation, and nationality.
Age and life-cycle stage segmentation is the process of offering different products or
using different marketing approaches for different age and life-cycle groups.
Gender segmentation divides the market based on sex (male or female).
Income segmentation divides the market into affluent or low-income consumers.

Psychographic segmentation divides buyers into different groups based on social class, lifestyle, or
personality traits.

Behavioral segmentation divides buyers into groups based on their knowledge, attitudes, uses, or
responses to a product.
Occasions Usage rate Loyalty status

Target Marketing

Target market consists of a set of buyers who share common needs or characteristics that the company
decides to serve.
Choosing a Target Market depends on:
- Company resources
- Market variability
- Competitor’s marketing strategies

 Mass Marketing - ignore different market segments and target the whole market with one offer
 Segmented Marketing – a firm decides to enter different market segments and designs separate
offers for each
 Niche Marketing – smaller than segments and may attract only one or few competitors
 Micromarketing – tailoring products and marketing programs to suit the tastes of specific
individuals and locations.

Differentiation and Positioning


Product positioning is the way the product is defined by consumers on important attributes—
the place the product occupies in consumers’ minds relative to competing products
- Perceptions
- Impressions
- Feelings

Choosing a Differentiation and Positioning Strategy


- Identifying a set of possible competitive advantages to build a position
- Choosing the right competitive advantages
- Selecting an overall positioning strategy
- Developing a positioning statement

Identifying Possible Value Differences and Competitive Advantages


Competitive advantage is an advantage over competitors gained by offering consumers greater
value, either through lower prices or by providing more benefits that justify higher prices.

“Choosing the positioning is often easier than implementing the position.”

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