Understanding Market Segmentation for Effective Marketing Strategies
Learn about market segmentation and its importance in targeting specific customer groups based on needs and characteristics. Explore methods such as geographic, demographic, psychographic, and product benefits segmentation to develop a successful marketing strategy that caters to diverse customer profiles.
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Presentation Transcript
MARKETING CONCEPTS CHAPTER 2
RESPONDING TO CUSTOMERS NEEDS AND WANTS First you must determine who they are Study the market http://cdn2.business2community.com/wp-content/uploads/2013/02/who-to-sell-to.png http://www.empowernetwork.com/kevinklau/files/2012/12/work-at-home-business.gif
http://www.yenra.com/marketing/twins.jpg MASS-MARKETING Popular in 1950/1960 s due to shortages after WWII Not often used today Products usually have universal appeal (everyone likes them) To mass market a product, businesses select a single, general advertising theme Designed to keep name before public Ex: Wrigley s Gum = twins http://www.infinitydish.com/tvblog/wp-content/uploads/2012/02/gecko-tampabay.com_.jpeg
MARKET SEGMENTATION Divide the total market into groups of people who share specific needs and characteristics is the goal of market segmentation http://info.tmrdirect.com/Portals/69576/images/How-to-Grow-Your-Client-List-Using-Market-Segmentation.gif
METHODS OF SEGMENTATION Geographic's Based on where people live Refer to local, regional, national or global http://www.wall-maps.com/ngworld-over.jpg
METHODS OF SEGMENTATION Demographics Describe population in terms of physical characteristics Age, gender, income, ethnic, education, occupation
METHODS OF SEGMENTATION Psychographics Involves study of consumers based on lifestyle and attitudes/values it shape People who have same lifestyle share attitudes on most products Examples: sports & magazines
METHODS OF SEGMENTATION Product Benefits Build beneficial features into products Examples: sport shoes Walking Jogging Basketball Tennis http://fc00.deviantart.net/fs29/f/2008/182/2/b/Yoshi_Nikes_by_MarikTheYoshi.jpg
DEVELOPING A CUSTOMER PROFILE Combination of geographic's, demographics, psychographics Equals . complete picture of prospective customer
You have the perfect product + A customer profile Bring the two together by using: TARGET MARKETING Focusing all marketing decisions on the specific group of people you want to reach
4 BASIC MARKETING DECISIONS Product Place Price Promotion Together they create the MARKETING MIX
MARKET Shoes WHAT IS YOUR FAVORITE BRAND OF SHOE? Cars WHAT IS YOUR FAVORITE CAR? DEFINITION OF A MARKET IS . Group of people who share common wants/need AND Have the ability to buy
