segmentation laura connor, tony hanson, ryan loder, suyi ma
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SegmentationLaura Connor, Tony Hanson, Ryan Loder, Suyi Ma
Agenda• Social influences
• Major kinds of segmentation
• Requirements of a segment
• Key steps of segmenting
Agenda• Social influences
• Major kinds of segmentation
• Requirements of a segment
• Key steps of segmenting
Social influenceWhen emotions, opinions or behaviors are affected by others
Types of social influence• Kelman’s varieties
Compliance
Identification
Internalization
• Conformity
• Minority
• Self-fulfilling
• Reactance
• Obedience
• Persuasion
https://en.wikipedia.org/wiki/Social_influence
Kelman’s varieties1958 - Herbert Kelman identified three broad varieties of social influence:
• Compliance
• Identification
• Internalization
https://en.wikipedia.org/wiki/Social_influence
The point:
instigate action
cause change
When influence causes change• Positive vision
• Fear
• Pain
• Ultimatums
• Goal alignment
• Care
• Knowledge and ability
• Rewards
http://www.peterstark.com/influences-people-change/
When influence does not cause change• Vision
• Being unaware
• They don’t see the benefit
• It’s not their goal
• Short-term rewards
http://www.peterstark.com/influences-people-change/
Influence• We are being constantly influenced
• Minds are moved by forces we cannot always see
• The scarcity of original thought
Agenda• Social influences
• Major kinds of segmentation
• Requirements of a segment
• Key steps of segmenting
Major kinds of segmentation • Group potential buyers into Segments by:
Demographics (Age, income, education, income etc.)
Geographic ( Climate, region, city size etc.) NortheastMid-Atlantic North-CentralSouthwestNorthwest
Socio-culturalCulture and SubcultureSocial ClassReligion
Major kinds of segmentation • Group potential buyers into Segments by:
Psychographic Lifestyles Attitudes Personality
Behavioral Usage Rates or Frequency Product Features Loyal
Benefits Sought Benefits customers are seeking when they purchase a
product.
What do you value most about a phone?• Phone calls
• Texting
• Camera
• Social Media
• Emails
• E-book
• YouTube viewer
• Games
• Music
• Web browser
• Weather
• Voice dictation
• Personal assistant
• Alarm clock, stopwatch, timer
• Calculator
• Calendar
• Note taker
• Photo album
• GPS navigation
• Flashlight
• Dictionary
• Compass
• Voice Recorder
• Magnifying glass and mirror
• Language translator
• Retail store finder
Phone Activity • Phone Calls Texting
Web Browsing Emails
Agenda• Social influences
• Major kinds of segmentation
• Requirements of a segment
• Key steps of segmenting
Three Reason to Segment Market• Segmentation enables the identification of groups of customers with similar needs, and the analysis of the buying behavior of these groups.
• Segmentation provides information for the specific matching of the design of marketing mixes with the characteristics of the segment.
• Segmentation helps marketers satisfy customers wants and needs while meeting the organization’s objectives.
Requirements of a Segment
In addition to having different needs, for segments to be practical they should be evaluated against the following criteria:
• Substantiality: the segments should be sufficiently large to justify the resources required to target them. A very small segment may not serve commercial exploitation.
• Identifiably: The differentiating attributes of the segments must be measurable so that they can be identified.
• Reachability: The segments must be reachable through communication and distribution channels.
Requirements of a Segment (Cont....)
• Responsiveness: Unless segment responds to a marketing mix differently, no separate treatment is needed.
• Unique needs: To justify separate offerings, the segments must respond differently to the different marketing mixes.
• Durable: The segments should be relatively stable to minimize the cost of frequent changes.
Agenda• Social influences
• Major kinds of segmentation
• Requirements of a segment
• Key steps of segmenting
Key Steps of Segmenting & Targeting Markets
The Five Key Steps in Segmenting and Targeting Markets 1. Group potential buyers into segments
Link Needs To Actions
Key Steps of Segmenting & Targeting Markets• Group potential buyers into Segments by:
Demographics (Age, income, education, income etc.)
Geographic ( Climate, region, city size etc.) Northeast Mid-Atlantic North-Central Southwest Northwest
Socio-cultural Culture and Subculture Social Class Religion
Key Steps of Segmenting & Targeting Markets• Group potential buyers into Segments by:
Psychographic Lifestyles Attitudes Personality
Behavioral Usage Rates or Frequency Product Features Loyal
Benefits Sought Benefits customers are seeking when they purchase a product.
Key Steps of Segmenting & Targeting Markets
The Five Key Steps in Segmenting and Targeting Markets 1. Group potential buyers into segments 2. Group products sold into categories
Link Needs To Actions
Key Steps of Segmenting & Targeting Markets Group products sold into categories
Target Marketing
What it is they are buying and who is doing the buying. Strategy into what market segment to enter.
Marketing Positioning Unique Product that your target customers values
Key Steps of Segmenting & Targeting Markets
The Five Key Steps in Segmenting and Targeting Markets 1. Group potential buyers into segments 2. Group products sold into categories 3. Develop a market-product grid and estimate size of markets
Link Needs To Actions
Key Steps of Segmenting & Targeting Markets
Develop a market-product grid and estimate size of markets
To determine business growth strategies
Key Steps of Segmenting & Targeting Markets
The Five Key Steps in Segmenting and Targeting Markets 1. Group potential buyers into segments 2. Group products sold into categories 3. Develop a market-product grid and estimate size of markets 4. Select target markets
Link Needs To Actions
Key Steps of Segmenting & Targeting Markets• Select target markets
Two types of criteria
Those that divide a market into segments
Those that pick the segment
How does a company choose a target market Competitive position (low cost, differentiation etc.) Opportunities within this segment Meet its goals and objectivesCost
Key Steps of Segmenting & Targeting Markets• Select target markets
Perceptual Maps How do customers see their vehicle
Key Steps of Segmenting & Targeting Markets
The Five Key Steps in Segmenting and Targeting Markets 1. Group potential Buyers into segments 2. Group products sold into categories 3. Develop a market-product grid and estimate size of markets 4. Select target markets 5. Take marketing actions to reach target markets
Link Needs To Actions
Key Steps of Segmenting & Targeting Markets• Take marketing actions to reach target markets
TAKE ACTION TO REACH YOUR TARGET MARKET !!
Questions?
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