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Segmenting

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Page 1: Segment Ting

Segmenting

Page 2: Segment Ting

Market: people or institutions with sufficient purchasing power, authority, and willingness to buy

Market SegmentationDividing a market into distinct groups with distinct needs, characteristics, or behavior who might require separate products or marketing mixes.

Page 3: Segment Ting

Target market: specific segment of consumers most likely to purchase a particular product

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Consumer products: goods or services purchased by an ultimate consumer for personal use

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Business products: goods or services purchased for use either directly or indirectly in the production of other goods and services for resale

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KC MasterpieceProduct Targeted at Selected Consumers

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Cattlemen’sProduct Targeted at the Business Market: Comes in 1 and 5 Gallon Containers. Introduced more than 40 years ago to meet the special needs of foodservice operators

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The Role of Market SegmentationMarket Segmentation: division of the total market into smaller, relatively homogeneous groupsNo single marketing mix can satisfy everyone. Therefore, separate marketing mixes should be used for different market segments.

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Market segmentation procedure

Stage I - Survey stageStage II - Analysis stageStage III - Profiling stage

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Basis for segmenting consumer markets

Geographic segmentationRegionCity

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PampersThis ad is an example of geographic segmentation. When visiting the web site look for the different countries Pampers markets to.

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Demographic segmentationAgeFamily sizeFamily life cycleGenderIncomeOccupationEducationReligion

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•Psychographics segmentation–Life style–Personality

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Segmenting Consumer Markets

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Product-related segmentation: dividing a consumer population into homogeneous groups based on characteristics of their relationships to the product Can take the form of segmenting based on:• Benefits that people seek when they buy• Usage rates for a product• Consumers’ brand loyalty toward a product

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Requirements for Effective Segmentation

• Size, purchasing power, profiles of segments can be measured.

• Segments can be effectively reached and served.

• Segments are large or profitable enough to serve.

Measurable Measurable

AccessibleAccessible

SubstantialSubstantial

DifferentialDifferential • Segments must respond differently to different marketing mix elements & programs.

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The Market Segmentation ProcessStage I: Identify Segmentation Process

Stage II: Develop Relevant Profile

Stage III: Forecast Market Potential

Stage IV: Forecast Market Share

Stage V: Select Specific Segment

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Identify Segmentation Process

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Stage II: Develop Relevant Profile

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Stage III: Forecast Market Potential

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Stage IV: Forecast Market Share

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Stage V: Select Specific Segment

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Patterns of target market selection

• Single segment concentration• Selective specialisation• Product specialisation• Market specialisation• Full market coverage– Undifferentiated marketing– Differentiated marketing– Concentrated Marketing

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Undifferentiated Marketing

Differentiated Marketing

Concentrated Marketing

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Undifferentiated marketing:

Undifferentiated Marketing

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Differentiated Marketing

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Concentrated Marketing

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• Selecting and Executing a Strategy– No single, best choice strategy suits all firms– Determinants of a market-specific strategy• Company resources• Product homogeneity• Stage in the product life-cycle• Competitors’ strategy

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Positioning

• Positioning is the act of designing the company’s offerings and image so they occupy a meaningful and distinct competitive position in the target customers minds

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POSITIONING

• Using product characteristics• The price – quality approach• The use or applications approach• The product user approach• The cultural symbol approach

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Developing new products

• Once a company has carefully– Segmented the market– Chosen target customer groups– Identified their needs– Determined the market positioning

It is ready to develop and launch appropriate new products

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What is a new product…

• New to the world products• New product lines• Addition to existing product lines• Improvements in the existing products• Repositioning

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