The flashcards below were created by user
on FreezingBlue Flashcards.
Involves dividing a potential market into distinct subsets of consumers and selecting one or more segments as a target market to be reached with a distinct marketing mix.
Each subset of consumers have common needs or characteristic.
Criteria for Effective Targeting of Market Segment
Identification: Can identify and measure characteristic.
Sufficiency: Size and profitability of segment.
Stable: Segment is stable in terms of need, demographics, and psychological factors.
Accessibility: Economically accessible.
: Select a market, apply those segmentation variables that are useful in helping to differentiate between consumer segments, and then assess each segment and decide on which should be targeted with marketing messages.
Select the number of groups to be targeted and then rank them in order of importance. Develop marketing strategies
- Positioning: Select meaningful attributes that
- will help differentiate the product/service from its competitors. Apply positioning through marketing strategy and tactics
Implementing Segmentation Strategies - Concentrated and Differentiated marketing.
Concentrated Marketing: Targeting one segment with a unique marketing mix.
Differentiated Marketing: Targeting several segments with distinct, individual marketing mixes.
9 Potential Segmentation Bases
PP DUG BUSH
- Psychograghic (activities, interests, opinions)
- Psychological (needs-motivation, personality)
- Use Related
- Benefit (Funtional or Emotional)
- Use situational