Lesson 3 Flashcards
strategies and
identifying one’s unique selling
proposition and competitive
advantage will greatly contribute to a
successful marketing plan.
Market coverage
S-T-P
Segmenting Targeting Positioning
comprised of varied profiles and characteristics
that can be further segregated.
Market
dividing the market into distinct
groups who might require separate products
Market Segmentation
subgroup of a total consumer market who share similar characteristics and need relevant
market segment
CHARACTERISTICS
SEGMENT
OF A MARKET
Identifiable.
Cohesive.
Measurable.
Accessible.
Substantial.
Actionable.
The people who comprise
the segment can be located and identified
such that targeting them would be easy
Identifiable
The consumers should be part of a whole whose specific qualities are
common to all
Cohesive
The marketer should be
able to estimate the size and potential
spending of the members of the market
Measurable
The members of the segment should be accessed by marketing efforts and promotional activities to be conducted.
Accessible
segment is small, it should have a high spending capability to make a significant impact on the business’ bottom line.
substantial
The company has enough resources and commitment to enable effective penetration of the identified segment to ensure effective positioning.
Actionable
divides the market into
different geographic units such
as nations, states, regions,
countries, cities,
neighborhoods, barangays,
towns, etc.
geographic segmentation
segmenting the market based on
variables such as age, life cycle, gender,
income, occupation, education, religion,
and race
Demographic Segmentation
divides consumers based on
different psychographic profiles
such as social class, lifestyle, and
personality characteristics.
Different social classes will have
different taste and preferences
on what they buy.
Psychographic Segmentation
