WEEK 3-4 Flashcards
(47 cards)
A marketing approach that involves segregating a wide-ranging target
market into subsections of patrons (shoppers and users) who have mutual
needs and common characteristics, thereby constructing and executing
approaches to be directed at their requirements and yearnings by means of media channels and other touch-points that best allow to reach the
consumers
MARKET SEGMENTATION
Obliging the needs of a specific group, distinctive marketing mix for distinct
segments.
SEGMENT MARKETING
Marketing to a solitary group, modifying the mix to their definite needs and entice them, permitting the firm to participate in relationship marketing.
NICHE MARKETING
Establishments retail compound varieties of a product; a piece alluring to a typical market segment. Differentiated strategy can generate better sales
DIFFERENTIATED MARKETING
Tailoring market mix to suit individual customers and create value for each individual
INDIVIDUAL MARKETING
THE 4Ps of Marketing Strategies
- Product 3. Place
- Price 4. Promotion
Additional 3Ps
- People
- Processes
- Physical Evidence
8 ATTRIBUTES of EFFECTIVE SEGMENTATION
- Identifiable
- Sizeable
- Unique Needs
- Measurable
- Accessible
- Profitable
- Durable
- Compatible
the distinguishing features and characteristics of the segments must be recognized and acknowledged.
IDENTIFIABLE–
the segments should be satisfactorily large enough to rationalize and validate the resources needed to target them.
SIZEABLE
the sectors must respond to take action to the unusual marketing mixes.
UNIQUE NEEDS
the prospective of the segments in addition to the upshot of a certain marketing mix should be definite and significant.
MEASURABLE
- the segments must be available via communication and distribution channels.
ACCESSIBLE
– Market segments must yield profit or financial gain for it to be feasible.
PROFITABLE
– The segments should be fairly stable, withstanding pressure, as it implies a capacity to continue and to reduce the cost of repeated modifications.
DURABLE
– Segments must be well-matched and attuned with firm’s resources and capabilities
COMPATIBLE
is the manner by which marketers make a distinction among consumers and market segments.
SEGMENT BOUNDING
Consumer market can be
segmented on the following attributes: 7
Geographic
Demographic
Psychographic
Psychological Influence
Social Influence
Marketplace Behavior
Consumption Behavior
divides a market based on location, such as country, region, or city, allowing businesses to tailor their offerings to local preferences and needs.
Geographic segmentation
divides a market based on factors like age, gender, income, education, occupation, and family size, helping businesses target specific groups with tailored products and marketing.
Demographic segmentation
divides a market based on lifestyle, values, interests, and personality traits, helping businesses target consumers based on their attitudes and behaviors rather than just demographics.
Psychographic segmentation
refers to dividing a market based on consumers’ psychological factors, such as motivations, perceptions, attitudes, beliefs, and emotional triggers. This type of segmentation aims to understand how consumers think and feel, helping businesses create more personalized and effective marketing strategies.
Psychological influence segmentation
divides a market based on social factors such as social class, lifestyle, reference groups, and social status. This approach helps businesses target consumers based on their position within society and how social influences affect their buying behavior.
Social segmentation
divides consumers based on their buying behaviors, such as purchasing patterns, brand loyalty, usage frequency, benefits sought, and decision-making processes. This approach helps businesses tailor their products and marketing efforts to specific consumer behaviors and preferences.
Market behavior segmentation
