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C712 Segmentation

TermDefinition
Market is composed of people with sufficient purchasing power, authority, and willingness to buy.
Target market is the segment of consumers most likely to purchase a particular item.
Consumer products are bought by ultimate consumers for personal use—for example, cell phones, sports tickets, or fashion magazines.
Business Products are goods and services purchased for use either directly or indirectly in the production of other goods and services for resale.
Market segmentation the division of the total market into smaller, relatively homogeneous groups
Four common bases for segmenting consumer markets: geographic segmentation, demographic segmentation, psychographic segmentation, and product-related segmentation.
Geographic segmentation dividing an overall market into homogeneous groups based on their locations.
Core based statistical area (CBSA) refers collectively to metropolitan and micropolitan statistical areas. Each CBSA must contain at least one urban area with a population of 10,000 or more.
Metropolitan statistical area (MSA) is a freestanding urban area with a population in the urban center of at least 50,000 and a total metropolitan statistical area population of 100,000 or more.
Micropolitan statistical area has at least one town of 10,000 to 49,999 people—it can have several such towns—and proportionally few of its residents commuting outside the area
Consolidated metropolitan statistical area (CMSA) includes the country’s 25 or so urban giants, such as Detroit–Ann Arbor–Flint, Michigan; Los Angeles–Riverside–Orange County, California; and Philadelphia–Wilmington–Atlantic City.
Primary metropolitan statistical area (PMSA) is an urbanized county or set of counties with social and economic ties to nearby areas. PMSAs are identified within areas of 1-million-plus populations.
Core regions the locations where the marketers get 40 to 80 percent of their sales.
Geographic information systems (GISs) are computer systems that assemble, store, manipulate, and display data by their location. GISs simplify the job of analyzing marketing information by relating data to location.
Demographic segmentation defines consumer groups according to demographic variables such as gender, age, income, occupation, education, household size, sexual orientation, and stage in the family lifecycle. This approach is also called socioeconomic segmentation
family lifecycle the process of family formation and dissolution. The underlying theme of this segmentation approach is that life stage, not age per se, is the primary determinant of many consumer purchases.
Engel's law as household income increases, the following will take place: small % of expenditures goes for food. % spent on housing, household operations, and clothing remains constant. % spent on other items (such as recreation and education) increases.
Psychographic segmentation divides a population into groups with similar values and lifestyles. Lifestyle refers to a person’s mode of living and describes how an individual operates on a daily basis.
AIO statements describe various activities, interests, and opinions
VALS an acronym for VAlues and LifeStyles. It divides consumers into eight psychographic categories: innovators, thinkers, achievers, experiencers, believers, strivers, makers, and survivors.
Product-related segmentation involves dividing a consumer population into homogeneous groups based on their relationships to the product
Product-related segmentation forms takes three forms: segmenting on product-attributes; usage rates; brand loyalty toward a product
Segmenting by benefits sought This approach focuses on attributes people seek and benefits they expect to receive from a good or service
Segmenting by usage rate Marketers may also segment a total market by grouping people according to the amounts of a product they buy and use. Markets can be divided into heavy-, moderate-, and light-user segments
Segmenting by brand loyalty groups consumers according to the strength of the brand loyalty they feel toward a product
Four steps in the market segmentation process develop a relevant profile for each segment; forecast market potential;forecast probable market share; select specific market segment
Four basic strategies for reaching target markets. undifferentiated marketing; differentiated marketing;concentrated or niche marketing;
Undifferentiated marketing A firm may produce only one product or product line and promote it to all customers with a single marketing mix; such a firm is said to practice undifferentiated marketing, sometimes called mass marketing.
Differentiated marketing Firms that promote numerous products with differing marketing mixes designed to satisfy smaller segments are said to practice differentiated marketing
Concentrated marketing or Niche marketing a firm focuses its efforts on profitably satisfying a single market segment. This approach can appeal to a small firm lacking the financial resources of its competitors and to a company offering highly specialized goods and services.
Micromarketing targeting potential customers at a very basic level, such as by ZIP code, specific occupation, or lifestyle.
Positioning seeks to put a product in a certain position, or place, in the minds of prospective buyers.
Positioning strategies Attributes, price/quality, competitors, application, product user, product class
Positioning map provides a valuable tool in helping managers position products by graphically illustrating consumers’ perceptions of competing products within an industry.
Repositioning changing the position it holds in the minds of prospective buyers relative to the positions of competing products.
Created by: mkale
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