Week_04/Segmenting and Targeting Markets

Onda: The new week is coming, preparation for new challenge.

Week_03: Segmenting and Targeting Markets

"As it is impossible for target to ALL, so, we need to divide/identify who will be our major target group."

Market is 

1. people or organizations with

2. needs or wants and with

3. the ability and

4. the willingness to buy.

Market Segment is

a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.

Market Segmentation is

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups.

Why Market Segmentation is so important?

As it plays a key role in the marketing strategy of almost all successful organizations and is a powerful marketing tool for several reasons. Most importantly, nearly all markets include groups of people or organizations with different product needs and preferences. Market segmentation helps marketers define customer needs and wants more precisely.

Because market segments differ in size and potential, segmentation helps decision makers more accurately define marketing objectives.

Criteria for Successful Segmentation

/Substantiality

/Identifiability and measurability

/Accessibility

/Responsiveness

Bases for Segmenting Consumer Markets

/Geographic Segmentation

/Demographic Segmentation

/Age Segmentation

/Gender Segmentation

/Income Segmentation

/Ethnic Segmentation

/Family Life-Cycle Segmentation

/Psychographic Segmentation

/Benefit Segmentation

/Usage-Rate Segmentation

Bases for Segmentation Business Markets

/Macrosegmentation

/Microsegmentation

Steps in Segmentation a Market

1. Select a market or product category for study. 

2. Choose a basis or bases for segmenting the market.

3. Select segmentation descriptors.

4. Profile and analyze segments.

5. Select target markets.

6. Design, implement, and maintain appropriate marketing mixes.

Strategies for Selecting Target Markets

A target market is a group of people or organizations for which an organizations designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.

The 3 general strategies for selecting target markets:

/undifferentiated strategy

/concentrated strategy

/multisegment strategy

Positioning means

developing a specific marketing mix to influence potential customers' overall perception of a brand, product line, or organization in general.

keep typing from my notebook later...