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Identifying Market
Segments and Targets
8-2
Effective Targeting Requires…
Identify and profile distinct groups of buyers who differ in their needs and preferences.
Select one or more market segments to enter.
Establish and communicate the distinctive benefits of the market offering.
8-3
Four Levels of Micromarketing
Segments Niches Local areas Individuals
8-4
Segment Marketing
Targeting a group of customerswho share a similar set of
needs and wants.
8-5
Flexible Marketing Offerings
Naked solutionProduct and
service elements that all segment members value
Discretionary optionsSome segment
members valueOptions may carry
additional charges
8-6
The Experience Economy
Experience Services Goods Commodity
8-7
Customerization
Combines operationally drivenmass customization with customizedmarketing in a way that empowers
consumers to design theproduct and service offering
of their choice.
8-8
Segmenting Consumer Markets
Geographic Demographic Psychographic Behavioral
8-9
Demographic Segmentation
Age and Life Cycle Life Stage Gender Income Generation Social Class
8-10
Psychographic Segmentation
VALS Four groups with higher resources
InnovatorsThinkersAchieversExperiencers
8-11
Four groups with lower resourcesBelieversStriversMakersSurvivors
(www.sric-bi.com)
Psychographic Segmentation
8-12
Behavioral Segmentation
Decision Roles Initiator Influencer Decider Buyer User
Behavioral Variables Occasions Benefits User Status Usage Rate Buyer-Readiness Loyalty Status Attitude
8-13
Steps in Segmentation Process
Needs-based segmentation Segment identification Segment attractiveness Segment profitability Segment positioning Segment acid test Marketing mix strategy
8-14
Effective Segmentation Criteria
Measurable Substantial Accessible Differentiable Actionable
8-15
DISCUSSION
Is Mass Marketing dead?
8-16
DISCUSSION
Think of various product categories. How would you classify yourself in terms of the various segmentation schemes? How would marketing be more or less effective for you depending on the segment involved? How would you contrast demographic versus behavioral segment schemes? Which ones do you think would be most effective for marketers trying to sell to you?
Dealing with Competition
8-18
Figure 1.1 Five Forces Determining Segment Structural Attractiveness
Potential entrants Suppliers Buyers Industry competitors Substitutes
8-19
Industry Concept of Competition
Number of sellers and degree of differentiation
Entry, mobility, and exit barriers Cost structure Degree of vertical integration Degree of globalization
8-20
Industry Concept of Competition
Pure monopoly Oligopoly Monopolistic competition Pure competition
8-21
Analyzing Competitors
Share of market Share of mind Share of heart
8-22
Expanding the Total Market
New customers More usage
8-23
Figure 11.6 Six Types of Defense Strategies Defender Flank Preemptive Counteroffensive Mobile Contraction
8-24
Other Competitive Strategies
Market challengers Market followers Market nichers
8-25
Market Challenger Strategies
Define the strategic objective and opponents
Choose a general attack strategy Choose a specific attack strategy
8-26
General Attack Strategies
Frontal attack Flank attack Encirclement attack Bypass attack Guerrilla warfare
8-27
Specific Attack Strategies
Price discounts Lower-priced goods Value-priced goods Prestige goods Product proliferation
Product innovation Improved services Distribution innovation Manufacturing-cost
reduction Intensive advertising
promotion
8-28
Market Follower Strategies
Counterfeiter Cloner Imitator Adaptor
8-29
EXERCISE
Pick an industry. Classify firms according to the four different roles they might play: leader, challenger, follower and nicher. How would you characterize the nature of competition? Do the firms follow the principles described above?