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Part I: THE WORLD OF MARKETING. 1. An Overview of Marketing. 2. Strategic Planning for Competitive Advantage. 3. Ethics and Social Responsibility. 4. The Marketing Environment. 5. Developing a Global Vision. Part II: ANALYZING MARKET OPPORTUNITIES. 6. Consumer Decision Making. 7. Business Marketing. 8. Segmenting and Targeting Markets. 9. Marketing Research. Part III: PRODUCT DECISIONS. 10. Product Concepts. 11. Developing and Managing Products. 12. Services and Nonprofit Organization Marketing. Part IV: DISTRIBUTION DECISIONS. 13. Supply Chain Management. 14. Marketing Channels and Retailing. Part V: PROMOTION AND COMMUNICATION STRATEGIES. 15. Marketing Communications. 16. Advertising, Public Relations, and Sales Promotion. 17. Personal Selling and Sales Management. 18. Social Media and Marketing. Part VI: PRICING DECISIONS. 19. Pricing Concepts. 20. Setting the Right Price.
Segmenting and Targeting Markets Chapter Lamb, Hair, McDaniel 2014-2015 © Cengage Learning 2015 All Rights Reserved Describe the characteristics of markets and market segments Explain the importance of market segmentation Discuss the criteria for successful market segmentation Describe the bases commonly used to segment consumer markets Describe the bases for segmenting business markets © 2015 by Cengage Learning Inc All Rights Reserved List the steps involved in segmenting markets Discuss alternative strategies for selecting target markets Explain how CRM can be used as a targeting tool Explain how and why firms implement positioning strategies and how product differentiation plays a role © 2015 by Cengage Learning Inc All Rights Reserved Market Segmentation Describe the characteristics of markets and market segments © 2015 by Cengage Learning Inc All Rights Reserved Characteristics of a Market All markets share several characteristics: 1.They are composed of people or organizations 2.These people or organizations have wants and needs that can be satisfied by particular product categories 3.They have the ability to buy the products they seek 4.They are willing to exchange their resources, usually money or credit, for desired products A group of people that lacks any one of these characteristics is NOT a market © 2015 by Cengage Learning Inc All Rights Reserved Market Segmentation Market Market People Peopleor ororganizations organizationswith withneeds needsor or wants wantsand andthe theability abilityand andwillingness willingnessto to buy buy Market Market Segment Segment AAsubgroup subgroupof ofpeople peopleor ororganizations organizations sharing one or more characteristics sharing one or more characteristicsthat that cause them to have similar product cause them to have similar product needs needs Market Market Segmentation Segmentation The Theprocess processof ofdividing dividingaamarket marketinto into meaningful, relatively similar, identifiable meaningful, relatively similar, identifiable segments segmentsor orgroups groups © 2015 by Cengage Learning Inc All Rights Reserved The Concept of Market Segmentation © 2015 by Cengage Learning Inc All Rights Reserved The Importance of Market Segmentation Explain the importance of market segmentation © 2015 by Cengage Learning Inc All Rights Reserved The Importance of Market Segmentation Markets have a variety of product needs and preferences Marketers can better define customer needs Decision makers can define objectives and allocate resources more accurately © 2015 by Cengage Learning Inc All Rights Reserved Criteria for Successful Segmentation Discuss criteria for successful market segmentation 10 © 2015 by Cengage Learning Inc All Rights Reserved Multisegment Targeting Strategy A strategy that chooses two or more well-defined market segments and develops a distinct marketing mix for each © 2015 by Cengage Learning Inc All Rights Reserved 44 Multisegment Targeting Strategy Advantage: Greater financial success Economies of scale Disadvantages: Higher costs Multisegment Strategy Cannibalization © 2015 by Cengage Learning Inc All Rights Reserved 45 Costs of Multisegment Targeting Strategy Product design costs Production costs Promotion costs Inventory costs Marketing research costs Management costs Cannibalization © 2015 by Cengage Learning Inc All Rights Reserved 46 CRM as a Targeting Tool Explain how CRM can be used as a targeting tool 47 © 2015 by Cengage Learning Inc All Rights Reserved CRM © 2015 by Cengage Learning Inc All Rights Reserved 48 CRM Trends © 2015 by Cengage Learning Inc All Rights Reserved 49 Positioning Explain how and why firms implement positioning strategies and how product differentiation plays a role 50 © 2015 by Cengage Learning Inc All Rights Reserved Positioning Developing a specific marketing mix to influence potential customers’ overall perception or a brand, product line, or organization in general © 2015 by Cengage Learning Inc All Rights Reserved 51 Positioning of Procter & Gamble Detergents Brand Positioning Tide Tough, powerful cleaning Cheer Tough cleaning, color protection Bold Detergent plus fabric softener Gain Sunshine scent and odor-removing formula Era Stan treatment and stain removal Dash Value brand Solo Detergent and fabric softener in liquid form Dreft Outstanding cleaning for baby clothes, safe Ivory Fabric and skin safety on baby clothes Ariel Tough cleaner, aimed at Hispanic market © 2015 by Cengage Learning Inc All Rights Reserved 52 Effective Positioning Assess the positions occupied by competing products Determine the dimensions underlying these positions Choose a market position where marketing efforts will have the greatest impact © 2015 by Cengage Learning Inc All Rights Reserved 53 Product Differentiation A positioning strategy that some firms use to distinguish their products from those of competitors © 2015 by Cengage Learning Inc All Rights Reserved 54 Perceptual Mapping A means of displaying or graphing, in two or more dimensions, the location of products, brands, or groups of products in customers’ minds © 2015 by Cengage Learning Inc All Rights Reserved 55 Positioning Bases Attribute Price and Quality Use or Application Product User Product Class Competitor Emotion © 2015 by Cengage Learning Inc All Rights Reserved 56 Repositioning Changing consumers’ perceptions of a brand in relation to competing brands © 2015 by Cengage Learning Inc All Rights Reserved 57 Chapter Video Numi Organic Tea Numi Organic Tea describes how its sampling program helps position the brand with its target markets Its premium position ties naturally into the customer outlined in the film, but Numi is also interested in expanding outside of the major tea drinker into more casual tea drinkers CLICK TO PLAY 58 © 2015 by Cengage Learning Inc All Rights Reserved [...]...Criteria for Segmentation Substantiality Segment must be large enough to warrant a special marketing mix Identifiability and Measurability Segments must be identifiable and their size measurable Accessibility Members of targeted segments must be reachable with marketing mix Unless segment responds to a marketing Responsiveness mix differently, no separate treatment is needed 3 © 2015 by Cengage... Dividingaamarket marketby bythe the amount amountof ofproduct productbought boughtor or consumed consumed AAprinciple principleholding holdingthat that20 20 percent percentof ofall allcustomers customers generate generate80 80percent percentof ofthe the demand demand 4 © 2015 by Cengage Learning Inc All Rights Reserved 29 Bases for Segmenting Business Markets Describe the bases for segmenting business markets... • The Great Depression Generation 4 © 2015 by Cengage Learning Inc All Rights Reserved 17 Gender Segmentation • Women make 85 percent of consumers goods purchases annually • Marketers of products such as clothing and cosmetics still segment markets by gender, and many of these marketers are going after the less-traditional male market 4 © 2015 by Cengage Learning Inc All Rights Reserved 18 Income Segmentation... Reserved 27 Benefit Segmentation The process of grouping customers into market segments according to the benefits they seek from the product 4 © 2015 by Cengage Learning Inc All Rights Reserved 28 Usage-Rate Segmentation Usage-Rate Usage-Rate Segmentation Segmentation 80/20 80/20 Principle Principle Dividing Dividingaamarket marketby bythe the amount amountof ofproduct productbought boughtor or consumed... Cengage Learning Inc All Rights Reserved 13 Geographic Segmentation Region of the country or world Market size Market density Climate 4 © 2015 by Cengage Learning Inc All Rights Reserved 14 Benefits of Regional Segmentation New ways to generate sales in sluggish and competitive markets Scanner data allow assessment of best selling brands in region Regional brands appeal to local preferences... needs and wants of expanding ethnic populations, some companies make products geared toward specific ethnic groups 4 © 2015 by Cengage Learning Inc All Rights Reserved 20 Family Life Cycle 4 © 2015 by Cengage Learning Inc All Rights Reserved 21 Exhibit 8.1 Family Life Cycle © 2015 by Cengage Learning Inc All Rights Reserved 22 Psychographic Segmentation Market segmentation on the basis of personality,... Motives Marketers might appeal to emotional, rational, or status motives, among others 4 © 2015 by Cengage Learning Inc All Rights Reserved 25 Lifestyle Segmentation How time is spent Importance of things around them Beliefs Socioeconomic characteristics 4 © 2015 by Cengage Learning Inc All Rights Reserved 26 Geodemographic Segmentation Segmenting Segmentingpotential potentialcustomers customersinto... Characteristics Characteristics Buying Buying Processes Processes 5 © 2015 by Cengage Learning Inc All Rights Reserved 31 Company Characteristics Important segmentation variables: Geographic location Type of company Company size Product use 5 © 2015 by Cengage Learning Inc All Rights Reserved 32 Buying Processes Satisficers Satisficers Business Businesscustomers customerswho whoplace placean an order ... marketby bythe the amount amountof ofproduct productbought boughtor or consumed consumed AAprinciple principleholding holdingthat that20 20 percent percentof ofall allcustomers customers generate... Rights Reserved The Concept of Market Segmentation © 2015 by Cengage Learning Inc All Rights Reserved The Importance of Market Segmentation Explain the importance of market segmentation © 2015... a special marketing mix Identifiability and Measurability Segments must be identifiable and their size measurable Accessibility Members of targeted segments must be reachable with marketing mix