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BGSU - MKT 3000 - Marketing 3000 Chapter8&9 - Class Notes

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BGSU - MKT 3000 - Marketing 3000 Chapter8&9 - Class Notes

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background image MKT 3000 
Chapter 8 
Segmenting and Targeting Markets  Market- includes people/organizations that have a need to buy a product Are heterogeneous Market Segmentation: Divides the market into groups that are similar.  Market Segment: The concluding group due to segmentation. Targeting: Looking at the segments (groups) likes and dislikes and choose 
more groups they can fit into. 
Positioning: Making a specific product for every targeted group to get them 
to buy their product. 
*It is hard to meet the needs of all customers with just one 
product
*
For Successful Segmentation (dividing into groups) 1. Identifiable and Measurable
2. Substantial
3. Accessible
4. Responsive
Bases of Segmentation Geographic segmentation- climate o Example: snow blower, clothes, heating Demographic segmentation  o Income
o Occupation
Walmart = low income Target = high education o Education
o Family
o Age
o Gender
Psychographic Segmentation o Personality  materialistic (Coach, MK)
o Motives safety (state farm)
o Lifestyle  outdoors (Cabela’s)
background image o Geodemographic same neighborhood= same lifestyle Behavioral Segmentation o Benefits sought o Price Sensitivity o Usage situations o Usage rate  divides marketing  by amount bought.  ** multiple bases will help find a smaller and more precise target group Steps to segment a market 1. Select product
2. Choose bases to group the market
3. Select descriptors for segmentation
4. Look at groups
5. Select target
6. Design product chosen to fit target market
How to choose target markets Undifferentiated One big market, one single product Advantage: Cost Savings
Disadvantage: more competition
Multisegment Multiple groups, and a product for 
each
Advantage: potential financial 
success
Disadvantage: Higher cost
Concentrated Select one group (niche=small) Advantage: Concentrates resources
Disadvantage: Groups may be too 
small
Think of: Concentrated experiment 
and seeing if the product actually 
works by choosing groups
Micromarketing Makes products to fit the wants and 
needs
Advantage: Customer satisfaction 
rises
Disadvantage: Higher cost
Perceptual Mapping: graphing location of a product based on the consumers 
thoughts on them.
**Gain competitive advantage by differentiation and positioning Benefit 
segmentation
background image Repositioning: Changing consumers views on a brand to better another 
brand. 

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School: Bowling Green State University
Department: Marketing
Course: Marketing/Non Business
Professor: Fei Weisstein
Term: Fall 2015
Tags: Marketing
Name: Marketing 3000 Chapter8&9
Description: Chapter 8 and 9 Including segmenting and targeting markets and also marketing research!
Uploaded: 10/06/2017
7 Pages 26 Views 20 Unlocks
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