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Consumer Behavior Marketing 410 Chapter 3 Book Notes

by: Stephanie Marie

Consumer Behavior Marketing 410 Chapter 3 Book Notes Marketing 410

Marketplace > University of Massachusetts > Marketing > Marketing 410 > Consumer Behavior Marketing 410 Chapter 3 Book Notes
Stephanie Marie
GPA 3.658

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Consumer Behavior Book Notes
Consumer Behavior
Iyer Earswar
Class Notes
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This 5 page Class Notes was uploaded by Stephanie Marie on Wednesday February 24, 2016. The Class Notes belongs to Marketing 410 at University of Massachusetts taught by Iyer Earswar in Winter 2016. Since its upload, it has received 36 views. For similar materials see Consumer Behavior in Marketing at University of Massachusetts.


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Date Created: 02/24/16
Marketing 410  Chapter 3 Marketing Segmentation and Strategic Targeting Why is Market Segmentation Necessary? ● enable producers to avoid head on competition in the marketplace by  differentiating their offerings on the basis of such features as price, styling,  packaging, etc. ● more profitable than mass marketing ● to identify the most appropriate media in which to place advertisements Criteria for Effective Targeting ● Identifiable ○ marketer must be able to identify characteristics that are  relevant to the product or service ■ examples: demographics, lifestyle, etc. ● Sizeable ○ must consist of enough consumers to make targeting  profitable  ● Stable ○ avoid fickle segments that are unpredictable  ● Accessible ○ marketers must be able to reach that market segment in an  economical way  ● Congruent with The Company’s Objectives and Resources Bases for Segmentation ● hybrid segmentation­ includes attributes from two or more of the four  quadrants  ● the four groupings stem from dividing consumers’ characteristics along  two criteria  ○ facts­ which can be determined from direct questioning and  categorized by a single objective measure vs. cognitions which are  abstract, can be determined only through more complex questioning  ○ consumer rooted features stemming from the consumer’s  physical, social, psychological characteristics vs. consumption specific  usage behaviors or attitudes/ preferences toward specific products or   buying situations  ● Consumer Rooted Segmentation Bases ○ includes facts and cognitions  ○ demographics, social class ­ facts ○ psychographics (lifestyles)­ cognitions ○ Demographic Segmentation ■ easiest and most logical way to classify people  and can be measured more precisely than other segmentation  bases  ■ offer the most cost effective way to locate and  reach specific segments  ■ demographics enable marketers to identify  business opportunities enabled by shifts in populations’ ages,  income, or geographic location ■ many consumption behaviors. attitudes, media  exposure patterns are directly related to demographics ○ Age ■ ages influences our buying priorities ■ marketplace decision difficulty (MPDD) more  typical of older, less educated female consumers ○ Gender ■ women mainly use hair coloring ■ sex roles have blurred and gender is no longer  an accurate way to distinguish consumers in these and other  product categories  ○ Marital Status ■ singles, divorced individuals, single parents,  and dual income married couples  ○ Family Life Cycle ■ for example young single people need basic  furniture for their apt. whereas their parents finally free of children  often refurnish their homes with more elaborate pieces  ■ classification stemming from factual variables  including marital status, employment status, and the presence or  absence of children in the household  ■ traditional family life cycle­ bachelorhood,  honeymooners, parenthood, post parenthood, dissolution ○ Income, Education, and Occupation ■ ability to pay for a product or specific version of a given offering ■ all co­related ■ high level occupations that product high  incomes usually require advanced education and are more  prestigious than occupations requiring less education ● Geographic Segmentation ○ climates determine the type of clothing most people own ○ geodemographics­ hybrid segmentation scheme based on  the premise that people who live close to one another are likely to have  similar financial means,tastes, preferences, lifestyles, consumption habits ■ PRIZM ● Personality Traits ○ example: people who are more open minded and perceive  less risk are more likely to be consumer innovators­ more likely to buy new products when it is first introduced  ● Lifestyles ○ psychographics ○ activities, interests, and opinions­ AIOS ○ Likert scales ○ psychographics explain buyers’ purchase decisions and the  choices they make within the buying options available to them  ○ VALS­ values and lifestyles­ the most popular segmentation  system combining lifestyles and values  ○ 3 primary motivations ■ ideals motivated­ guided by knowledge and  principles ■ achievement motivated­ looking for products  and services that demonstrate success to their peers ■ self expression motivated­ desire social or  physical activity, variety, and risk ■ see pg 68 for table ● Sociocultural Values and Beliefs  ○ Culture and Subculture ■ members of the same culture tend to share the same values, beliefs, and customs ■ within a larger culture exist subcultures who  are often united by a certain characteristic associated with specific  values and beliefs ○ Cross Cultural or Global Marketing ■ global sameness allows for example a sneaker marketer to launch styles appealing to segments in different  countries using the same global advertising campaign ■ example: McDonald's in India serves different  food than in the US  ● Consumption Specific Segmentation Bases ○ Usage Rate Segmentation ■ stems from differences among heavy, medium, light users and nonusers  ■ ex: about 25 percent of all beer drinkers  account for about 75 percent of all beer produced  ■ targeting heavy users is a common marketing  strategy ○ Usage Situation Segmentation ■ whether it is a weekday or weekend ■ whether there is sufficient time ■ florist and candy industry promote for  valentines  ○ Benefit Segmentation ■ used to develop a positioning approach ■ brand benefits: functional, value for the money, social benefit, positive emotional benefits, negative emotional  benefits ○ Media Benefits ■ immediacy, accessibility and ree cost ­ digital  newspapers ■ writing style, depth, and details­ traditional  newspaper ● Brand Loyalty and Relationship ○ behavior­ the frequency and consistency of buying a given  brand  ○ attitude­ the consumer’s feeling of commitment to the brand ○ application of brand loyalty­ frequency award programs ● Implementing Segmentation Strategies ○ Behavioral Targeting ■ enables marketers to deliver personalized  advertising messages to buyers  ■ segmentation based on behavior  ○ Microtargeting ■ aggregating individual consumers into  relatively small groups, based on data available about them from  many diff. databases, and targeting them with tailor made  messages  ■ narrowcasting­ opposite of broadcasting,  consisting of using email, mobile devices, and even door to door  presentation to deliver personalized messages to individuals   ○ Concentrated Vs. Differentiated Marketing ■ targeting several segments using individual  marketing mixes­ differentiated marketing ■ target just one segment with a unique  marketing mix­ concentrated ■ concentrated­ small company or new to the  field, and when  ○ Counter Segmentation ■ if a more generic need or characteristic is  identified, two or more segments can be combined and targeted 


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