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Chapter 9

by: Belinda Tagoe

Chapter 9 MKT 361

Belinda Tagoe
Principles of Marketing
Ania Rynarzewska

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Here are my notes for Chapter 9.
Principles of Marketing
Ania Rynarzewska
Class Notes
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This 24 page Class Notes was uploaded by Belinda Tagoe on Friday October 9, 2015. The Class Notes belongs to MKT 361 at Mercer University taught by Ania Rynarzewska in Fall 2015. Since its upload, it has received 11 views. For similar materials see Principles of Marketing in Marketing at Mercer University.

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Date Created: 10/09/15
Chapter 9 Market Segmentation Targeting and Positioning A market consists of 0 people With enough purchasing power to buy 0 people With the authority to buy 0 People with the willingness to buy Marketers need to understand the market for a good or service Consumers have different lifestyles backgrounds and income levels It39s rare for one marketing mix strategy to appeal to all market sectors Marketers must identify evaluate and select a target market to pursue 0 This helps them develop effective marketing strategies Target market segment of consumers most likely to buy good or service Marketing has reached new levels of global reach 0 This incorporates many target markets Marketers must nd good ways to segment different populations Marketers must communicate with them effectively Types of Markets Products are 0 Business products 0 Consumer products Consumer Products Business Products Bought by ultimate consumers Bought for use directly or indirectly in production Made for personal use Used to produce other goods and services for 0 Cell phones ICSaIG 0 Concert tickets 0 Rubber for tires 0 Cars 0 Cotton for clothing 0 Computers 0 Wood for tables and cabinets 0 Beds 0 Silicon for computers 0 Food 0 Lead for paint A single product can be used for different things Tires bought for the family car are considered consumer products Tires bought by a car company to be mounted on a vehicle are considered business products 0 The tires are part of another product that39s for sale Business products might be modified for consumer use and vice versa To determine an item39s classification ask 0 Who39s going to buy it 0 Who39s going to use it 0 How or Why is it going to be used The Role of Market Segmentation Too many variables exist in consumer needs preferences and purchasing power No single marketing mix can attract every consumer Firms must determine factors that affect buying decisions They must group consumers according to the presence or absence of these factors They adjust marketing strategies to meet each group39s needs Savvy marketers also look at growing markets 0 US Hispanic population 0 Aging baby boomers Market segmentation division of total market into smaller relatively homogeneous groups 0 Both profit and nonprofit organizations practice this 0 It doesn39t guarantee automatic success Its effectiveness depends on four requirements 0 Segment has measurable purchasing power and size 0 Marketers must promote and serve market segment effectively 0 Marketers identify segments large enough to create tidy pro ts 0 The firm must aim for segments that match its marketing capabilities Segmenting Consumer Markets Market segmentation tries to identify the unique traits of a certain group of consumers Understanding the group39s traits is important to a solid marketing strategy 0 Age 0 Gender 0 Geographic location 0 Income level 0 Buying patterns 0 Employment trends Completely homogeneous market segments are rare 0 There are usually differences among members of a target market 0 Marketers need to ensure that market segments re ect consumer interests There are four common bases for segmenting consumer markets 0 Geographic segmentation 0 Demographic segmentation 0 Psychographic segmentation 0 Productrelated segmentation These approaches help guide marketing strategies if they show significant differences in buying behavior Geoaranhic Segmentation This divides an overall market into homogeneous groups based on location Population size isn39t enough of a reason to enter a certain country Firms may expand into countries that share populations and productuse patterns 0 Example European Union EU 0 EU nations share currency and trade laws Marketers may segment geographic regions by household income 0 Job growth may attract firms Geographic regions vary in population migration patterns Several factors cause migration patterns 0 Job transfer 0 Retirement 0 Natural disasters 0 Move from cities to suburbs Marketers must determine who is moving where Americans started moving from cities to suburbs after WWII This altered cities39 traditional patterns of retailing Many downtown shopping areas went bankrupt There39s been a recent trend toward the revival of some downtown urban areas In response the government has established classifications for urban data Core Based Statistical Area CBSA Collectively refers to metropolitan and micropolitan areas Each CB SA requires at least one urban area with population gt 10000 Each metropolitan statistical area requires at least one urbanized area with population gt 50000 Each micropolitan statistical area requires at least one urban cluster with a population between 10000 and 50000 381 metropolitan and 536 micropolitan statistical areas in US Metropolitan Statistical Area MSA Freestanding urban area Population in urban center gt 50000 Total metropolitan statistical area population gt 100000 Socioeconomic homogeneity Border on nonurbanized counties Little Rock AR KalamazooB attle Creek MI Rochestor NY Micropolitan Statistical Area At least one town with population of 10000 49999 Proportionally few residents who commute outside of area 536 micropolitaan statistical area in continental US Corning NY Kalispell MT Consolidated Metropolitan Statistical Area CMSA At least two primary MSAs 25 urban giants DetroitAnn ArborFlint MI Los AngelesRiversideOrange County CA Primary Metropolitan Statstical Area PMSA Urbanized county or set of counties Socioeconomic ties to nearby areas Identified within areas of populations gt1 million Olympia WA part of SeattleTacomaBremerton PMSA Bridgeport CT part of NYnorthern NJ Long Island PMSA Core regions locations responsible for 4080 of sales 0 Marketers of major brands focus on these areas Residence location in a geographic area is an important segmentation variable Geographic segmentation shows useful differences when regional preferences or needs exist 0 Buyers in temperate climates might buy snow blowers during the Winter 0 Buyers in coastal hurricaneprone regions might buy ood insurance People may relocate for family or jobrelated reasons Multiple segmentation variables is a good strategy for reaching a target market Geographic Information System GIS computer system 0 This assembles stores manipulates and displays data by their location 0 They make it easier to analyze marketing information 0 Buyers and sellers have become more dependent on GISs 0 Example Google Earth GISs are used for various purposes 0 Locate new outlets 0 Assign sales territories 0 Plan distribution centers 0 Map out most efficient delivery routes Demographic Segmentation Demographic segmentation segments consumer groups by demographic variables 0 Age 0 Sexual orientation 0 Stage of family lifecycle 0 Gender 0 Raceethnicity This is also called socioeconomic segmentation It39s the most common type of market segmentation It can lead to stereotyping Stereotyping can alienate a whole market or miss it altogether Demographic segmentation can help marketers communicate effectively With their target markets Segmenting by Gender This can be tricky Gender barriers have become less distinct 0 Women buy pickup trucks and power tools 0 Men buy skincare products and earrings Female consumers who regularly use the Internet make most of the choices about retail items Segmenting by Age Consumers39 roles and needs change Age distribution shifts and changes occur in each age group This can blur lines between different ages 0 Baby aspirin is also marketed to adults with heart disease SchoolAge Children They strongly in uence family buying decisions Twoyearolds pressure their parents to buy foods clothing and toys that they want The food industry spends 10 billion a year marketing to young children Ads for cereals snacks fast food etc are designed to attract kids younger than 12 years Advertising of junk food plays a major role in childhood obesity Tweens and Teens Tweens preteens and teens are a rapidly growing market They spend 200 billion a year on products and services They re ect the diversity of the overall US population They strongly in uence family buying decisions The most popular products include 0 Candy 0 Snacks 0 Soft drinks 0 Clothing 0 Music 0 Electronics They39re highly interactive They grew up with the Internet They expect to have active involvement in their entertainment They39re comfortable with technology They buy a lot of electronics Phone and car companies advertise more to older teenagers Snack clothing and Video game companies advertise more to younger teenagers Some companies have expanded their product line to include this group Generation X Born between 1968 and 1979 They faced economic and job challenges 0 Expensive housing 0 High student loan debt 0 High credit card debt Their financial condition has improved They39re familyoriented They39re welleducated They39re optimistic They39re comfortable with the Internet They were raised on TV They39re concerned about social and environmental issues Baby Boomers Born between 1946 and 1964 They have a lot of disposable income Their values were in uenced by the Vietnam War Their values were in uenced by the careerdriven area afterward They grew up with early TV They tried new cereals ate TV dinners and Viewed TV ads for cigarettes They39re a very lucrative segment buying power of 7 trillion There are many subgroups in this segment 0 Some have children much earlier than others They quickly embrace new technology Internet social networking etc They value good health and quality of life Seniors Americans are living longer than ever The media age of the US has soared They have most discretionary income of each age group They have the highest rate of home ownership of each age group They account for a major portion of newcar sales and travel expenses Rich seniors purchase luxuries and leisure activities They helped build suburbs Their families weathered financial hardship when they were kids They associate with people who have similar views and backgrounds They39re concerned with personal safety They39re unlikely to try new products The Millennials cohort effect tendency of members of a generations to be in uenced by major events 0 These events often occur during their developing years 0 WWII and Korean War seniors 0 Vietnam War older baby boomers 0 911 attacks Generation Y 0 Major technological innovations in entertainment video games etc 0 Important life experiences help shape their buying decisions More people prefer to play video games than go to the movie theater Millennials are very comfortable with technology social media Internet etc They want activities that provide constant entertainment They want activities that provide instant gratification Segmenting bv Ethnic Group Hispanics and African Americans are the largest racialethnic groups in the US There are gt54 million Hispanics in the US The Hispanic population is growing faster than the African American population Majorityminority county place where gt50 of population consists of one racial or ethnic group 0 This racial or ethnic group isn39t nonHispanic White 0 The population growth of ethnic minorities has created majorityminority counties Hispanics have far less disposable income than nonHispanic Whites do Hispanics39 buying power is rising nearly 3X faster than the national average Hispanics have an estimated 15 trillion in buying power Marketers have been trying to appeal to Hispanics in the US They usually offer product information in English and Spanish African Americans and Hispanics are diverse Rich Blacks are impacting the national economy African Americans hold a estimated 11 trillion in buying power Asian Americans This is a smaller group than Hispanics or African Americans at almost 19 million They39ve been the fastestgrowing racial group since 2000 They also have the fastestgrowing level of income Asian Americans are concentrated in fewer locations than other races and ethnic groups 0 CA 0 NY 0 TX Asian Americans are very diverse 0 Hindi 0 Korean 0 Japanese 0 Chinese 0 Cantonese 0 Mongolian 0 Bengali 0 Vietnamese 0 Cambodian 0 Laotian 0 Hmong 0 Telugu 0 Mandarin 0 Tamil 0 Hawaiian 0 Bangladeshi 0 Pakistani 0 Urdu 0 Thai Demographics vary widely by Asian group 0 The median household income for Asian income is 97000 0 The median household income for Bangladeshi Americans is 45000 Native Americans This includes Alaskan Natives and American Indians There are 54 million Native Americans in the US 0 Cherokee 0 Pueblo 0 Creek 0 Apache 0 Navajo 0 Iroquois 0 Aleut and Eskimo outside continental US The Native American population grew faster than the general US population Native Americans have succeeded in business 0 237000 nonfarm firms owned by Native Americans operated in the US 0 They received 344 billion in receipts 0 Reservation casinos and related gaming activities make billions each year American Indian Business Leaders nonprofit group 0 They39re dedicated to empowering American business students 0 Their goal is to increase Native American in uence in business and entrepreneurship People of Mixed Race Americans can register as members of multiple races About 9 million Americans register as mixed race Including a mixed race category is more accurate Including a mixed race category complicates statistical comparisons of race Some mixedrace Americans prefer to emphasize one heritage over another Others don39t make a choice An estimated 45 of mixedrace Americans are under age 25 Forwardthinking marketers must consider this market as well Segmenting by Family Lifecycle Stages Family lifecycle Stages of family formation and dissolution Life stages determine consumer purchases under this type of segmentation People become potential buyers of certain goods and services as they age 0 Singles may purchase inexpensive goods and services 0 Childless couples often buy personalized gifts furniture and homes 0 New parents often buy cribs changing tables diapers car seats etc Parents usually spend less on the older kids Older mothers are more likely to be established financially Mothers who stay at home after childbirth may see their income drop Families usually spend the most during their childrens39 developing years 0 Housing 0 Food 0 Clothing 0 Braces 0 College Families usually try to look for the best value whenever they can Married couples eventually reach the empty nest stage 0 This occurs when the kids have grown up and left the house 0 Empty nesters have a lot of disposable income after paying off tuition and mortgages 0 They can make luxury purchases 0 They may travel and eat out more often 0 They may go back to school 0 They may buy a vacation home 0 They may later sell their homes and invest in retirement housing 0 They may work part time or start businesses Boomerangs have become more common Boomerang term describing grown children who move back in with their parents 0 30 of young adults are boomerangs 0 Some of them may bring their pets or their own kids 0 This is partially a result of the economic recession and job losses Grandparents who care for grandchildren are also becoming more common 0 They once again become customers for baby products Segmenting bv Household TVDe The average household size has dropped over time 0 It was 58 people in 1790 0 It39s 3 people today The average household size has dropped for various reasons 0 A falling birthrate 0 The added expense of a child 0 Falling fertility rates 0 Young adults39 tendency to postpone marriage 0 Frequency of divorce 0 People39s ability and desire to live alone American households are very diverse 0 Married couples With kids 0 Remarried couples With kids from other marriages 0 Single parents 0 Grandparents 0 Childless couples 0 Groups of friends 0 Singles 0 Gay couples Young childless couples often have a lot of disposable income 0 They eat out often 0 They take expensive vacations 0 They buy luxury vehicles Samesex and LBGT couples are increasing 0 gt2 million children are raised by LGBT parents 0 The LGBT community has 830 billion in buying power Marketers realize that LGBTs are important customers 0 Apple Jet Blue and J CPenney target LGBT customers Marketers have launched advertising campaigns to attract singles 0 Food industry companies are downsizing to singleserving foods Segmenting by Income and Expenditure Patterns Segmenting by income is very common Marketers often target geographic areas with a wealthy populace Engel39s Laws Engel39s Laws Three general statements based on how higher income changes spending behavior 1 A smaller percentage of expenditures goes for food 2 The percentage spent on housing household operations and clothing stays the same 3 The percentage spent on other items recreation education etc rises Consumers have spent less of their income on food beverages and tobacco as their income rises Lowincome families tend to spend more of their income on food In ated food prices have forced consumers to change how they shop 0 They spend the same as before to buy fewer items 0 They spend more to buy the same number of items 0 They spend less and buy as many items as possible within a new budget Consumers have become more selective 0 They try to look for any available bargains 0 More Americans ate outside years ago 0 The recession forced many Americans to avoid eating out more often 0 Americans spend 40 of their food money outside the house The percentage of fixed expenditures for house expenses has risen over the past 30 years The percentage spent on clothing rises with income Northeasterners and Westerners spend more on housing than Midwesterners and Southerners Engel39s Laws can help marketers target all income levels Luxuryproduct companies have tried to broaden their customer base 0 They offer their products at different price levels Demographic Segmentation Abroad Obtaining demographic data overseas is difficult 0 Germany skipped counting from 1970 to 1987 0 France conducts a census every seven years 0 Japan and Canada conduct censuses every five years Foreign data contains demographic categories that don39t exist in the US census 0 Canada collects data about religious affiliation 0 Many nations leave out income data Japan Great Britain Spain etc 0 Ireland only acknowledges three marital statuses single married widowed 0 Sweden and Latin American nations count unmarried cohabitants International Programs Center IPC source of global demographic data 0 This provides an online database of population stats from many nations 0 This data is available on the Census Bureau39s site The UN is another source 0 This sponsors national statistical offices 0 These offices obtain demographic data on various nations Private marketing research firms supplement government data Boston Consulting Group gather data about consumer income around the world 0 It focuses on millionaire households Global wealth has been recovering since the recession 0 The US has the most millionaire households gt7 million PsthOgraDhic Segmentation Marketers need fuller more lifelike ideas of consumers in their marketing campaigns Psychographic segmentation can provide insight into buying decisions What is Psychographic segmentation Psychographic segmentation segmentation based on attitudes values and lifestyles 0 This divides a population into segments with similar attitudes values and lifestyles 0 Lifestyle is a person39s way of living 0 It describes how an individual lives each day 0 This includes their needs motives perceptions and attitudes 0 This also includes family job social activities and culture A largescale survey is the most common way to develop psychographic profiles 0 This asks consumers to agree to disagree with a large set of A10 statements AIO statements Items on lifestyle surveys that describe activities interests and opinions 0 These enable marketers and researchers to develop lifestyle profiles 0 Marketers can form a separate marketing strategy to appeal to a certain lifestyle segment These studies help marketers understand the needs of consumers in certain marketplaces They also help them determine how customers view individual institutions Psychographic research is used to figure out what various demographic and geographic segments want w SRI International developed VALS over 25 years ago VALS VALues and LifeStyles 0 This initially categorized buyers by their views on social issues abortion etc 0 It39s owned by Strategic Business Insights SBI now 0 This revision is an effort to make VALS more tied to buyer behavior 0 This now categorizes buyers by characteristics that match purchase behavior 0 It39s based on resources and selfmotivation VALS divides consumers into 8 psychographic categories 0 Innovators High resources High innovation 0 Thinkers and Believers Ideals principlemotivated buyers 0 Achievers and Strivers Achievement achievementmotivated buyers 0 Experiencers and Makers SelfExpression actionmotivated buyers 0 Survivors Low resources Low innovation SBI has created specialized segmentation systems GEOVALS estimates the percentage of each VALS type in a US residential zip code JapanVALS segments the Japanese marketplace 0 This targets early adopters of new ideas and products UKVALS segments the United Kingdom marketplace into 6 groups of consumers SBI is developing other systems for South American and Caribbean nations Using Psychographic Segmentation This helps marketers determine aspects of consumers39 personalities and lifestyles This helps them market goods and services to a target market Marketers can see the psychological motivations of their buyers Psychographic profile systems reveal richer portraits of consumers than other methods It39s a good supplement to demographic and geographic segmentation Productrelated Segmentation This method groups consumers based on their relationship to a product Productrelated segmentation is based on 0 Benefits people seek When buying a product 0 Usage rates for a product 0 Brand loyalty toward a product Segmenting bv Benefits Sought This focuses on the benefits that buyers want out of a product or service 0 Buyers purchase a fullsize Ford SUV for extra room 0 Buyers purchase a Ford sedan for improved gas mileage 0 Buyers purchase Starbucks coffee for a good taste 0 Buyers pay to work out at a gym to be healthier 0 Buyers purchase Apple iPads for reading entertainment etc Segmenting bv Usage Rates This focuses on how often buyers purchase and use a product Buyers maybe light moderate and heavyusers 8020 principle Pareto39s Law 80 of a product39s revenues come from 20 of its buyers 0 This 20 includes a relatively small but loyal percentage of total buyers 0 This is a generally accepted rule 0 Relatively few heavy users account for a large percentage of a product39s revenue Usage rates can be linked to other segmentation methods Segmenting by Brand Lovaltv This focuses on how much brand loyalty customers feel toward a product Frequentpurchase programs are a prime example of segmenting by brand loyalty 0 Frequent yer program 0 Frequent stay program 0 Frequentpurchase of books and gasoline 0 Frequentpurchase of groceries Companies may try to build brand loyalty over a customer39s lifetime They carefully build brand loyalty starting from childhood 0 Disney has been placing its characters on kids39 products for decades 0 Kellogg39s has been using its characters to sell cereals to generations of buyers Using Multiple Segmentation Bases Combining segmentation methods is an ef cient way to determine consumer needs and wants The Market Segmentation Process Firms must decide which segmentation bases to use They may use a managementdriven method 0 Managers use their observations to define certain segments They may use a marketdriven method 0 Customer surveys define certain segments They then follow a 4stage process Develop a Relevant Profile for Each Segment Marketers must understand the customers in each segment Managers can match buyers39 needs With firm39s marketing campaigns Must identify traits that explain similarities and differences among segments Develop a profile of the typical customer in each segment lifestyle patterns productuse habits geographic locations etc Forecast Market Potential Market segmentation and market opportunity produce forecast of market potential in each segment Market potential determines highest demand that firms can expect from a segment Multiplying by market share determines a single firm39s highest sales potential This step determines Whether management Will greenlight a product or service Forecast Probable Market Share After determining market potential firm must determine its probable market share This analyzes competitors39 positions in target segments This designs a specific marketing strategy to reach these segments Firm determines expected level of resources it must commit advertising costs etc Select Specific Market Segments Information analysis and forecasts allow management to evaluate the potential to achieve company goals Demand forecasts and cost projections calculate expected profits and return on investment Marketing strategy and tactics must reinforce the firm39s image They must stay Within firm39s organizational capabilities Firm considers environmental and organizational limitations lack of experienced personnel legal limits on market concentration Strategies for Reaching Target Markets Marketers try to develop the best strategies for meeting the needs of target markets There are 4 basic strategies for achieving customer satisfaction 0 undifferentiated marketing 0 differentiated marketing 0 concentrated marketing 0 micromarketing Social media is a common means of reaching customers in all of these strategies Undifferentiated Marketing This strategy centers on making one product and marketing it to buyers 0 This is also known as mass marketing 0 This uses a single marketing mix 0 This was more common years ago 0 Offering one product gives an advantage to competitors offering specialized alternatives 0 Specialized alternatives from competitors may satisfy individual segments of the market Strategies of differentiated concentrated or micromarketing can attract these individual segments This can outdo a competitor39s undifferentiated marketing strategy Differentiated Marketing This strategy promotes several different products With different marketing mixes 0 These are designed to satisfy smaller segments 0 Each of the smaller segments are satisfied 0 This can help a company produce more sales than a differentiated marketing strategy can 0 This is more expensive than a differentiated marketing strategy 0 More products and versions means shorter production runs and longer setup times 0 More products require more storage space 0 More products means higher inventory costs 0 More products means more recordkeeping efforts 0 Each segment requires a unique marketing mix 0 This raises promotional and advertising costs 0 This strategy can help a company diversify and reach new customers Concentrated Marketing This strategy focuses on satisfying one market segment 0 This works well for a small firm that lacks the financial resources of its competition 0 This also works well for a firm that sells very specialized goods and services 0 A firm39s growth depends heavily on a specific segment 0 Sales will suffer if new competitors take away customers 0 Errors in forecasting market potential or buying habits can endanger a firm 0 A company could diversify its products in anticipation Micromarketing This strategy targets customers at very narrow basic levels 0 This may only target customers in a certain zip code 0 This may only target customers in a certain profession 0 This may only target customers with a certain lifestyle 0 The Internet allows marketers to track personal information email address zip code etc 0 Its target market may be too small and speci c to be profitable 0 A company may miss much larger markets Selecting and Executing a StrategV There isn39t one type of marketing strategy that satisfies all firms Any of these choices may be the best in a certain situation There are 4 basic determinants of a marketspecific strategy 0 Company resources 0 Product homogeneity 0 Stage in product life cycle 0 Competitors39 strategies A firm with limited resources may use a concentrated marketing strategy 0 They may be forced to select small target markets 0 This is due to limited advertising budgets and sales force 0 A single person who knits clothing for sale would be one example A firm selling relatively homogeneous items may use an undifferentiated marketing strategy 0 Grain companies market standardized grades of generic products 0 Petroleum companies use undifferentiated marketing to sell gas A firm39s strategy can change as the product progresses through its life cycle 0 Competitive pressures may force product modifications 0 Competitive pressures may force marketing strategies to change during development Positioning puts product in a certain position in potential buyers39 minds 0 Positioning strategies distinguish a firm39s products from those of its competition 0 These create promotions that communicate the desired position There are various categories that help make positioning strategies 0 Attributes 0 Pricequality 0 Competitors 0 Application 0 Product user 0 Product class Marketers want to emphasize a product39s unique traits and benefits Positioning map Graphic illustrations of consumers39 perceptions of competition within an industry 0 These consist of information acquired from consumers 0 These consist of people39s accumulated knowledge of a market 0 They might use two different categories price and quality Changes in competitive environments force marketers to reposition a product Repositioning changes a product39s position in potential buyers39 minds relative to competition 0 This may be necessary for already successful products or firms to increase market share Marketers must accurately identify potential customers They can use various tools segmenting by gender age geographic location etc The goal is to determine the best combination of methods for segmentation This will identify the most lucrative and longestlasting potential markets Marketers must be exible and sensitive to marketplace changes 0 Following generation as it ages 0 Keeping up With technological advances 0 Repositioning products 0 Revamping its offerings The greatest competitive advantage will go to companies that identify and serve markets 0 These markets aren39t too small or specialized to garner profits 0 Their audience becomes loyal buyers


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