MGM lectures 12 & 13
MGM lectures 12 & 13 301
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This 0 page Class Notes was uploaded by Alex on Wednesday March 23, 2016. The Class Notes belongs to 301 at University at Buffalo taught by Dr. Dick in Spring 2016. Since its upload, it has received 47 views. For similar materials see Marketing in Business, management at University at Buffalo.
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Date Created: 03/23/16
MGM Lectures 12 amp 13 Learning Objectives 1 SegmentsMarketing Segmentation breaking people into groups based on qualities 2 Criteria for successful segmentation segment must be based on relevant information Differential response different people respond different to different marketing actions Basesways to segment Indexing amp profiling whathow to break up groups into what qualities Lifestyle AIO segmentation studies segment based on lifestyle Benefit Segmentation STP Marketing 9 9 ng STP Marketing for more go to past notes 0 Segmentation breaking customers up into groups based upon characteristicstraitsqualifications 0 Targeting pick segments groups to focus on 0 Positioning target market how to make us standout to the target market Market Segmentation the search for relatively homogeneous clusters in a heterogeneous market 0 AKA market place with many different people and you try to find patterns or groups of similar people Segments a group of customers existing and potential with common needs values and responsiveness to marketing variables pick out those more importantsignificant to mission Segmentation Criteria 0 Measurability finding a way to test the samples 0 Reachability how to get the message across to the targeted segments 0 Self Selection Variety of products for demographic I E g Sports Illustrated primarily for those into sports but find advertisements for other products such as carscameras that the segment may have interest in O Selective Targeting People interested in particular products I E g Canon Camera catalog only people seriously into photography are looking at that 0 Profitability which segment would create a larger profit than any other 0 Distinctiveness Across relevant distinctions according to the segments must be important to them 0 Similarity Within segments groups should have a similaritycommon denominator 0 Differential Response people need to have different responsesopinions otherwise no reason to create segments Differential Response to Marketing Variables 0 Price Elasticity is the segment responsive to price changes or not 0 Inelastic price does not respond proportionally 0 Elastic price responds but may not always be as much as anticipated 0 Concept of differential response applies to ALL controllable marketing variables 4 P s Price Product Promotion Place Measurability General Specific Objective DemographicSocio Past Purchases Economic Status SES Subjective Activities Interests Benefits Sought Opinions AIO 0 DemographicSES gender age income occupation ethnicity amp region 0 Not the best test but is the easiest to obtain 0 Indexing in Designated Market Areas DMA in USA X 100 I Partoverwhole I National Avg 100 0 Product Usage 0 Product Class Heavy Half topbottom half of groups by X buy products class 0 8020 Rule 80 of business profit comes from 20 of households big buyerscustomers 0 Brand Loyalty 0 Benefits Sought segment on the basis of what benefits are important 0 What the customer is looking for when buying a product
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