SegmentingTargetingandect MKTG 360
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This 2 page One Day of Notes was uploaded by Joel Carrillo on Monday January 19, 2015. The One Day of Notes belongs to MKTG 360 at Washington State University taught by Dr. Joireman in Fall. Since its upload, it has received 143 views. For similar materials see Marketing 360 in Marketing at Washington State University.
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Date Created: 01/19/15
Segmenting Targeting and Positioning Classify different demographics gender race age education why segment the market because not everyone is the same but there are groups that are Have something in common needs values attitudes phycograpics personality sensation seekers risk takers disambition boredom of acceptability shrooms experience seeking adventures A Tale of Two Vactions Companies craft their products to fit customers personalities help us shape our ldentity Baskin Reflective Glory Steps in Target Marketing Segmentation Identify and Describe market segments Targeting Evaluate segments decide which to go after Positioning Design goodservices to meet segment s needs Why Engage in Target Marketing Consumers have different sets of needs and desires Given this segmentation helps identify appropriate marking mix Step 1 Segmentation Segmentation Dividing larger market into smaller segments based on meaningful shared characteristics Hybrid Segmentation Demographic Segmentation Demographics Statistics on observable characteristics age sex ethnicity income education Demographic Segmentation has several advantages Drive much of consumer behavior can be accurately measured Most cost efficient approach to reaching people eg secondary demographic date are easy to obtain Can be used to anticipate changes in a segment s needs over time eg aging baby boomers will soon need Gender Segmentation Women Take care of 75 of family finances 80 consumer purchases 65 of new cars 51 electronics Variety of companies stereotypically masculine now tailoring marketing to women eg Home Depot Gillette Reebok Men Companies used to target women now targeting men Princess Resort Scottsdale AZ Darker wood TVs in locker room Keep your shorts on package and European facial Barber Facial Geodemographic Segmentation Combination of geographic and demographic information Creates classifications of actual addressable mappable neighborhoods where consumers live and shop Looking for clusters of similar people Assumes people of a feather flock together PRIZM by claristas 66 clusters Psychographic Segmentation Psychographics Uses psychological sociological anthropological factors to develop segments Examples Motives status Personality sensation seeking CultureSubculture interdependent VAL82 ldeals Achievements Self Expression VALS Types Part 1 lnnovators leading edge of change have the highest incomes and such self esteem and abundant resources that they can indulge Thinkers motivated by ideals Believers motivated by ideals Achievers motivated by achievements Usage Rate Segmentation Segment based on how frequently people use a product Former potential 1st time low med heavy users Companies often target heavy users 8020 Principle 20 of customers 80 of demand Less costly to advertise to and more loyal Brand loyalty programs are popular Situation Specific Segmentation Segment based on special occasions When then Scripts When i encounter situation X always buy Y Benefit Segmentation Sensory Segment Sociable Segment Worrier Segment Independent Segment