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by: Elizabeth Gruber

Test PSC1001

Elizabeth Gruber
GPA 3.9

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Introduction to Comparative Politics
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Class Notes
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This 3 page Class Notes was uploaded by Elizabeth Gruber on Wednesday April 6, 2016. The Class Notes belongs to PSC1001 at a university taught by a professor in Fall. Since its upload, it has received 16 views.

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Date Created: 04/06/16
Segmentation & Targeting  Mass vs. Target marketing recap  How to understand “market o Market = customers o Product vs. Benefit  Narrow view: market in terms of product  Broad view: market in terms of benefit (customer-oriented)  Focus on the benefit -> allows you to be more creative with your products o How to define the market –  Too narrow definition -> limits possibilities  Too broad definition -> limits focus  Start broad -> narrow o Ex. Bic’s view of the market  Focused on benefit to customers  Ended up with three different products  Failed with introduction of perfume line o Four-part Market Description (see slide)  Market Segmentation Steps o Name broad product-market o Segment the market to find a target market + marketing mix o All customer needs -> Some generic market -> on broad product-market  Narrow down to specific product-market o Segment into possible target markets o Select a targeting approach  Types of Segmentation Characteristics o Descriptive Segmentation  Geographic Segmentation  Common tastes and preferences  Don’t need to use statistical tools  Divide the market based off of nations, states, and cities  Demographic segmentation  Divides market using age, race, etc.  Don’t need to use statistical tools  PRIZM o Analyzes geographic, demographic, and behavioral data  Issues with descriptive segmentation  Hard to relate it with the needs of specific consumers o Behavioral Segmentation  Based on customer behavior  Divides market based on customers’ knowledge of, attitude toward or response to, a product  Statistical tools used: PCA, factor analysis, clustering  More expensive than descriptive segmentation  More accurate than descriptive segmentation  Aggregating Customers o Segmenting = aggregating  Cluster people with similar needs into a “marketing segment”  Market segment – a homogenous group of customers o Difficulties of segmenting  Hard to figure out how many segments  What to do with unique customers? o Analyzing Behavioral Clusters  Define variables to use as the basis for clustering  Needs, decisions roles, occasions, user status, awareness  Collect the data (first or secondary)  Survey, interview, observation  Should collect geographic or demographic data  Decide the number of clusters  Scientific rule o Homogenous within, heterogeneous between, substantial, and operational  Avoid segmenting dimensions that have no practical operational use  Map and interpret clusters  Need stat tools  Analyze and name each cluster o Recent technology  Collaborative filtering  Segment and target based on the “wisdom of the crowd”  Issues o Cold start problem – need a substantial number of users  Pandora’s Approach o Manually analyze and organize each product’s attributes using a complex algorithm o Music Genome Project o Huge cost and effort  Cold start isn’t as significant of an issue as the huge cost and effort of the Music Genome Project  Types of Targeting (see slide) o Segmenter  Develops a different marketing mix for each segment  Customer benefit is higher o Combiner  Aims at two or more submarkets with the same marketing mix o Effects of dimensions  Relation of dimensions to strategic dimensions  Ethical Issues of Segmentation and Targeting o Customers with Disadvantage  Firms may use segmenting to find out customers who cannot reject offers o Discriminating Customers  Firms may use segmenting to get more profit by discriminating  Can target different customers with different prices  Price discrimination is illegal only when it’s done on the basis of race, religion, nationality, or gender, or if it’s in violation of antitrust or price-fixing laws  Need for positioning (see slides) o Differentiate marketing mix to better meet customers’ needs  Competitive advantage  Positioning o How customers think about products in the market  Managers should understand  How customers think about all products in the market  How they want to customers to think about their products  Positioning decisions  Image/perception is more important than truth o Physical change o Image change  Perceptual mapping o Common mistakes  Only considering current dimensions  Focusing only on narrow view (product)


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