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Customer-driven marketing strategy: creating value for target customers -…
Customer-driven marketing strategy: creating value for target customers
Market segmentation
Consumer have such varied preferences that stores are offering different brands to capture their business.
Income segmentation
has long been used by the marketers of products n services such as automobiles, clothing, cosmetics,financial services and travel.
Psychographics segmentation
divides buyers into different groups based on social class, lifestyle or personality characteristics. Marketers also use personality variables to segment markets.
Segmentation by behavior
Occasion, benefit, user status, usage rate, loyalty
Occasion segmentation
means gping buyers according to occasions when they get the idea to buy, act make their purchases or use the purchased item.
Benefit segmentation
means gping buyers according to the different benefits that they seek from the product
User status
means segmenting markets into nonusers, ex-users, potential users, first-time users, and regular users of a product
Loyalty status
means dividing buyers into gps according to their degree of loyalty.
Usage rate
means gping markets into light, medium and heavy product users.
Steps in market segmentation, targeting n positioning
Select cust to serve
Segmentation
Targeting
Decide on a value proposition
Differentiation
Positioning
Market segmentation
Segmentation: Identify n describe market segments
Targeting: Evaluate segments n decide which one to pursue
Positioning: Design a product n marketing mix to meet the segment's need
Differentiation: Differentiate the firm's market offering to create superior cust value.
Positioning: A market offering occupying a clear, distinctive n desirable place relative to competing products in the minds of target consumer
Segmentation
Companies divide large,heterogeneous markets into smalller segments that can be reached more efficiently n effectively with products n services that match their unique needs.
Segmenting consumer markets
Marketer has to try different segmentation variables, alone and in combination to find the best way to view the market structure.
4 types of segmentation
: geographic, demographic, psychographic, behavioral variables.
Geographic segmentation
divides the market into different geographical units such as nations, regions , states, countries or cities. Many companies localize their products, advertising, promotion n sales effort to fit the needs of individual regions n cities.
Demographic segmentation
divides the market into gp based on variable such as age, gender, family size, family life cycle, income, education, religion, race, generation.
Age n life-cycle segmentation
offering different products or using different marketing approaches for different age n life-cycle gps.
Gender segmentation
has long been used in clothing, cosmetics, toiletries n magazines.
Income segmentation
has long been used by the marketers of products n services such as automobiles, clothing, cosmetics, financial services n travel.
Psychographics segmentation
divides buyers into different gp based on social class,lifestyle or personality characteristics. Marketers also use personality variables to segment markets.
Segmentation by behavior
Occasion segmentation
means grouping buyer according to occasions when the get the idea to buy, actually make their purchase, or use the purchased item.
Benefit segmentation
means grouping buyers according to the different benefits that they seek from the product.
User status
means segmenting markets into nonusers, ex-users, potential users, first-time users, n regular users of a product.
Usage rate
means grouping markets into light, medium n heavy product users.
Loyalty status
means dividing buyers into gp according to their degree of loyalty.