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CHAPTER 4 SEGMENTATION AND TARGETING THE FINANCIAL SERVICES MARKETPLACE…
CHAPTER 4 SEGMENTATION AND TARGETING THE FINANCIAL SERVICES MARKETPLACE
WHAT IS SEGMENTATION
Involve identifying group of customer displaying a similar responsiveness to a particular strategy
develops a value proposition that elicits a response from that group
CONSUMER SEGMENTS
Predetermined segmentation
Geographic
age, gender, profession
Demograhic
post codes, continents
Phsychograhic
lifestyle, value (values,attitudes,belief)
Post hoc segmentation
Behavioural
past purchase, benefit bought
BUSINESS SEGMENTS
Macro
commercial & corporate (turnover, number of employees
Macro
descriptive,type of business,geography, fianancial needs
ORGANISING SEGMENTATION
organizational integration & customer-driver
high + high (effective segmentation: identify revenue)
high + low (structural segmentation:segment may be developed around product)
low + high (bolt-on segmentation:not seen as being central to organizational sucess, developed without proper suitable segment)
low + low (sales-based segmentation:emphasis is on sales rather than developing sustainable segment that will generate revenue)
POSITIONING
to locate a unique spot in marketplace which set the institution apart from competitors
involve defining the dimension of a particular space that adequate represent target customer's perceptions
ensures that branding is developed to engage perception of the target market
TARGETING SEGMENTS
identify segment that compatibility to the company's offering marketer swing
differentiation(serve different segment)-performance,quality,responsiveness,fairness)
