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Chapter 7 - Coggle Diagram
Chapter 7
Market Segmentation
Segmenting business markets
Customer-operating characteristics
Purchasing approaches
Situational factors
Personal characteristics
Segmenting international markets
Geographic location
Economic factors
Political and legal factors
Cultural factors
Segmenting consumer markets
Behavioral: (male or female).
Psychographic: social class+ lifestyle + personality traits.
Demographic
Geographic
Requirements for effective segmentation
Accessible: effectively reached + served
Substantial: markets are large + profitable enough to serve
Actionable: designed for attracting + serving the segments
Measurable: Examples include the size, purchasing power, and profiles of the segments
Differentiation and Positioning
Identifying Possible Value Differences and Competitive Advantage
Choosing the Right Competitive Advantages
Selecting an Overall Strategy
Competitive advantage
Developing a Positioning Statement
Choosing a Differentiation and Positioning Strategy
Channels
People
Service differentiation
Image
Product differentiation
Positioning maps show consumer perceptions of their brands versus competing products on important buying dimensions.
Product position is the way the product is defined by consumers on important attributes—the place the product occupies in consumers’ minds relative to competing products.
Market Targeting
Evaluating Market Segments
Segment structural attractiveness
Substitute products
Power of buyers
Competition
Power of suppliers
Segment size and growth
Growth potential
Smaller versus larger segments
Company objectives and resources:
Availability of resources
Consistent with company objectives
Competitive advantage
Selecting Target Market Segments
Differentiated marketing: targets several + market segments and designs
Concentrated marketing: + small share + large market
Undifferentiated marketing: targets the whole market with one offer.
Micromarketing: tailoring products+ marketing programs + individuals and locations.