Market Segmentation

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Market Segmentation :

Market Segmentation By: Prof. Jameel 8976295650

Definition :

Definition Philip Kotler 1999 has defined target marketing as The Process were sellers differentiate the major market segment target one or more of those segments and develop products and marketing programmes tailored to each. Instead of scattering their marketing efforts they can focus on the buyers they have the greatest chance of satisfying

Characteristics of market segmentation :

Characteristics of market segmentation The concept of market segmentation is based on the principle of consumer power i.e treating consumer as a king and giving him the best value – based product. It is process of dividing the total market in to small manageable segments and selecting one or more segments which can be served well Instead of focusing on all and ensuring an average satisfaction to all the customers the concept of market segmentation believes in giving maximum utility value and satisfaction to the few selected customers

Characteristics of market segmentation:

Characteristics of market segmentation It includes dividing the market on the basis of certain common parameters, grouping them together and serving them well It involves designing exclusive products for the selected segments and positioning them effectively in those segments. Effective product positioning ensures maximum value to be delivered to the consumer

Steps in Target Marketing :

Steps in Target Marketing Step one- Identify and profile distinct group of buyers who might require separate product or marketing mix Step two - develop measure of segment attractiveness and select one or more market segments to enter Market Targeting Step Three- develop product positioning for each target segment, design marketing mix for them and communicate the products key distinctive benefits in the market market Positioning

Level of Market Segmentation :

Level of Market Segmentation

Level of Market Segmentation :

Level of Market Segmentation Level one – The marketing firm tries to design an exclusive product for each segment, price it appropriately and communicate it effectively with the target audience. MUD Level two - Niche Marketing , the niche marketing is so small that it does not attract competitors, Marketing gain certain economies through specialization, size,profit and growth potential. Level Three – Local Marketing , Local marketing is going a step closer to consumers and taking care of their needs in a better way than competitors Level Four - Individual Marketing, This is the ultimate level of segmentation. This is also called customized marketing or one to one marketing .

PATTERN OF MARKET SEGMENTATION :

PATTERN OF MARKET SEGMENTATION Homogenous Preference: all consumers have roughly the same preference Diffused Preference: difficulty to marketer decide how they should segment Clustered preference : generally companies design their product with average features and target them some where in the middle so as to reduce overall dissatisfaction of the consumer

MARKET SEGMENTATION PROCEDURE:

MARKET SEGMENTATION PROCEDURE Survey Stage. Analysis Stage Profiling Stage

BASE FOR SEGMENTING CONSUER MARKETS.:

BASE FOR SEGMENTING CONSUER MARKETS.

Demographic Segmentation :

Demographic Segmentation

Psychographic Segmentation :

Psychographic Segmentation

Behavioral segmentation :

Behavioral segmentation

Essential for effective segmentation:

Essential for effective segmentation Measurable Substantial Accessible Actionable

Market Targeting:

Market Targeting After segmenting the market into various sub-segment . It is essential for marketer to identify as to how many segments they would like to target keeping their marketing objectives and overall resources in to account. The various factor which are taken into consideration to evaluate the market segment s while deciding about market targeting are: The segments overall attractiveness; and The company objectives resources

Pattern for marketing targeting :

Pattern for marketing targeting

Product positioning :

Product positioning Positioning starts with a product a piece of merchandise, a service, a company ,an institution, or even a person, but positioning is not what you do to a product. Positioning is what you do the mind of the prospect. That is you position the product in the mind of the prospect

Different positioning strategies:

Different positioning strategies

Questions :

Questions Q.1 Explain the market segmentation and discuss the different criteria's for market segmentation. Q.2 Explain the Market segmentation ? what variables would you use in segmenting the consumer goods market Q3. Briefly describe the three steps of target marketing- market segmentation, market targeting and market positioning. Q.4 Suggest a successful way to segment the market for the following products- *****Detergent soap ***** designer Jewelry ***** Toothpaste

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