MKT-MP-3.7 Market Segmentation. List all people in your family. How many: use deodorant use shampoo watch TV.

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Presentation transcript:

MKT-MP-3.7 Market Segmentation

List all people in your family. How many: use deodorant use shampoo watch TV

Mass Marketing Using a single marketing plan for one product to reach all customers TV networks People Magazine

Now divide your family list by: Gender Age (under 45/ TV stations/ over 45)networks? Deodorants? Shampoo?

Market Segmentation Identifying specific markets and “targeting” your efforts to those potential customers (target marketing) Geographics (location) Demographics Psychographics (attitudes, values) Product benefits (consumer needs)

Geographics Based on where people live Global US regions Urban, suburban, rural

DEMOGRAPHICS Statistics that describe a population in terms of personal characteristics Age Gender Ethnic background Income Family Life Cycle

Single Newly Married Full Nest Empty Nest Sole Survivor

Psychographics Grouping according to lifestyle Attitudes Values Opinions

Product Benefit Why the product is used Disregards geographics, demographics or lifestyle

Consumer or Customer? Consumer uses the product Customer buys the product

What is a “Customer Profile”? A complete “picture” of a prospective customer by combining geographic, demographic and lifestyle data

Target Market Specific segment of the market that a business is trying to reach through their marketing efforts

Successful Targets Must (Be): Sizable Measurable Reachable Marketing strategy that focuses on market segments and selects the one(s) that promises the best Return on Investment Target Marketing

A.Costs more to differentiate packaging, promotion, etc. to more than one market B.Research and identification is costly C. Production costs increase when the product is changed to meet the needs of more than one market D. Only used when the potential sales will exceed sales from marketing to one larger group E. Risk is involved with smaller diversified markets Disadvantages to Market Segmentation

Review What are the 2 elements of the marketing concept? What are the 2 types of markets? What are the 2 basic types of marketing strategies? What’s the difference between a customer and a consumer? Name 5 demographics Name the 5 phases of the family life cycle.