MKT 100 Lecture Notes - Lecture 5: Target Market, Marketing Mix, Psychographic

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4 Aug 2016
Week 5
Segmenting, Targeting and Positioning Process
Segmentation: identifying meaningfully different groups of customers.
We identify segmentations that already exist i.e. eye colour.
Features of an effective Segment
Identifiable and measurable
oHomogenous within – the members of a segment must be similar enough as a group that is
easy to see from other groups
oHeterogeneous between – must be able to measure how large the segment is
Accessible or reachable – they must be accessible or reachable by marketers. It is not reasonable to
try to market to 20-30 year olds on Saturday night through TV ads because they are not watching TV
Saturday night.
Substantial or sizeable – the size of the segment must be large enough to make it a profitable group
to target
Actionable or meaningful – some groups have such specific and unusual needs that it is not practical
to create a product for them
A segment that is not profitable is not a viable segment
Process for Segmentation
Start with benefits needs or attributes then cluster the benefits that seem to fit together
i.e. Shampoo –
Q: what are you looking for?
A: shiny hair, less frizz, more volume, reduced dandruff, no itchiness, good price and economy size
These benefits can be clustered into beauty, health and value
After, these common needs have been met other factors like geographic, psychographic, demographic,
user and behavioral are layered on top
Once the marketer has a clear idea of the features of the consumer who is most likely to want the benefits
that are associated with the product, then that segment becomes the target market
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