MAR 4503 Lecture Notes - Lecture 16: Psychographic, Social Class, Millennials

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9 Jun 2016
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Consumer identity
Segmentation: divide the market in different targets.
Consumer use products and setting s to define their social roles, predict the use of the products
in the segments
Opposite of segmentation is aggregation.
Segments should be
Sizable
Identifiable
Reachable
Respond differently
Coherent
Stable
Intransitive segmentation
Psychographics
Regional differences
Ethnicity
Religion
Age
Social class
Sex
Benefits of segmentation
Enables respond to our consumers unique wants and needs
Escapes the majority fallacy
Pursuing the majority can be a fallacy because the largest market can have the toughest
competition, which results in less profit.
Drawbacks from segmentation
Sales-costs trade off
Cannibalization of sales
Segmenting by ethnicity
Ethnic groups: held together by common cultural or genetic ties.
Groups may differ on
Ethnic and racial subcultures
Self-perpetuating group of consumers of who share common cultural or generic ties
It's recognized as such by both themselves and outsiders
Members protect it from being mainstream
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