Week 7 Summary .docx

Week 7 Segmentation Part 1– Slide Summary Feedback on the Video: - As consumers we don’t know what we want - Diversity is good - We cater to different tastes, the needs and wants are different Bases for Marketing Strategy • Segmentation – Identifying meaningfully different groups of customers, a plan of action and select the target groups that have in common relative to the need of the products • Targeting – selecting which segment(s) to serve • Positioning – implementing chosen image and appeal to chosen segment (choosing who to target) include a marketing mix plan for positioning • Market Segment - is a group of customers who share a similar SET OF NEEDS AND Wants within an overall market. Explain why the components of segmentation is meaningful • Market Segmentation - is the process of identifying and categorizing the overall market into groups of customers with similar needs and wants (Market Segments). • Target Market - is the qualified available market segment which the company decides to pursue Effective Bases of Segmentation Measurable / distinguishable Accessible / Reachable Substantial/sizeable Actionable / Meaningful- self confidence and disseminating the important information that are meaningful Profitable Segments Are… Heterogeneous __________________________ Homogeneous within Bases for Segmentation • Geographic (region, urban/rural, city size, climate and culture) • Psychographic • Region • City size • Climate • Culture • Demographic • Age