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Chapter 6

BUSI 4220U Chapter 6: BUSI4220U - Chapter 6

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BUSI 4220U
Salma Karray

Do market segmentation and target marketing make sense in todays global economy? Most markets are heterogeneous Todays market realities often make segmentation imperative How are market segments best defined? Three important steps o Identify a homogeneous segment that differs from other segments The 4 Ps o Specify criteria that define the segment o Determine segment size and potential Segmentation decisions are best made in one of three ways o Who the customers are o Where they are o How they behave Who they are: segmenting demographically o Age o Sex o Household life cycle o Income o Occupation o Education o Race and ethnic origin o Macrosegmentation divides the market according to the characteristics of the buying organization using such attributes as age of firm, firm size, and industry affiliation o Microsegmentation groups customers by the characteristics of the individuals who influence the purchasing decision Where they are: segmenting geographically o The area included within such a geographically defined region is called a trade area Geodemographic segmentation o In emerging and developed markets alike, many segmentation schemes involve both demographic and geographic factors How they behave: behavioral segmentation o Highly specific behavioral descriptors in defining sharply focused market segments, based not on who the target consumers are or where they live, but based on what they do o Consumer needs Customer needs are often expressed in benefits sought from a particular product or service
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