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Rediscovering Market Segmentation

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Edbert Soegiarto

on 18 March 2013

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Transcript of Rediscovering Market Segmentation

REDISCOVERING The Drift into Nebulousness The Way Back The Gravity of Decision Spectrum Conclusion The most common mistake The failures of segmentation because of : MARKET SEGMENTATION What is the condition ? Market segmentation focused ONLY in advertisement Many kinds of people with their own buying patterns Many companies did not apply market segmentation properly 1964 Daniel Yankelovich New Criteria for Marketing Segmentation Traditional demographic no longer enough to serve as a basis for marketing strategy Non-demographic traits were more likely to influence consumer's purchases than their demographic Sound marketing strategy depended on identifying segments that were potentially receptive to particular brand and product category The objectives was to broaden the use of segmentation to form not ONLY advertisement but also product innovation, pricing, choice of distributions channels Geographic Segmentation

Demographic Segmentation

Psychographic Segmentation

Behavior Segmentation Good segmentation can identify the groups most worth pursuing Market Segmentation The purpose are :

to strengthen brand identity
to make an emotional connection with consumers
to inform the company which market should be entered
to tell the company what goods to make In early 1960s Consumer's buying habit became less predictable Purely demographic segmentation lost their ability to guide company's decision The focus of creative departments shifted from products to consumers Advertisement grew boring Some ways that some companies did : Place someone they resembled into the advertisement
Emphasize the emotional By mid 1970s Product developer was forced to make genuinely innovative technology with fresh design In 1978 Arnold Mitchell launched VALS program The FACT is
Good and memorable advertisement will do LITTLE to increase sales Finding customers' buying behavior we can make meaningful segmentations The company's strategy Who drive the profit ? Identifying consumers' attitudes Focus on actual customer behavior Make sense to top executives Can the segmentation register change ? Segmentations will identify groups of potentially consumers The strategy will incur new and different segmentations Identify groups that matter to company's financial performance Rate the customers Make the customer as profitable as they are and seek new customers The identification is directly related to product or service under study heaviness of use, brand switching, and retail-format or channel selection conjoint analysis The segments should consistent with the manager "long experience" The in-house marketing science team found four segments and two dimensions Active Investors
Upscale Coach
Mass-Markets Coaches
Product-oriented The more passive managers of low-net-worth clients and the more active managers of low-net-worth clients were found to be the two groups worth targeting effective segmentations focus on just one or two issues They are dynamic, and need to be redrawn when they lost their relevance The effective and meaningful segmentations Applying segmentations uncorrectly Excessive interest in consumers' identities
Too little emphasis on actual consumer behavior
Undue absorption in technical details of devising segmentation Be able to respond quickly and effectively to any market condition Q & A
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