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Figure 8.4 Possible Levels of Segmentation

Identifying Market Segments and Targets

What is a Market Segment?

A market segment consists of a group of customers who share a similar set of needs and wants.

Segmenting Consumer Markets

Geographic

Demographic

Psychographic

Behavioral

Demographic Segmentation

Behavioral Segmentation Based on Needs and Benefits

Age and Life Cycle

Life Stage

Gender

Income

Generation

Social Class

Race & Culture

Behavioral Segmentation: Behavioral Variables

Porter’s Five Forces Model

Heavy and Light Users of Common Consumer Products

Figure 8.3 Behavioral Segmentation Breakdown

Effective Segmentation Criteria

  • Measurable
  • Substantial
  • Accessible
  • Differentiable
  • Actionable

Loyalty Status

Ford’s Model T Followed a Mass Market Approach

The Brand Funnel Illustrates Variations in the Buyer-Readiness Stage

  • Hard-core
  • Split loyals
  • Shifting loyals
  • Switchers

  • Aware
  • Ever tried
  • Recent trial
  • Occasional user
  • Regular user
  • Most often used

Effective Targeting Requires…

Identify and profile distinct groups of buyers who differ in their needs and preferences

Select one or more market segments to enter

Establish and communicate the distinctive benefits of the market offering

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