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UNO MKT4300_Chapter 7

Kotler and Keller

Mike Breazeale

on 6 February 2013

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Transcript of UNO MKT4300_Chapter 7

Dr. Mike Breazeale MKT 4300
Marketing Management Identifying Market
Segments and Targets Why
markets? a group of customers who share a similar set of needs and wants Market Segment Ways to Segment a Market Descriptive
Characteristics Behavioral
Characteristics Descriptive: Behavioral: Geographic
Psychographic Response to benefits
Usage occasions
Brands The Key? adjusting the marketing program
to recognize customer differences Geographic Segmentation Demographic Segmentation Psychographic Segmentation Nations States Regions Counties Cities Neighborhoods Age and Life-Cycle Stage Life Stage Gender Income Generation Race and Culture Generations: Silent Generation 1925-1945 42 Million
Baby Boomers 1946-1964 76 Million
Gen X 1965-1978 50 Million
Gen Y 1979-1994 78 Million
Millennials 1995-Present Growing Social Class Uses psychological and demographic
characteristics to better understand consumers The VALS Framework Consumer Motivation Consumer Resources Behavioral
Segmentation Needs and Benefits Decision Roles User and Usage Brand Funnel Comparison B2B Segmentation Usually done sequentially How many segments? Which segments? Looking increasingly for smaller, better defined segments Why? Effective segmentation criteria Rate the segments Evaluate long-term attractiveness User Buyer Decider Influencer Initiator Behavioral Segmentation: Decision Roles Segments must be: Substantial Measurable Accessible Differentiable Actionable Porter’s 5 Forces Model Full Market Coverage:
Undifferentiated, or mass marketing
Differentiated marketing Multiple Segments:
Selective specialization
Product specialization
Market specialization Single Segment Concentration:
Niche market Individuals as segments:
Segments of one
One-to-one marketing
Customerization S-T-P Plus ONE Complementors Segmenting Targeting Positioning
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