Chapter2 Markettargeting 120605101814 Phpapp02

7/23/2019 Chapter2 Markettargeting 120605101814 Phpapp02

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MARKETTARGETIN

G

By-

Abhijith

R.


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G

Market Segmentation???

-It is the process ofdisaggregating the total

market for a given prodctinto a nmber of sb-markets.

-!he heterogeneos marketis divided into a nmber ofrelatively homogeneosnits.


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"eed?

!he marketing concept calls forunderstandingcustomersandsatisfying their needsbetter thanthe competitors . Bt di#erentconsmers have di#erent trends$ andit rarely is possible to satisfy all

cstomer by treating them alike.


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Mass Marketing

Mass marketing refers tothe treatment of the

market as a homogeneosgrop and ofering thesame marketing mix toall customers. It allo%seconomies of scale to be

reali&ed throgh massprodction$ massdistribtion$ and mass

commnication.

'ra%back-(stomer needsand preferencesdi#er and at thesame o#ering is

likely to be vie%edas optimal by all

cstomers.


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Micro Marketing Micro marketing recogni&es the diversity of

cstomers and does not try to please all ofthem %ith the same o#ering.

)bjectives*

-+nderstand the characteristics of thecstomers.

-Identify the vale , protability of di#erentsegments.

-Identify the si&e and characteristics of the

market in %hich they operate.


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MassMarketingSameproducttoallconsumers

(nosegmentation)

MassMarketingSameproducttoallconsumers (nosegmentation)

SegmentMarketingDifferentproductstooneormoresegments

(somesegmentation)

SegmentMarketing Differentproductstooneormoresegments

(somesegmentation)

MicromarketingProductstosuitthetastesofindividualsorlocations

(completesegmentation)

MicromarketingProductstosuitthetastesofindividualsorlocations

(completesegmentation)

NicheMarketing

Differentproductstosubgroupswithinsegments

(moresegmentation)

NicheMarketing

Differentproductstosubgroupswithinsegments

(moresegmentation)

evels of Segmentation


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Steps in Segmentationrocess

Identify the target market.

Identify e/pectations of target adience.

(reate Sbgrops

Identify sitable marketing mi/ for eachgrops.

0ind ot %hich grop to focs.

Select those segment %hich o#er highpotential.


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Stages of Identifying Market

Segments

Srvey

!he researchers condct e/plorative intervie%sto identify cstomer motivations$ attitde andbehavior.

Analysis

Researches applies factor analysis to the data toremove highly correlated variables , then appliesclster analysis to create a specied nmber ofma/imally di#erent segments.

roling

1ach clster is proled in terms of itsdistingishing attitdes$ behavior$ demographics$psychographics$ and media patterns.


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Market Segmentation of*

(onsmer Marketand

Bsiness Market


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Bases for Segmenting (onsmer Markets

Two major Approaches to Segmentation are:

Attitudes


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Segmenting for Bsiness Markets

'emographic'emographic

Sitational 0actorsSitational 0actors

2eographic2eographic


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Benets of MarketSegmentation

3. )ne cstomer grop is distingished from another %ithin agiven market and this enables to decide %hich segment ofthe market shold form as target market.

4. 0acilitates in-depth stdy of the characteristics of the byers.

5. 6elp the marketing man to develop the marketing programmeon a predictable and reliable base.

7. More sitable 8marketing o#ers9 for a particlar segment iseasily developed.

:. Sitable marketing mi/ is achieved.

;. 'e to concentrated e#orts most prodctive and protablesegments of markets are achieved.


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Implementing Market Segmentation


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Market segmentation in variosindstries

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. OYATY SEGMENTATION

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BRA"'Perce!t"a# Ma!!ing

!his techniGe involves stdying the consmer9s perception

of the prodct and competitor9s brands and based on itidentifying the vacant slots.

!his involves

3. Stdying the ideal prodct perception Hstdying bothtangible and intangible attribtes that a cstomer look %hilebying a prodct.

4. 2et the cstomers to rank these attribtes in the order ofimportance to them.

5. (stomer9s kno%ledge of the competitors brands.

7. Based on these assessment of competitor brands on the


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1. Benefit or use positioning:-The positioning strategies adopted by

consumer durable companies depend a lot on usage , economy andcorporate identity of which a well established brand surely projects

the identity of the product in terms of which corporate house the

product is form.

2. Competitor related positioning

:-

This is the strategy of placing afirms brand next to the leader in the market and trying to uproot it on a

specific tangible variable.

3. Lifestyle positioning:-A firm could even position the brand as a

lifestyle contemporary or futuristic.

4. Positioning by corporate identity:-This type of positing is seen verymuch with consumer durables when a tried and trusted corporate

identity .

5.Surrogate positioning:-ere the product cant be positioned

differently on the basis of attributes but differentiated by positioning

them on the surrogates for the attributes.


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!"#$T$"%$%& !A'A($&)#Monopolistic competition prevails in the contemporary marets. Product

differentiation and price differentiation are the main features of

monopolistic competition. !he mareter must reinterpret the productdifferentiation as a meaningful consumer benefit.

(ompetitive

advantage

(ompany

standing

(ompetitor

standing

Importance of

imprvgstd

A#ordability ,

speed

(ompetitors ability

to imprvstanding

Recom-mended

action

!echnology

= = > > M 6old

(ost ; = 6 M M Monitor

Dality = ; > > 6 Monitor

Service 7 5 6 6 > Invest


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POSITIONING OF SERVICES

*ecause of intangibility and other features associated with the services,consumers find that differentiation of services is more difficult and complex.

!ositioning involves giving the target market segment the reason for buyingthe services and thus underpins the whole marketing strategy.

#ome specific strategies are+

". #ttribute positioning:-A service provider positions itself based on an attribute or a

feature.

2.Benefit positioning:-)ost service providers resort to benefit positioning as the generalpsyche of the customer is to analy-e the benefit that he derives by using a particularservice.


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(ontdF

5.+se or application positioning*-!he service is positioned

as the best for a certain application.

7.+ser positioning*-!he service is positioned for a specictarget grop of sers.

:.(ompetitor positioning*-!he service is positioned by theprovider against a competitor9s service o#ering.

;.(atogory positioning*-!he service provider positionsitself as the category leader and becomes synonymos%ith the service.


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Chapter2 Markettargeting 120605101814 Phpapp02