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The process by which marketers develop different marketing strategies to satisfy different customer needs
consumers with similar lifestyles, needs, and wants to find a common ground to more effectively provide them with products/services Market Segmentation dividing a market into distinct groups that have common needs and will respond similarly to a marketing action. Selecting a market to target determining how many segments to enter and which segments offer the most potential. Positioning defined as the art and science of fitting the product or service to one or more segments of the broad market in such a way as to set it meaningful apart from competition.
Mass Marketing
A marketing strategy wherein a seller engages in mass production, mass distribution, and mass promotion of one product for all buyers.
Segment Marketing
A market segment consists of a large identifiable group within a market with similar wants, purchasing power, geographical location, buying attitudes, or buying habits. e.g. Air Lines (economy, first class, business) Bus Company (regular, aircon, business) Soap (Camay, Safeguard, Ivory)
Niche Marketing
A more narrowly defined group, typically a small market whose needs are not well served; fairly small and normally attract one or two segments e.g. Magazines (Inquirer Golf, C! Magazine, Mens
Health)
Luxury Car
Local Marketing
Tailored to the needs and wants of local customer groups (trading areas, neighborhoods,
even individual stores)
e.g. Rural Bank, Cooperative for farmers and fishermen (in the province)
4.
Individual Marketing
Customer Characteristics
Socioeconomic Geographic
Behavior
Outlets
Usage
Buying Situation
Awareness Benefits
Geographic Segmentation
Dividing the market into different geographic units such as nations, regions, cities, towns, neighborhoods
Demographic Segmentation
Dividing the market on the basis of demographic variables
Age Gender (clothing, hairstyling, cosmetics, and
magazines)
Socioeconomic Segmentation
Dividing the market on the basis of socioeconomic variables
Income Social Class (cars, clothing, home furnishings, leisure, reading habits, etc.) Occupation Education
13.2
56.9
Psychographic Segmentation
Science of measuring and categorizing consumer lifestyles
Lifestyle persons pattern of living in the world as expressed in activities, interests, and opinions; portrays the whole person interacting with his environment Personality distinguishing psychological characteristics that lead to relatively consistent and enduring responses to environment
Behavioral Segmentation
Dividing buyers into groups based on their usage, loyalties, buying responses, knowledge of, attitude toward a product. Outlets department stores, malls, wet market Occasions buyers can be distinguished based on
or use a product.
Behavioral Segmentation
Benefits
Buyers can be classified based on the
benefits they seek.
Markets can be segmented into nonusers, ex-users, potential users, first-time users, and regular users of a product. Markets can be segmented into
Behavioral Segmentation
Buyer-Readiness Stage
to buy a product
stages of readiness
Aware of the product Unaware of the product Informed Interested Some desire the product Some intend to buy
Behavioral Segmentation
Loyal Status degrees of loyalty to specific brands, stores, and other entities.
Market Targeting
Single-Segment Concentration Selective Specialization Product Specialization Market Specialization Full Market Coverage
Customer Value
bundle of benefits customers expect from a given product or service. bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the product or service.
Value Chain
Customer Satisfaction
Satisfaction
is a persons feelings of pleasure or disappointment resulting from comparing a products perceived performance in relation to expectations.
100%
Customer Satisfaction
4 Methods to tract Customer Satisfaction
Complaint and Suggestion systems Customer Satisfaction Surveys Ghost Shopping Lost Customer Analysis
Stays longer Buys more as the company introduces new products and upgrades existing products Talks favorably about the company and its products Pays less attention to competing brands and advertising; less sensitive to price offers product or service ideas to the company Costs less to serve than new customers
Relationship Marketing
5 Levels of Investment in building Customer Relationship
Basic Marketing Reactive Marketing Accountable Marketing Proactive Marketing Partnership Marketing
Relationship Marketing
3 Value-building Tools
Increasing social bonds with customers by personalizing customer relationship e.g. initiate positive phone calls, show appreciation, get to problems, accept responsibility