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MarketSegmentationandTargetingMarketSegmentationMarketscanbehugeanddiverseentitiesmadeupofindividuals.Sinceindividualwantsandneedstendtodiffer,tryingtomassmarkettoawholemarketoftenisinefficient.Costingtoomuchtimeandmoney,andhurtingprofitpotential.Therefore,acompanyshouldfocusortargetspecificgroupsorsegmentsofindividualstoenhanceprofitopportunities.MarketSegmentationSomewillarguethatmassmarketingisbetter,becauseloweroverallproductioncostsareachieved.Lowerexpensesthenleadstohigherprofits.However,unlessalmosteveryoneisbuyingyourproduct/service,thelowerexpenseswillnotnecessarymeanhigherprofits.MarketSegmentationAsamarketer,definingandidentifyinggroupsofindividualswhowillpayforyourproductorserviceisanimportanttask.Thinkofthistaskastryingtotakeadvantageofthecostsavingsofmassmarketing,butonasmallerscale.Or,conductingmassmarketingtogroupsinsteadofthemarketasawhole.MarketSegmentationDefinition:Amarketsegmentsaregroupsofhigh-potentialprospectivecustomerswithcommoncharacteristicsandneedsthatdistinguishthemfromotherhigh-potentialmarketsegments.MarketSegmentationTypesofSegmentation:Segment(general):focusesoncustomerswhoshareasimilarsetofwants.Niche:focusesoncustomerswhoseekadistinctsetofbenefits(oftencalledsub-segmentation).Local:focusesonthewantsofcustomersinaspecificlocation.Customerization:focusesoncustomizingtheproductorservicetofitthecustomer’sspecificwants(theultimateinsegmentation).MarketSegmentationBasesforSegmentingCustomerMarkets:GeographicDemographicPsychographicBehavioralMarketSegmentationGeographicSegmentation:Thisbasisforsegmentationcallsfordividingthemarketintodifferentgeographicunits(vinces,counties,cities,towns,neighborhoods,etc.).MarketSegmentationDemographicSegmentation:Thisbasisofsegmentationcallsfordividingthemarketsintogroupsbasedonageand/orothervariables.Demographicsegmentationispopular,becausethevariablesareeasiertomeasre.MarketSegmentationSomeofthevariablesconsideredinDemographicSegmentation:Ageandlife-cyclestageLifestageGenderIncomeSocialclassGenerationEthnicityMarketSegmentationPsychographicSegmentation:Thisbasisofsegmentationgroupspotentialcustomersaccordingtopsychological/personalitytraits,lifestyles,orvalues.MarketSegmentationBehavioralSegmentation:Thisbasisofsegmentationdividescustomersintogroupsaccordingtotheirknowledgeof,attitudetoward,useof,orresponsetoaproductorservice.MarketSegmentationVariablesconsideredinBehavioralSegmentation:Occasions(need/use)BenefitsUserStatusUsageRateBuyer-readinessstageLoyaltystatusAttitudeMarketSegmentationIntheend,therearemanydifferentwaystosegmentamarket.Howyousegmentthemarketisyourdecision!Alwayskeepyourproductorserviceinmindwhenyousegment,orelseyoursegmentationactivitieswillbeawasteoftimeandmoney.MarketTargetingAfteryouhaveidentifiedthepossiblemarketsegmentsandopportunities,whichsegmentsandhowmanysegmentstotargetorfocusonisyournextstep.MarketTargetingEffectiveSegmentationCriteria:Tobeusefulinyourmarketingefforts,marketsegmentsmustratefavorablyonfivekeycriteria.Thesegmentsmustbe:MeasurableSubstantialAccessibleDifferentiableActionableMarketTargetingWhenevaluatingdifferentmarketsegments,twofactorsmustbeconsidered:Thesegment’soverallattractivenessThecompany’sobjectivesandresourcesMarketTargetingTypesofTargetingDecisions:Single-segmentconcentrationSelectivespecializationProductspecializationMarketspecializationFullmarketcoverageMarketTargetingSingle-segmentconcentrationtargeting:Thischoiceinvolvesconcentratedmarketing.Thecompanygainsathoroughunderstandingofthechosensegment’sneedsandachievesastrongmarketpresence(i.e.mostluxurygoods).MarketTargetingSelectivespecializationtargeting:Anumberofsegmentsareselected,eachobjectivelyattractiveandappropriate.Littleornosynergymayexistamongthesegments,buteachsegmentpromisestomakemoneyforthecompany(i.e.carmanufacturers).MarketTargetingProductspecializationtargeting:Underthisarrangement,thecompanyspecializesinmakingacertainproductforseveralsegments.Theproductmightbefurtherspecializedforeachsegment(i.e.TexasInstrumentcalculators).Theriskistechnologicalchangemightendtheneedfortheproduct.MarketTargetingMarketspecializationtargeting:Focusisonservingtheneedsofaparticularcustomergroup(i.e.defensecontractors).Therisksarebudgetcutsandgroupshrinkage.MarketTargetingFullmarketcoveragetargeting:Aattemptismadetoserveallcustomergroupswithalltheproductstheymightneed.Onlyafewlargecompaniescanemploythistargetingmethodeffectively,butsometimeeventheyfail.MarketTargetingFullmarketcoveragetargeting:UndifferentiatedversusdifferentiatedmarketingUndifferentiated:ignoressegmentdifferencesandoffersonlyoneproductDifferentiated:operatesinseveralsegmentandoffersdifferentproductsforeachSalestendtobehigherfordifferentiatedmarketing,butsoarecosts.MarketTargetingAdditionalconsiderations:Segment-by-segmentinvasions:enteringonesegmentatatimeandavoidinglettingrivalsknowwhichsegmentisnext,goodplanningrequired.Updatingsegmentationarrangements:segmentationanalysisneedstobeonaregularbasis.Ethicalchoiceoftargetmarkets:sometimesachoicecancausecontroversy,consumerscanbeconcernedifvulnerablegroupsaretakenadvantageoforpotentiallyharmfulproductsarepromoted.9、静夜夜四无无邻,,荒居居旧业业贫。。。1月-231月-23Thursday,January5,202310、雨中中黄叶叶树,,灯下下白头头人。。。02:59:2302:59:2302:591/5/20232:59:23AM11、以我独独沈久,,愧君相相见频。。。1月-2302:59:2302:59Jan-2305-Jan-2312、故故人人江江海海别别,,几几度度隔隔山山川川。。。。02:59:2302:59:2302:59Thursday,January5,202313、乍见翻疑疑梦,相悲悲各问年。。。1月-231月-2302:59:2302:59:23January5,202314、他乡生生白发,,旧国见见青山。。。05一一月20232:59:23上午午02:59:231月-2315、比不不了得得就不不比,,得不不到的的就不不要。。。。一月232:59上上午午1月-2302:59January5,202316、行动动出成成果,,工作作出财财富。。。2023/1/52:59:2302:59:2305January202317、做前,,能够环环视四周周;做时时,你只只能或者者最好沿沿着以脚脚为起点点的射线线向前。。。2:59:23上午午2:59上午午02:59:231月-239、没有失败,,只有暂时停停止成功!。。1月-231月-23Thursday,January5,202310、很多事情努努力了未必有有结果,但是是不努力却什什么改变也没没有。。02:59:2302:59:2302:591/5/20232:59:23AM11、成成功功就就是是日日复复一一日日那那一一点点点点小小小小努努力力的的积积累累。。。。1月月-2302:59:2302:59Jan-2305-Jan-2312、世世间间成成事事,,不不求求其其绝绝对对圆圆满满,,留留一一份份不不足足,,可可得得无无限限完完美美。。。。02:59:2302:59:2302:59Thursday,January5,202313、不知香积积寺,数里里入云峰。。。1月-231月-2302:59:2302:59:23January5,202314、意志坚强的的人能把世界界放在手中像像泥块一样任任意揉捏。05一月20232:59:23上午02:59:231月-2315、楚楚塞塞三三湘湘接接,,荆荆门门九九派派通通。。。。。一月月232:59上上午午1月月-2302:59January5,202316、少年十五二二十时,步行行夺得胡马骑骑。。2023/1/52:59:2302:59:2305January202317、空山新雨雨后,天气气晚来秋。。。2:59:23上上午2:59上上午02:59:231月-239、杨柳柳散和和风,,青山山澹吾吾虑。。。1月-231月-23Thursday,January5,202310、阅读一一切好书书如同和和过去最最杰出的的人谈话话。02:59:2302:59:2302:591/5/20232:59:23AM11、越是

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