Market Segmentation
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Transcript of Market Segmentation
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Market Segmentation
Group MembersGroup MembersTaha bin JavaidBilal Razzak Umair Zafar
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What is Market Segmentation?
Dividing a market into distinct groups of buyers on the basis of needs characteristics or behaviour who might require separate product or marketing mixes.
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Steps in Market Segmentation
Steps in Market Segmentation, targeting and positioning.
Market Segmentation
1. Identify basis for segmentation
2. Develop Segment Profiles
Market Targeting
3. Develop measure of segment attractiveness
4. Select target segments
Market Positioning
5. Develop positioning for target segments
6. Develop a marketing mix for each segment
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Levels of Market Segmentation Segment marketing
Individual marketing
Niche marketing
Local marketing
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Levels of Market Segmentation
Segment marketing – Dividing the market into different segments on the basis of homogenous need.
Segmented on basis of broad similarity with regard to some attributes
Segmentation is also sometimes identifying, capturing & retaining potential new markets
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Levels of Market Segmentation
Individual marketing – Extreme marketing in which marketers focus on individual customers.
Keep track of individual tastes & preferences of individual customers
Many companies are approaching individuals through e-mails to promote their products.
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Levels of Market Segmentation
Niche marketing – Marketers effort to position their product or service in smaller markets that have similar attributes and have been neglected by other marketer
Segment further divided into sub segments to cater unsatisfied needs of small group is called as niche
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Levels of Market Segmentation Local marketing – marketers offer
customized products to suit the local markets.
KFC introduced “Muslimized” or “Pakistani” products such as Spicy Chicken, Hilal Chicken, Zinger Extreme and more…
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Bases for Consumer Market Segmentation
Market Segementation
GeographicalRegions, cities,
states, countries
DemographicAge,
gender,income,
occupation,religion,
social class,family size
PsychographicLife style,
personality,values,beliefs
BehavioralOccasions,Benefits,
Usage rate,Loyalty status
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Bases for Organizational Market Segmentation
Market Segementation
DemographicsOperating Variables
PurchasingApproaches
Situational
Personal Characteristics
Of thePurchaser
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Intermarket Segmentation
Forming segments of consumers who have similar needs and buying behaviour even though they are located in different countries.
World markets can be segmented on economic factors, political and legal factors.
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Effective Segmentation
Measurable
Substantial
Accessible
Differential
Actionable
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Target Market Selection Process
Evaluating the Market Segments
Selecting the Market Segments
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Evaluating Market Segments
Before selecting the respective market segment, the company should evaluate the possible market segments in the current markets. It should identify and select its target consumers, give them their product according to their needs and establish that group of consumer in to permanent market segments.
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Selecting the Market Segments
Single Segment Concentration: Focusing on a single segment gives the marketer the advantage of high sales as all the efforts are concentrated on that one segment
Example: Mercedes concentrates on upper income group
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Selecting the Market Segments
Selective Specialization:
Process in which the company focuses its resources on a few segments and develops its expertise in fulfilling the needs of those segments
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Selecting the Market Segments
Product Specialization :The firm makes a certain product that it
sells to several segments
Example: Microscope manufacturer who sells to university, government, and commercial laboratories.
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Selecting the Market Segments
Full market coverage:
Company targets the full market rather than any specific segment.
Example: Hewlett-Packard targets the full market for its printers.
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Selecting the Market Segments
Market specialization:
The firm concentrates on serving many needs of a particular segment
Example: A firm sells assortment of product to university laboratories.
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Other Consideration
Ethical choice of market targets
Segment interrelationships and super segments
Segment-by-segment invasion plans
Inter segment cooperation
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Ads In Focus - Imate
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Ads In Focus – Protex Gum
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Ads In Focus – Indoluna Care
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Ads In Focus – Honda
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Ads In Focus – HSBC
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Print Ads
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Print Ads
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Print Ads
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Print Ads
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Conclusion
Market Segmentation is the backbone of marketing tactics. No matter of the locality market segmentation plays an important role in the products life cycle. It is one of that important practice that can never be ignored and specially in this era of mass customization.