Intro To Marketing Study Notes For The Test (Continues)

668 words - 3 pages

Psychographic segmentation is often part of an overall segmentation strategy.Psychographic studies may be implemented to develop lifelike, 3-dimentional profiles of lifestyles of the firm's target market.When combined with demographic and geographic characteristics , psychographics become imortant in understanding the behaviour of present and potential target markets.BENEFIT SEGMENTATIONBenefit Segmentation is based on the attitudes of products as seen by customer.Segments are developed by asking customers about the benefits they perceive in a good or service.Many marketers consider benefit segmentation as most useful method of classifying markets.Benefit analysis provides the best predictor of brand use, level of consumption, and product type selection.Daniel Yankelovich revealed people purchase low price watches rather that high price.PRODUCT USAGE RATE SEGMENTATIONrule of thumb 80/20.80% of company's sales will come from 20% of its customers.Brand loyalty is important. Identifying brand-loyal heavy user is profitable for the marketer.To attract heavy users acompany might create different product size offerings, promotions, rewards, or financing terms.SEGMENTING BUSINESS-TO-BUSINESS MARKETS.GEOGRAPHIC SEGMENTATION - where the bulk customers are concentrated in geographic locations. It is important when organizing a sales force and marketing sales management decisions.PRODUCT SEGMENTATION - need for specific products. North American Industrial Classification System (NAICS) a coding system used to categorize different types of businesses and products. formerly SIC Standard Industrial Classification.END-USE APPLICATION SEGMENTATION - how industrial purchaser will use the product. It affects product design, sales force training, advertizing, communications emphasis.AMOUNT SIZE & POTENTIAL SEGMENTATION - amout size and growth potential. Allows marketer to concentrate resources where they will have the biggest payoff.Chapter 4Alternative Market Matching Strategies.Company Resources: must cover product development & marketing costs.Differentiability of products: product differentiate from other products. Some products can be produces for individual segments.Stage in the Product life cycle: as product matures, different marketing emphases are required to fit market needs.Competitor's Strategies: Strategies & Product Offerings muct be continually adjusted in order to be competative.Size of Segment: Potential segment must be large enough to make it...

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