2. It is a process to identify and profile distinct groups of buyers who might prefer or require varying products and services mixes by examining demographic, psychographic and behavioral differences among buyers.
3. Significance of Market Segmentation It facilitates effective targeting and positioning of products and services It helps in rationalizing the marketing functions. It helps to develop a greater customer satisfaction. It tends to create a scope to develop new concepts, design and delivery system for new products and services. It helps in identifying the implicit opportunities in the market.
14. Occasions: holidays & events that stimulate purchasesGeographicn Country Region Urban/Suburban/Rural Population density City size Climate
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17. Stage 1 Identify basis for segmenting markets Developed relevant markets segment profiles Stage 2 Forecast total market potential for each segment Stage 3 Analyze competitive forces within each segment Determine marketing program to serve each segment Stage 4 Forecast own market share for each segment Estimate cost benefit for each segment Do benefits achieve company goals and justify development public segment Stage 5 Decision on selection of target market ss4egment(s)
18. Decisions Affected by Segmentation Choices Basis Geographic Demographic Psychographic Benefit Product Usage Rates Decisions sales region Sales force location Retail location Estimate segment size local distribution channels or catering to different age, income & education groups Product/service positioning Advertising themes Sales training Product/service design--different models + different features Advertising themes Sales training Special products (sizes and quality) or services Frequent-user promotions Special financial terms
