Initially it was produced only in black. Geographic -Climate, terrain, natural resources, population density, subcultural values, different population growths in different areas.
Look at your current customer base. Selecting inappropriate variable limits the chances of success. Targeting strategies usually can be categorized as one of the following: Write out a list of each feature of your product or service.
However, with the advent of digital communications and mass data storage, it has been possible for marketers to conceive of segmenting at the level of the individual consumer.
This is typical in the motor industry which has a variety of products such as diesel, four-wheel-drive, sports saloons, and so on.
Demographic and purchasing data were available for groups but rarely for individuals and secondly, advertising and distribution channels were available for groups, but rarely for single consumers. Here are some tips to help you define your target market. Basis of Market Segmentation Gender The marketers divide the market into smaller segments based on gender.
Consumer and business markets cannot be segmented on the bases of same variables because of their inherent differences.
As market size increased, manufacturers were able to produce different models pitched at different quality points to meet the needs of various demographic and psychographic market segments. Discount retailers usually target middle- and lower-income consumers.
Market Targeting This is the evaluation of the various segments identified during segmentation and deciding how many and which ones to serve. One simple technique was to have a window opening out onto the street from which customers could be served. This is the era of market differentiation based on demographic, socio-economic and lifestyle factors.
Demographic - age, sex, fertility rates, migration patterns, and mortality rates, ethnicity, income, education, occupation, family life cycle, family size, religion and social class. Two income marriages are now the norm Families have more income and less time Once it gains a foothold, it can expand by pursuing a product specialization strategy, tailoring the product for different segments, or by pursuing a market specialization strategy and offering new products to its existing market segment.
Sugars marketed to consumers appeal to different usage segments — refined sugar is primarily for use on the table, while caster sugar and icing sugar are primarily designed for use in home-baked goods.
Similarly, luxury car dealers focus their marketing efforts on people with higher incomes. Segments must have enough profit potential to justify developing and maintaining a MM Consumer must have heterogeneous different needs for the product.
The practice of market segmentation emerged well before marketers thought about it at a theoretical level. However, with the advent of digital communications and mass data storage, it has been possible for marketers to conceive of segmenting at the level of the individual consumer.
Each of these product types is designed to meet the needs of specific market segments. The store owner may then run local television commercials that appeal to this particular segment.
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The consumer market segmentation is not confined to a single method. The market structure is best viewed by the marketer by applying different segmentation variables both in the alone form as well as in the combined form. Markets consist of buyers, and buyers differ in different ways.
They differ in their wants, locations, resources and buying attitudes. The process of converting heterogeneous market into homogenous markets is called is called elleandrblog.com buyer has different approaches towards product. MSCI Emerging Markets Index. InMSCI launched the Emerging Markets Index, which consisted of just 10 countries representing less than 1% of world market.
Feb 06, · B. Use a funnel approach. For some CEOs, it might be helpful to think of the market selection process as a multiple staged.
Jan 04, · Marketing Notes Book Friday, January 4, MARKETING SEGMENTATION, TARGETING AND POSITIONING MARKET SEGMENTATION Introduction. Markets consist of buyers who differ in one or more respects. They may differ in their wants, resources, geographical locations, attitudes and buying practices.
A good market segmentation will result.Market segmentation notes