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Market Segmentation
Market Segmentation
MARKETING PROCESS
CLASSIFY AND DEVELOP IMPLEMENT THE
IDENTIFY
DEFINE MARKETING MIX PLANNED
MARKET
TARGET EFFORTS MARKETING
OPPORTUNITIES
MARKETS EFFORTS
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Marketing: An Introduction
1. IDENTIFY MARKET OPPORTUNITIES
- it is imperative to find out the unfulfilled needs and wants of
consumers that are still there to fill, the segment of the population
they come from, and how these needs should be satisfied.
- scanning both internal and external environments.
SWOT (STRENGTHS, WEAKNESSES, OPPORTUNITIES AND
THREATS) ANALYSIS
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Marketing: An Introduction
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Marketing: An Introduction
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Marketing: An Introduction
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Primary Characteristics
Marketing: An Introduction
of Segments
▪ Bases—characteristics that tell us why segments differ (e.g.
needs, preferences, decision processes).
Industry Age/Income
Size Education
Location Profession
Organizational Life styles
structure Media habits
Marketing: An Introduction
Marketing: An Introduction
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Marketing: An Introduction
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Marketing: An Introduction
Marketing: An Introduction
MARKET CLASSIFICATION
Marketing: An Introduction
There are various ways a company can divide or segment the market.
This can be done through dividing the market into different segments:
1. DEMOGRAPHIC SEGMENTATION – the market is divided based
o variables such as age, gender, income, education, nationality, religion
and family life cycle.
2. GEOGRAPHIC SEGMENTATION – the market is divided or
segmented based on territory or geographical units such as regions
and cities (rural or urban).
3. PSYCHOGRAPHIC SEGMENTATION – groups the market
according to lifestyle, personality, or social class.
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Marketing: An Introduction
MARKET CLASSIFICATION
4. BEHAVIORAL SEGMENTATION – divides the market into
groups based on knowledge, attitudes, or the market’s response to
a product.
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Marketing: An Introduction
TYPES OF MARKET SEGMENTATION
Marketing: An Introduction
1.MASS MARKETING
– companies initially employ mass marketing when no
specific market has been determined. (3)
2. SEGMENT MARKETING
– companies practice segment marketing to address the
specific needs of target segments.
3. NICHE MARKETING
– Narrowing them down to smaller groups.
4. MICRO MARKETING
- companies pattern their marketing programs to suit a
particular group of people in a specific location.
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STRATEGIES ON MARKET COVERAGE
Marketing: An Introduction