Market Segmentation - BMIT Magnet Website
Market Segmentation
What You’ll Learn
Definition of Market Segmentation
Four Methods to segment a market
Differentiate between Mass Marketing and Segmentation
Analyzing Markets
______________________ is a way of analyzing a market by specific characteristics in order to create a target market.
Segment by
_____________
_____________
_____________
behavioral factors
Demographics
________________ - Statistics that describe a population in terms of personal characteristics including
_________
Gender (male/female)
_________
Ethnic background
_________
Occupation
Demographics - AGE
Classify by generation which have collective shared experiences and common bonds
_________________ Generation
1946-1964
Generation __________ (Baby Bust Generation)
1965-1976
Generation __________ (Echo Boomers or Millennium Generation)
1977-1997
See pg 39 for description of groups
Demographics - GENDER
Target only __________________ with specific products
Gender neutral products may use gender specific promotions to appeal to each gender
Demographics - INCOME
_________________ income – money left after paying taxes
_________________ income – is the money left after paying for basic living necessities such as food, shelter and clothing.
When marketing luxury items, companies must be very aware of changes in discretionary income
Income levels help to distinguish between different ______________ groups.
Affluent – 8 million households, income greater than $100,000 year – HALF of all discretionary spending in the US
Demographics – Marital Status
___________ couples are 50.7% of total households in US
Down from 80% in 1950
Reasons for changes
People are __________ when they get married for the first time
People are __________ more, living longer and __________ less
Married couples with kids are _________ of population
Demographics - Ethnic Background
US is multi-cultural and ethnically diverse due to increased immigration
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Geographics
__________________ is segmentation of the market based on where people live. Local, regional , national or even global markets.
Geographics is studied in relation to _______, ethnic background and _________
Government created Metropolitan Statistical Areas MSA’s
defined geographical areas used for distribution of financial aid.
Marketers also use to target consumers.
Sales and Marketing Management magazine reports on where people are moving and spending power of MSAs.
Psychographics
________________involves grouping people with similar lifestyles, attitudes, ______________ and ________________
Requires special research to learn about personality ______ and __________
Lifestyles are people’s attitudes and values. How people spend their time and money
People who share similar interests have similar attitudes. Some __________ are targeted this way.
Trends include changes in households, the economy, politics and the ___________. These changes contribute to changes in attitudes about health, time, fun and living and general.
Behavioral
Segmenting based on product-related ___________involves looking at
The _____________ desired by the consumers
Shopping ____________ of the customers
Usage ___________
Examples of desired benefits
Sport shoes – jog, walk, tennis aerobics.
Shampoo – oily, dry or normal.
Soda, diet, caffeine free, etc.
Behavioral
Examples:
Desire for ___________ goods is a growing consumer trend
MasterCard research of online consumers and their concern for security:
Confident Core Users
Cautious Shoppers
Mainstream Users
Curious but not convinced
Technological Skeptics
Teenagers spend less than __________ a month on entertainment
Teenage ____________ spend more on music than ____________
Consumer Behavior
____________ Rule
________ of a company’s sales are generated by 20% of its loyal customers
Mass Marketing vs Segmentation
____________ marketing is not as popular since most markets can be segmented
Current trend is toward ____________ Marketing
Markets are __________________ and defined with extreme precision
Even products with one slogan will use different models and themes to reach different segments
Conclusion
Definition of Market Segmentation
Four Methods to segment a market
Differentiate between Mass Marketing and Segmentation
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