Lesson 3 Flashcards
strategies and
identifying one’s unique selling
proposition and competitive
advantage will greatly contribute to a
successful marketing plan.
Market coverage
S-T-P
Segmenting Targeting Positioning
comprised of varied profiles and characteristics
that can be further segregated.
Market
dividing the market into distinct
groups who might require separate products
Market Segmentation
subgroup of a total consumer market who share similar characteristics and need relevant
market segment
CHARACTERISTICS
SEGMENT
OF A MARKET
Identifiable.
Cohesive.
Measurable.
Accessible.
Substantial.
Actionable.
The people who comprise
the segment can be located and identified
such that targeting them would be easy
Identifiable
The consumers should be part of a whole whose specific qualities are
common to all
Cohesive
The marketer should be
able to estimate the size and potential
spending of the members of the market
Measurable
The members of the segment should be accessed by marketing efforts and promotional activities to be conducted.
Accessible
segment is small, it should have a high spending capability to make a significant impact on the business’ bottom line.
substantial
The company has enough resources and commitment to enable effective penetration of the identified segment to ensure effective positioning.
Actionable
divides the market into
different geographic units such
as nations, states, regions,
countries, cities,
neighborhoods, barangays,
towns, etc.
geographic segmentation
segmenting the market based on
variables such as age, life cycle, gender,
income, occupation, education, religion,
and race
Demographic Segmentation
divides consumers based on
different psychographic profiles
such as social class, lifestyle, and
personality characteristics.
Different social classes will have
different taste and preferences
on what they buy.
Psychographic Segmentation
has in influence on
what and how
consumers buy
products and
services.
life style
seen as an indicator of
the type of products
people buy. Products take
on an image or a
personality (outgoing,
private, adventurous) and
people also have
personality traits. Studies
have shown that consumers
tend to buy products that
reflect a personality similar
to themselves.
personality
refers
to dividing groups based on
their knowledge, attitude, and
use of response to a product.
behavioral segmentation
With the
prevalence of the Internet and the
World Wide Web, there is an
increasing divide between the
users and non-users of
technology in searching for travel
information.
techno graphic segmentation
Traditionalists—
Baby Boomers—
Generation X—
Millennial—
Generation Z—
—born 1925 to 1945
—born 1946 to 1964
—born 1965 to 1980
—born 1981 to 2000
—born 2001 to 2020
they prefer
Travel Agencies
and Tour
Operators.
baby boomers
Word of Mouth in
decision making
for travelling.
millennials
influenced by social media
gen z
