Targeting Consumers Flashcards
market segmentations
dig into large groups to find a certain group of people to target
audience segentation
find the best prospects based on - identify needs problems values, accesibility through media, profit potential
identifiable needs, problems, or values
find underlying proble or value system
FedEx need problem value
overnight service, problems with deliveries, reliability
accesibility through media
must be at a reasonable cost
profit potential
most important test of segment, is it growing?
growing markets
single women home buyers, spanish speakers on the web, 15s on tech, mobile games, elearning
segmentation is niche marketing
identify needs segment and targeting a product for that segment
tide
clean and new
cheer
colors bright in any water temp
bold
freshness
segmentation evolved from
mass market
mass market
everybody is a potential customer reach widest audience possible
target marketing
smaller slice from the mass arket who share the same need for a product
one to one modek
two way dialogue with consumers and prospects
segentation process today
define promotion uses for segmentation, use variables to create segments, predict responses through behavioral segmentation, rank segments
1 define promotion uses for segentation
marketing to existing/new customers
marketing to existing customers
most profitable - 65% of sales
marketing to new customers
analyze trends
2014 trends
buy local, mobile devices, premiumization
cocooning
protects oneself from the harsh outside world
cashing out
working men and women seek more simpler life
pleasure revenge
predicted new fondness for meats, desserts, and other comfort foods
2 use variable to create segments
what makes consumers alike or different and traits associated with geographic region
segmentation variables
geographic and demographic
psychographic/lifestyle values
profiles customers attitudes, values
behavioral information
provides needs and benefits that are sought
geographic segmentation
global youth/affluent/cyberspace, national/regional, local
demographic segmentation
socioeconomic status, social class, family status, young married, singles, gay
gender based buying investors
women
gender based buying shopping
women more brand loyal, men are less price conscious/more likely to buy impulse items
VALS 2
8 lifestyle categories with two dimensions - resources and self orientation
8 lifestyle categories
actualizer, acheiver, experiencer, fufilled, believers, strivers, makers, strugglers
3 behavioral segment categories
needs/benefits, media use, financial credit behavior, response behavior, product use
product behavior segmentation
divide market based on product features and benefits
needs/benefits
time, enjoyable experience, save money
media use
prefer kinds of media
internet videophiles
video downloadin freaks
financial credit behavior
past says something about the future, credit scores and files
response behavior
data combined with real time information - special offers, quality reccomendations
product use
heavy vs light vs nonusers
4 rank segments
in order of priority/most profitable
