Examples of Consumer-based Market Segmentation in the following topics:
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- As you might expect, demographic segmentation variables are amongst the most popular bases for segmenting customer groups.
- Although industrial market segmentation is quite different from consumer market segmentation, both have similar objectives.
- Consumer-based market segmentation can be performed on a product specific basis, to provide a close match between specific products and individuals.
- It is actually based on the behavior of the consumer.
- Segmentations according to benefits sought by the consumer.
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- As you read this chapter, you should develop an understanding of the following key marketing concepts:
- the important role marketing can play in the success of an organization
- understand the primary tools available to marketers and how they are used
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- A target market is simply a specified group of potential consumers who are likely to have a need for (or interest in) a given product or service.
- As a business, targeting is the process of filtering a population for the characteristics that most closely align with their customer base.
- Through identifying who the ideal consumers are, acquiring these consumers and gathering data about their current needs is that much easier and cheaper.
- However, all marketers should be familiar with the basic market segmentation approaches that are most common across industries:
- The idea is that a target market is a specific segment of a broader population, filtered through strategically collecting information.
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- "Marketing research is often partitioned into two sets of categorical pairs, either by target market: Consumer marketing research, and Business-to-business (B2B) marketing research Or, alternatively, by methodological approach: Qualitative marketing research, and Quantitative marketing research Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns.
- Sound decisions are not based on gut feeling, intuition, or even pure judgment.
- They make decisions about potential opportunities, target market selection, market segmentation, planning and implementing marketing programs, marketing performance, and control.
- Marketing research helps the marketing manager link the marketing variables with the environment and the consumers.
- The next step is to identify and select the best alternative based on chosen criteria or measures of success.
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- Discuss several reasons why marketers continue to have a difficult time understanding, predicting, and explaining consumer behavior.
- Present a diagram of the consumer decision process.
- Dictionary of Marketing Terms, Peter D.
- Bennett, Ed., American Marketing Association, 1988 p. 54.
- Burnett, "The Macromarketing/Micro marketing Dichotomy: A Taxonomical Model," Journal of Marketing, Summer. 1982 pp. 11-26.
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- These elements are personal selling, advertising, sales promotion, direct marketing, and publicity.
- Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.
- In this scheme, firms are classified based on their market share or dominance of an industry.
- Typically there are four types of market dominance strategies:
- By navigating this metrics continuum, from Activity-Based to Predictive, marketers can move towards more effective marketing measurement and align measurement and metrics with business outcomes.
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- In the consumer-driven approach, consumer wants are the drivers of all strategic marketing decisions.
- Every aspect of a market offering, including the nature of the product itself, is driven by the needs of potential consumers.
- The starting point is always the consumer.
- Market segmentation is the division of the market or population into subgroups with similar motivations.
- It is widely used for segmenting the various differences within the market: geographic, personality, demographic, technographic, use of product, psychographic, and gender.
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- When defining their strategy, marketing professional consider two kinds of promotional strategies identified by marketing theorist - a push strategy or a pull strategy.
- Promotion planning is relatively easy when you know the media, information seeking and decision making habits of your customer base, not to mention the vocabulary unique to their segment.
- When defining their strategy, marketing professional consider two kinds of promotional strategies identified by marketing theorist - a push strategy or a pull strategy.
- In markets the consumers usually "pull" the goods or information they demand for their needs, while the offerers or suppliers "pushes" them toward the consumers.
- Pull strategy In a marketing "pull" system, the consumer requests the product and "pulls" it through the delivery channel.
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- Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns.
- An example of the government researching consumer markets is the US Census.
- Consumer marketing research is a form of applied sociology that concentrates on understanding the preferences, attitudes, and behaviors of consumers in a market-based economy, and it aims to understand the effects and comparative success of marketing campaigns.
- The field of consumer marketing research as a statistical science was pioneered by Arthur Nielsen with the founding of the ACNielsen Company in 1923.
- Advertising research is a specialized form of marketing research conducted to improve the efficacy of advertising.
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- It will be a big store, almost the same size as the one in New York, with high prices and focused on high-income consumers.
- Conducting market research will help you identify new trends, market segments, and niches.
- Market research will end up saving you time by developing focused strategies based on a better understanding of your customers.
- Developing a research plan: Based upon a well-defined problem and objectives, the framework for the research plan should be apparent.
- Collecting the data: This is the point at which the finalized questionnaire (survey instrument) is used in gathering information among the chosen sample segments.