Chapter 2.2 Market Segmentation & Target Market
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1 Chapter 2.2 Market Segmentation & Target Market What You ll Learn: Definition of Market Segmentation Four methods to segment a market Differentiate between Mass Marketing and Segmentation
2 Analyzing Markets Market segmentation is a way of analyzing a market by specific characteristics in order to create a defined target market Segment markets by the following categories: Demographics Psychographics Geographics Behavioral Factors
3 Market Segmentation Take a look at the market for jeans A marketer may ask Who buys jeans? At what price? What special features do they want? Market for jeans could be segmented: n By age: Kids, teens, adults n By price: Varying income levels n By desired features: Tight fit, newest fashion, comfort Next question. Which of these segments should we target and how?
4 Demographics Demographics: Statistics that describe a population in terms of personal characteristics including: Age Gender (male/female) Income Ethnic background Education Occupation
5 Demographics - Age Generations have collective shared experiences and common bonds: Baby Boomer Generation n Generation X (Baby Bust Generation) n Generation Y (Echo Boomers/Millennium Generation) n Generation Z (Tech Savvy) à YOU! n
6 Demographic Segmentation Example: Target Market = Baby Boomers (50-70 yrs.) Automobiles n Roomy n Safety Features PRODUCTS: n Toyota Avalon n Oldsmobile Aurora n Mercury Mystique n Dodge Intrepid n Chrysler Concorde
7 Demographics - Gender Target only men or women with specific products Gender neutral products may use gender specific promotions to appeal to each gender
8 Demographics Income How much $$ do people have to spend? 1. Disposable income: money left after paying taxes 1. Important for marketers selling necessities 2. Discretionary income: money left after paying for basic living necessities such as food, shelter and clothing 1. When marketing luxury items, companies must be aware of changes in discretionary income
9 Demographics Marital Status Married couples are 49.7% of total households in US Down from 80% in 1950 Reasons for changes: People are older when they get married for the first time People are divorcing more, living longer and remarrying less Married couples with kids are 25% of population
10 Demographics - Ethnic Background US is multi-cultural and ethnically diverse We are not only marketing to one culture, or one ethnicity!!
11 Geographics Geographics: Segmentation of the market based on where people live. Local, regional, national or even global markets. Examples: If you want to market to people 65 or older, the largest populations of this group are located in California, Florida, New York, Texas and Pennsylvania. If you market snow blowers, you would focus on geographic areas with a cold climate.
12 Psychographics Psychographics: involves grouping people with similar lifestyles, attitudes, values and opinions Requires special research to learn about personality traits and motivation: Lifestyles are people s attitudes and values How do people spend their time and money? People who share similar interests have similar attitudes. Some magazines are targeted this way...
13 Behavioral Behavioral: Segmenting based on product-related behavior involves looking at: The benefits desired by the consumers Shopping patterns of the customers Examples: Teenagers spend less than $50 a month on entertainment Teenage girls spend 15% more on music than boys Recall the 80/20 rule (classification of sales)
14 Mass Marketing vs. Segmentation Mass marketing is not as popular since most markets can be segmented Current trend is toward niche marketing: Markets are narrowed down and defined with extreme precision Even products with one slogan will use different models and themes to reach different segments
15 Activity Target Market People Groups of 4! Review rubric on katonclasses
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