Selecting Target Markets. By Shinta P

Transcription

1 Selecting Target Markets By Shinta P

2 What is Target Market?

3 A Target Market is a specific group of potential customers which you have identified who have needs or problems which your products or services can fulfill.

4 Target Marketing involves breaking a market into segments and then concentrating marketing efforts on one or a few key segments.

5 Goals

6 A. Define homogenous subgroups for message and product design purposes B. Identify segments that will target distribution and communication channel strategies

7 The beauty of target marketing is that it makes the promotion, pricing and distribution of the products and/or services easier and more costeffective.

8 Steps Select the most appropriate bases (variables) on which to segment the market

9 How?

10 A. Direct method: random sampling survey, observation, kuesioner, wawancara B. Indirect method: Secondary data

11 variables

12 I. Geographic segmentation 2. Demographic segmentation 3. Psychographic segmentation 4. Psychological segmentation 5. Sociocultural segmentation 6. Use-situation segmentation 7. Use-related segmentation 8. Benefit segmentation 9. Hybrid segmentation

13 1.Geographic segmentation (based on location) a. region: b. City size: metropolitan, towns, small cities c. Density area: urban, sub urban, rural d. climate: hot, humid, rainy

14 2. Demographic segmentation (based on measurable statistics) a. Age b. Sex c. Marital status d. Income e. Education f. Occupation

15 3. Psychographic segmentation (based on lifestyle preferences) Economy minded, outdoor enthusiasts, status seekers

16 4. Psychological segmentation a. Need motivation: shelter, safety, security b. Personality: extroverts, aggressive c. Perception: low risk, high risk d. Learning involvement: high, low e. attitudes: Positive, negtaive

17 5. Sociocultural segmentation culture, religion, social class 6. Use-situation segmentation time: location: home, work person: self, family members, friends

18 7. Use-related segmentation Usage rate: heavy users, medium, light awareness status: unaware, aware, interested Brand loyalty: none, some, strong 8. Benefit segmentation convenience, social acceptance, economy 9. Hybrid segmentation

19 Two important aspects : the attractiveness of the segment and the fit between the segment and the firm's objectives, resources, and capabilities.

20 Target Market approach/ Strategies

21 Single-segment strategy (a concentrated strategy). One market segment (not the entire market) is served with one marketing mix. A single-segment approach often is the strategy of choice for smaller companies with limited resources.

22 Selective specialization- (this is a multiple-segment strategy, also known as a differentiated strategy). Different marketing mixes are offered to different segments. The product itself may or may not be different - in many cases only the promotional message or distribution channels vary.

23 Product specialization the firm specializes in a particular product and tailors it to different market segments.

24 Market specialization the firm specializes in serving a particular market segment and offers that segment an array of different products.

25 Full market coverage the firm attempts to serve the entire market. This coverage can be achieved by means of either a mass market strategy in which a single undifferentiated marketing mix is offered to the entire market, or by a differentiated strategy in which a separate marketing mix is offered to each segment.

26 Strategi alternatif:

27 Market penetration: try to increase market share among existing customers Market development attracting new customers to existing product (McDonald s opens restaurant in China)

28 Product development the creation of new products for present markets Diversification Introducing new products into new markets