Introduction. Market segmentation is defined as:
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1 Ibrahim Sameer 1
2 Introduction Market segmentation is defined as: The process of breaking down the total market for a product or service into distinct sub-groups or segments, where each segment might represent a distinct target market to be reached with a distinctive marketing mix. The intention is to select groups of customers that the company is best able to serve so that competitive pressure is minimized. 2
3 The Need for Segmentation & Targeting The marketing concept puts customer needs at the centre of the organization's decision making. Market segmentation and strategies of targeting and positioning recognize that within the total market for a product, demand will differ to cater for specific tastes, needs and quantities of customers. Effective segmentation is achieved when customers sharing similar patterns of demand are grouped together giving rise to homogeneous demand. 3
4 Advantages of Target Marketing Marketing opportunities and gaps (i.e sectors of unfulfilled demand) in a market may be more accurately identified and appraised. Product and market appeals (through the marketing mix) can be more finely tuned to the needs of the potential customer. Marketing effort can be focused on the market segment(s) that offer the greatest potential for the company to achieve its objectives. 4
5 Effective Segmentation Measurable/identifiable and lead to ease of identification (who is in each segment?) and measurement (how many potential customers are in each segment?). Accessible and lead to the marketer being able to reach selected market targets through marketing efforts. Substantial segments that are sufficiently large to be worthwhile serving as distinct market targets. Meaningful segments that have different preferences/needs, and show clear variations in market behavior/response to specialized marketing efforts. 5
6 Segmentation Bases in Consumer Product Market Geographic Segmentation In international marketing, different countries may be deemed to constitute different market segments. Within a country a market may be segmented into regions that might represent individual salesperson s territories. Demographic Segmentation This approach consists of a wide variety of bases, of which the more common are: age, income, sex, education, nationality, family size, family life cycle, social class/occupation. Demographic bases constitute the most popular for segmentation in consumer product markets 6
7 Segmentation Bases in Consumer Product Market (cont ) Family Life Cycle Family life cycle segmentation is based on the idea that consumers pass through a series of phases in their lives. The stages are defined as: Bachelor Stage. This is young single people who live at home, who have limited financial commitments and a fairly large amount of disposable income. Newly married couples, no children. In this stage there is likely to be two full time salaries in the household, and a large amount of expenditure on products such as furniture, cars etc. Full nest 1. This is a couple that has started a family with the youngest child under six years. Disposable income is low as financial commitments increase and often income decreases. 7
8 Segmentation Bases in Consumer Product Market (cont ) Full nest 2. This is a family household with youngest child over six years old. The financial position is improving, as often income starts to increase. Full nest 3. Older couples with dependent children. Here the amount of disposable income increases further as children get older and possibly start to get part time jobs. More income is spent on luxury goods such as holidays etc. Empty nest 1. Couple with no dependent children. Disposable income increases further and needs of the household change, e.g. a change of focus to saving for future retirement. 8
9 Segmentation Bases in Consumer Product Market (cont ) Life Style Segmentation: This is referred to as psychographic segmentation. It is based on the idea that individuals have modes and patterns of living that may be reflected in the products and brands they purchase. For example, some individuals prefer a homely lifestyle, whereas others may have a sophisticated lifestyle. Direct or Behavioral Segmentation: The approaches to consumer segmentation described so far have been examples of associative segmentation. They are used where it is felt that differences in customer needs and purchasing behavior may be associated with them. For example, if we use age to segment a market, we assume that purchasing behavior in respect of a certain product is a function of age. 9
10 Segmentation Bases in Consumer Product Market (cont ) Loyalty Status: A direct approach to segmenting is the extent to which different customers are loyal to certain brands (brand loyalty). Consumers fall into one of four categories as far as loyalty status is concerned: 1. Hard core loyals have loyalty to a single brand (e.g brands AAAAAA). 2. Soft core loyals divide their loyalty between two or more brands (e.g brands AABABBA). 3. Shifting loyals brand-switch, spending some time on one brand and then move to another (e.g brands AAABBCCCAA). 4. Switchers show no brand loyalty, often purchasing products that are lowest in price or have a special offer (e.g brands BCBAACD). 10
11 Segmentation in Organizational Product Market The most frequently encountered bases: Geographic e.g. Northeast and Southwest, Holland and France. Type of application/end use e.g. cotton for clothing or that used for bed linen. Product/technology e.g. plastic bottles and glass bottles. Type of customer e.g. retailing sector or manufacturing. Customer size e.g. by customer turnover or by the average value of orders. Loyalty of customer Usage rate e.g. heavy or light. Purchasing procedures e.g. centralized or decentralized, the extent of specification buying, quotation/tender procedures. Benefits sought is based on the product needs that customers require from their purchase e.g. a car may be needed for the company s representatives, or for hiring out or as the chief executive s personal car. 11
12 Assessing & Selecting Market Segmentation The marketer has to evaluate the various market segments. The company must decide which segments in the market it is best able and willing to serve. This decision must be based on company resources, competition, segment potential and company objectives. Four characteristics make a market segment attractive: The segment has enough sales and profit potential. The segment has the potential for growth. The segment is not over competitive. The segment has some unsatisfied needs that the company can serve well. 12
13 Targeting Strategies Undifferentiated strategy sometimes referred to as mass marketing is when an organisation aims its resources at the entire market with one particular product in the hope that a sufficient amount of buyers would be attracted. For example, Coca Cola used to do this with its original Coca Cola drink. 13
14 Targeting Strategies Concentrated strategy - where an organisation concentrates its marketing effort on one particular segment e.g. Rolls Royce cars aim its vehicles at the premium segment. 14
15 Targeting Strategies Differentiated strategies - where an organisation targets several segments and develops distinct products/services with separate marketing mix strategies aimed at the varying groups. For example, an airline can offer business class, first class and economy class tickets with separate marketing programmes to attract the different groups. 15
16 Positioning Concept Positioning is the process of creating an image for a product/service in the minds of target customers using the marketing mix. Some products adopt a similar position with their competitors so customers can make a direct comparison, while some organisations want to create a very distinct image in customer s minds e.g. Rolls Royce is a top quality, luxury car and it is expensive to reflect that high quality. 16
17 Positioning Concept Using a perceptual mapping grid organisations can ask customers to plot where they think products should go on a range of bases e.g. with cars customers could be asked to give their views on car brands in terms of bases such as speed and price for example. 17
18 Positioning Concept 18
19 Positioning Concept A company can t sell to everyone as it would cost too much so any organisation must be able to segment their market and try to discover which one (or more) of these groups should be targeted. Once a firm has targeted their groups of customers they must decide what image customers should have about their product and this is where positioning and perceptual maps come in. 19
20 Consumer Buyer Behavior Consumers are exposed to various experiences and influences. Some of our responses to our environment are the results of our psychological make-up. Cultural & Social Influence Marketers attempt to recognize how culture shapes and influences behavior. Culture is a group of complex codes and passed down through generations as determinants & regulators of human behavior in society. These codes include attitudes, beliefs, values, language, religion, art, music, food, housing and product preferences. 20
21 Consumer Buyer Behavior (cont ) Marketers should also consider following group as well in the culture and social influence: Family structure has changed from extended family to nuclear family. Working women increasing Immigration communities in some countries. Religion 21
22 Consumer Buyer Behavior (cont ) Social Class Marketing research uses social class as the main criterion in identifying market segments because such a classification reveals a lot about likely behavior. Social class is an indicator of lifestyle and its existence exerts a strong influence on individual consumers. Eating out are once pleasures only enjoyed regularly by upper class members of society. Today, eating out marketers target a wide variety of consumers, with a different marketing mix strategy being designed for each identifiable group of consumers. 22
23 Consumer Buyer Behavior (cont ) Reference Group A reference group plays a more intimate role in influencing consumers. This is a group of people whose standards of behavior influence a person s attitudes, opinions and values. In general, people tend to imitate and seek advice from those closest to them. Reference groups can be small, for instance, the family group. 23
24 Model of Consumer Buying Behavior The basic steps in consumer buying behavior is shown under the diagram. 24
25 The Adoption Process The marketer s task is to create awareness and then guide the consumer through subsequent stages of the process. Without awareness of the new product, consumers cannot even consider it as a solution to need-related problems. 25
26 The Adoption Process (cont ) In the context of consumer buying behavior we can see how each adopter group possess distinct characteristics: 26
27 The Adoption Process (cont ) Innovators (2.5%) are likely to be younger, better educated, and relatively affluent with a higher social status. Early adopters (13.5%) possess many characteristics of innovators, but tend to belong to more local systems. Although social relationships are less broadly based, they tend to be opinion leaders and are influential within their particular group. The early majority (34%) is a group that is slightly above average in socioeconomic terms. They rely heavily on marketing for information and are influenced by the opinion leaders of the early-adopter category. They adopt new products before the average consumer. 27
28 The Adoption Process (cont ) Late majority (34%) adopters are more likely to adopt because the innovation has been accepted by earlier groups. Social pressure or economic considerations are more influential in this group than personal characteristics. Laggards (16%) make up the cautious group. They tend to be older, with lower socio-economic status. The innovator group may be considering a newer product before laggards have adopt the original innovation. 28
29 Past Paper Review December 2009 / Q 7 (a) Explain each of the following methods of segmenting consumer markets, and give an example in each case: (i) Geographic/Geodemographic (ii) Behavioural (iii) Psychographic (13 marks) (b) Family Life Cycle is a demographic segmentation method. Identify and describe six of the stages of the Family Life Cycle. (12 marks) 29
30 Past Paper Review (cont ) Answer (a) Geographic/geodemographic. Geographic segmentation involves dividing markets into different geographic areas such as countries, regions, counties and/ or cities and is based on the assumption that consumers within the particular region will have a similar need or taste. An example of geographic segmentation would be the car industry that would segment the markets by countries; some countries require right hand drive cars and some left. Geodemographic segmentation is based on the assumption that people in certain geographic areas share similar demographic profiles, and there are various segmentation systems such as ACORN or MOSAIC that provide demographic classifications for different neighbourhoods. 30
31 Past Paper Review (cont ) Answer (a) Behavioural segmentation divides a market according to a consumer s purchase behaviour patterns. Examples of behavioural segmentation would be loyal customers, usage rates, occasions and benefits sought. An example of benefits sought could be the watch market where some watches are bought on price, some for quality, some as fashion items and some for specific needs such as waterproofing. An example of occasions would be the greeting card market that develops products for specific occasions such as Christmas, birthdays etc. 31
32 Past Paper Review (cont ) Answer (a) Psychographic segmentation divides a market according to a customer s lifestyle, attitudes and beliefs. For example, consumers may aspire to, or have, a particular lifestyle which generates its own needs, for instance, professionals who have a need for a particular type of clothing and accessories such as briefcases etc. Attitudes such as a concern for the environment can be used as a segmentation criterion and examples of environmentally friendly products such as cleaning materials and recyclable packaging would be targeted at this particular segment. 32
33 Past Paper Review (cont ) Answer (b) Refer slide
34 Past Paper Review (cont ) December 2007 / Q 2 (c) Explain why it is necessary to segment a market. (5 marks) 34
35 Past Paper Review (cont ) Answers Segmentation is a way for organisations to divide up the mass market into smaller groups of potential customers with similar characteristics. This allows the organisation to understand the needs of a particular segment or segments and adjust its marketing strategy to satisfy those needs. There are different methods of segmenting a market, such as: geographic segmentation demographic segmentation e.g. age, sex, life cycle psychographic segmentation, such as attitudes, beliefs, lifestyle 35
36 Past Paper Review (cont ) Answers Once an organisation has segmented its market it can then decide which customer groups to target. An organisation needs to decide whether to target just one segment (often known as niche marketing) or multiple segments (known as differentiated marketing). If an organisation decides not to segment its market or to offer the same marketing strategy to all segments this is known as undifferentiated marketing. By deciding which segments to target an organisation can then develop a marketing strategy aimed at those segments which means resources and skills can be applied in the most efficient manner. Target marketing also allows the organisation to consider which segments the organisation is most able to compete in and which will be most profitable for the organisation. 36
37 Past Paper Review (cont ) Finally once an organisation has decided which segments to target it must develop a product proposition, this is known as positioning. It is a way of using the marketing mix to differentiate its products from other competitors in that market. By segmenting its market into small groups an organisation can gain a close understanding and relationship with its customers; this understanding will assist in developing a unique product/brand position. 37
38 Past Paper Review (cont ) June 2008 / Q 1 (a) Briefly explain the terms Segmentation, Targeting and Positioning. (3 marks) (b) Briefly explain three different ways of segmenting a market and give an example for each, using a brand or product you are familiar with. (9 marks) (c) Briefly explain three different options available to an organisation when choosing which segments to target, giving an example of each option. (9 marks) (d) Explain two benefits an organisation may gain by segmenting its market. (4 marks) 38
39 Past Paper Review (cont ) Answers (a) Segmentation. Is a way of dividing a market into smaller groups of consumers with similar characteristics. Targeting. Is the analysis and evaluation an organisation undertakes when deciding which segments to offer products to. Positioning. Positioning describes the way an organisation develops a unique competitive proposition for their products within a target market. 39
40 Past Paper Review (cont ) Answers (b) Organisations segment their markets into groups of customers with similar characteristics in order that they can adjust their marketing mix to meet the needs of these customers. Below are three methods an organisation may use: Demographic segmentation. Demographics is grouping customers by criteria such as age (e.g years, or 50 plus), stage in their family life cycle (e.g. single, married, married with children) or income (often defined as Social Class where consumers are divided into six classifications such as A for Upper Middle Class, B for Middle Class, C1 Lower Middle Class, C2 Skilled Working Class, D Working Class and E low level subsistence. 40
41 Past Paper Review (cont ) Answers (b) An example of demographic segmentation can be seen in broadcasting organisations that develop television channels such as Nickelodeon Junior, which is aimed at children. Another example would be British Airways who sell seats according to income, e.g. coach class aimed at low to middle income, business class or first class aimed at higher income earners. Situational segmentation. This is where a market is segmented by a particular situation or occasion. An example would be Thornton s chocolate who produce chocolates for Easter, Christmas, Mother s Day etc. 41
42 Past Paper Review (cont ) Answers (b) Geographic segmentation. Geographic segmentation is where customers are grouped by location, e.g. a country or a city/town. An example of geographic segmentation can be seen in newspapers that segment their marketing geographically and produce local papers for customers in the local area, which contain local news. 42
43 Past Paper Review (cont ) Answers (c) Once an organisation has segmented its market, it needs to decide which segments to target with its products. Below are the choices an organisation can make when deciding which segments to target. Undifferentiated marketing. This is where an organisation markets its product/brand to the whole market without segmenting or changing its marketing mix. An example would be Heinz baked beans. 43
44 Past Paper Review (cont ) Answers (c) Niche marketing or single segment. This is where an organisation chooses a single segment to sell its products to. Organisations choosing Niche marketing are able to focus on a particular segment to gain a deep understand of their needs. This allows the organisation to develop their marketing mix specifically for the needs of this segment resulting in closer customer satisfaction. An example of Niche marketing would be an exclusive fashion brand such as Chanel which targets highincome individuals only and restrict distribution of its products to retail outlets aimed at them. 44
45 Past Paper Review (cont ) Answers (c) Differentiated marketing. This is where an organisation chooses to target two or more segments and varies its product/brands accordingly to meet the different needs of these segments. An example would be a car manufacturer such as Mercedes who will design cars for different segments, e.g. a saloon car for families and a sports car for individuals. 45
46 Past Paper Review (cont ) Answers (d) Organisations are able to gain a deeper understanding of customer needs and therefore are able to produce products and develop a marketing mix that are more closely suited to those needs, resulting in more satisfied and loyal customers. Targeting. Organisations are able to choose the segments that are the most profitable for an organisation and/or most suited to the strengths and capabilities of an organisation. 46
47 Q & A 47
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