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It outlines five market criteria and the objectives of segmentation, including improving customer understanding, reducing marketing risk, and increasing efficiency. The module reviews major segmentation approaches (geographic, demographic, psychographic, behavioral, decision maker, plus common business bases) and shows how to combine bases for better segment clustering. 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Targeting determines which segments are most likely to become customers and directs marketing efforts to satisfy them.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What are the five criteria for a market?",{"text":117,"@type":113},"A market must include true needs/wants, ability to pay, willingness to buy, authority to buy, and a large enough number of qualified people or organizations to be profitable.",{"name":119,"@type":110,"acceptedAnswer":120},"How do targeting strategies affect the marketing mix?",{"text":121,"@type":113},"Concentration focuses on one marketing mix and can suffer if demand declines, while multi-segment creates marketing mixes for each segment but increases campaign and channel costs. 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this need may be recognized, unrecognized, or latent\nThe person/organization must have the ability to pay for the product via means acceptable to the marketer\nThe person/organization must be willing to buy the product\nThe person/organization must have the authority to buy the product\nThe total number of people/organizations meeting the previous criteria must be large enough to be profitable for the marketer\nObjectives of Segmentation\nTo improve an organization’s understanding of who their prospective customers are and how to serve them\nTo reduce risk in deciding where, when, how, and to whom a product, service, or brand will be marketed\nTo increase marketing efficiency by directing effort toward designated segment(s) in ways that are consistent with that segment’s characteristics\nPractice Question\nWhat products or companies would find this market segmentation by family life stage useful?\nChoosing a Target Market\nThe target market should include only those segments of a market that are both:\nProfitable to serve\nLikely to be receptive to the products a company provides\nCommon Market Segmentation Approaches\nType of Approach\nSegmentation Criteria\nGeographic\nNations, states, regions, cities, neighborhoods, zip codes, etc.\nDemographic\nAge, gender, family size, income, occupation, education, religion, ethnicity, and nationality\nPsychographic\nLifestyle, personality, attitudes, and social class\nBehavioral\nUser status, purchase occasion, loyalty, readiness to buy\nDecision maker\nDecision-making role (purchaser, influencer, etc.)\nCommon Business Segmentation Approaches\nOrganization size: by revenue, number of employees, geographic reach, etc.\nGeography\nIndustry\nUser status: usage frequency, volume used, loyalty, longevity, products already in use, readiness to buy, etc.\nBenefits sought\nEnd use\nPurchasing approaches\nCombining Bases for Segmentation\nGeo-cluster approach demographic + geographic data\nGeographic + behavioral data\nCan point companies toward locations where customers are clustered\nDemographic + lifestyle or behavioral segments\nSample Market Segment Profiles\nIdeal Market Segment\nCan be measured\nIs profitable\nIs stable\nIs reachable\nIs internally homogeneous\nIs externally heterogeneous\nIs responsive\nIs cost-effective\nHelps determine the marketing mix\nQuestions to Consider in Selecting a Target Segment\nWhose needs can you best satisfy?\nWho will be the most profitable customers?\nCan you reach and serve each target segment effectively?\nAre the segments large and profitable enough to support your business?\nDo you have the resources available to effectively reach and serve each target segment?\nTargeting Strategy\nConcentration\nOnly one marketing mix is developed\nAdvantage: focus\nDisadvantage if demand in segment declines, company will suffer\nMulti-segment\nMarketing mix for each segment\nAdvantage: may reach more customers\nDisadvantage: Costs of multiple campaigns and distribution channels\nTargeting Strategies\nStrategy\nTarget Market\nExample\nMass marketing\nEverybody everywhere\nTarget\nDifferentiated\nmarketing\nLarge groups within the total market\nCostco, Sam’s Club\nNiche marketing\nHigh penetration within smaller, specialized segments\nTrader Joe’s, Whole Foods\nMicromarketing\nIndividual customers or localized microsegments\nGroupon\nThe Marketing Mix\nShaping Marketing Mix for Target Markets\nMarketing Element\nTargeting Criteria\nProduct\nWhat would make the ideal product for your target segment?\nWhat special features or capabilities are critical for this segment?\nWhat unique p","cbCaifPqKO5csqom","https://ap.wps.com/l/cbCaifPqKO5csqom","pptx",1125426,17,"English","# Module 3: Segmentation and Targeting\n## Segmentation and Targeting\n## Five Criteria for a Market\n## Objectives of Segmentation\n## Choosing a Target Market\n## Common Market Segmentation Approaches\n## Common Business Segmentation Approaches\n## Combining Bases for Segmentation\n## Sample Market Segment Profiles\n## Questions to Consider in Selecting a Target Segment\n## Targeting Strategy\n## The Marketing Mix\n## Quick Review","[{\"question\":\"What is the difference between segmentation and targeting?\",\"answer\":\"Segmentation divides potential customers into groups to better understand them. Targeting determines which segments are most likely to become customers and directs marketing efforts to satisfy them.\"},{\"question\":\"What are the five criteria for a market?\",\"answer\":\"A market must include true needs/wants, ability to pay, willingness to buy, authority to buy, and a large enough number of qualified people or organizations to be profitable.\"},{\"question\":\"How do targeting strategies affect the marketing mix?\",\"answer\":\"Concentration focuses on one marketing mix and can suffer if demand declines, while multi-segment creates marketing mixes for each segment but increases campaign and channel costs. In both cases, targeting guides decisions about product, promotion, place/distribution, and price.\"}]","Principles of Marketing - Module 3 - Segmentation and Targeting | PPTX",1792132427,43]