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1.Definition

2. Steps in the Target Marketing Process

3. Types of Segmentation

Why do we segment markets?

Benefits of Segmenting Markets

Consumer Criteria

Bases of Segmentation

Variable Segmentation

'Diving a market into smaller segments of buyers with distinct needs,, or behaviours that might require separate marketing strategies or mixes" (Kotler and Armstrong, 2012)

1. Segmentation: Identify and describe market segments. Consider variables (bases) for segmenting tbe market. Examine profile or emerging segments and validate segments which emerge.

2. Targeting: Evaluate segments and decide which to go after. Decide which and how many segments should be targeted.

3. Positioning: Design a product or service that segments needs and requirements. Develop an appropriate marketing mix that will create a competitive advantage. Develop and understanding of customer perceptions, position the products in the minds of the consumer.

Mass Marketing: Mass production, Mass distribution and Mass promotion.

Targeting Marketing

Consumer preferences differ

Consumers can be grouped into relatively homogeneous subgroups

Behaviour patterns for each subgroup can be identified.

Marketers can isolate and target meaningful segments

Improved customer anaylsis

Improved competitor analysis

Improved resource allocation and greater cost efficiency in recruiting customers.

Improved market planning

Management of complexity and diversity? Database marketing and CRM.

Behavioural

Psychological

Profile

Purchase/ Transaction

Consumption/ Usage

Media Usage

Technology usage

Lifestyle

Personality

Perceptions

Attitudes

Motives

Benefits Sought

Demographic

Socioeconomic

Geographic

Age, Gender, race, family size, lifecycle and generation

Wells and Gubar Life cycle

Social Class, income levels, employment status.

Postal Code.

ACORN.

Demographic

Geographic

Geo-demograhic

Socio-economic

Psychograhic

Lifestyle

Behaviouristic

Benefit Sought

Source = Brassington and Petitt, 2006

Single Variation: One base is used

Multi-Variable Segmentation: More than one is used e.g. Gender and income.