Marketing Chapter 8 Segmentation, Targeting and Positioning

Market

People/organization that have needs or wanks and the willigness to buy

Market segment

A subgroup of people/ organization sharing one or more characteristics that cause them to have similar product needs.

Target segment

A specific group of people/organization that an organization implements, designs, and maintains a marketing mix.

Market segmentation

Dividing a market into easily identified groups that are meaningful and relatively similar.

Purchase behavior

How often and when do customers buy

Benefits sought

The benefits the customer wants
ex. a shampoo buyer looking for dye-friendly hair soap

What is NOT part of the demographic segmentation

choices and social life

Psychographic Segmentation

Describes the thinking and lifestyles that could cause someone to buy a particular product category

What aspects are NOT considered when looking at psychographics segmentation?

ethic backgroud

Geodemographic segmentation

identifies groups of buyers who live in the same area and share a similar demographic
ex. someone who is selling a luxury car would target people with: higher-income, middle aged and older, and more likely to have families.

Positioning

influence future customers’ overall view of a brand, product line, and organization