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CHAPTER 3 Market Segmentation 1. Key Concepts Segmentation Benefit segmentation Marketing concept Targeting Positioning Select a product and brand that you use frequently and list the benefits you receive from using it. Without disclosing your list, ask a fellow student who uses a different brand in this product category (preferably, a friend of the opposite sex) to make a similar list for his or her brand. Compare the two lists and identify the implications for using benefit segmentation to market the two brands. What is market segmentation? How is the practice of market segmentation related to the marketing concept? How are market segmentation, targeting, and positioning interrelated? Illustrate how these three concepts can be used to develop a marketing strategy for a product of your choice. Some marketers consider benefit segmentation as the segmentation approach most consistent with the marketing concept. Do you agree or disagree with this view? Why? Under which circumstances and for what types of products should a marketer segment the market on the basis of (a) awareness status, (b) brand loyalty, and (c) usage-situation? 2. Key Concepts Lifestyle segmentation Psychographics VALS™ Does your lifestyle differ significantly from your parents’ lifestyle? If so, how are the two lifestyles different? What factors cause these differences? 4 The owners of a local health-food restaurant have asked you to prepare a psychographic profile of families living in the community surrounding the restaurant's location. Construct a ten-question psychographic inventory appropriate for segmenting families on the basis of their dining-out preferences. Find three print advertisements that you believe are targeted at a particular psychographic segment. How effective do you think each ad is in terms of achieving its objective? Why? 3. Key Concept VALS™ How can a marketer for a chain of health clubs use the VALS™ segmentation profiles to develop an advertising campaign? Which segments should be targeted? How should the health club be positioned to each of these segments? Do you anticipate any major changes in your lifestyle in the next five years? If so, into which VALS™ segment are you likely to belong five years from now? Explain. 4. Key Concepts Segmentation variables: demographics awareness class brand loyalty usage situation For each of the following products, identify the segmentation base that you consider to be the best one for targeting consumers: (a) coffee, (b) soups, (c) home exercise equipment, (d) portable telephones, and (e) nonfat frozen yogurt. Explain your choices. Under which circumstances and for what types of products should a marketer segment the market on the basis of (a) awareness status, (b) brand loyalty, and (c) usage-situation? 5