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CHAPTER 3 SEGMENTATION & POSITIONING Generic vs Product Market Narrowing Down to Target Markets A Market Grid Diagram with Submarkets The bicycle-riders product market Submarket 1 Exercisers Submarket 2 Off-Road Adventurers Submarket 3 Transportation Riders Submarket 4 Socializers Submarket 5 Environmentalists Concept: divide a broad product-market (or generic market) into homogeneous submarkets Three Ways to Develop MarketOriented Strategies Single Target Market Approach select one homogeneous segment as the target Multiple Target Market Approach select two or more target segments develop a different marketing mix for each segment Combined Target Market Approach combine submarkets into a single target market develop one marketing mix for the combined target Criteria for Segmenting Homogeneous similar responses to marketing mix similar segmenting dimensions Heterogeneous different responses to marketing mix different segmenting dimensions Substantial segment is big enough to be profitable Operational useful for identifying customers helpful in deciding on marketing mix Some Examples of Possible Segmenting Dimensions and Typical Breakdowns for Consumer Markets Needs (Benefits Sought) Economic, functional, physiological, social, and more detailed needs Attitudes Favorable or unfavorable attitudes Lifestyles Purchase relationship Favorable and ongoing; intermittent; none; bad relationship Brand familiarity Insistence, preference, recognition; nonrecognition; rejection Geographic By country, region, size of city Income Under $20,000, $20,000 to $39,999, $40,000 or over Examples of Possible Segmenting Dimensions for Business Markets Type of organization (computer software) Closeness of relationship with customer (travel services) Size (buildings) North American Industry Classification System (NAICS) codes (machinery) Geographic location (electronic parts) Type of product (X-ray film) Buying situation (automobile components) Source loyalty (office supplies) Reciprocity (transporting services) Possible Segmenting Dimensions for Business/Organizational Markets Kind of relationship Type of customer Weak loyalty --------> strong loyalty to vendor Single source --------> multiple vendors "Arm's length" dealings--------> close partnership No reciprocity --------> complete reciprocity Manufacturer, service producer, government agency, military, nonprofit, wholesaler or retailer (when end user), and so on Demographics Geographic location (region of world, country, region within country, urban -------> rural) Size (number of employees, sales volume) Primary business or industry (North American Industry Classification System) Number of facilities Possible Segmenting Dimensions for Business/Organizational Markets How customer will use product Type of buying situation Installations, accessories, components, raw materials, supplies, professional services Decentralized --------> centralized Buyer --------> multiple buying influence Straight rebuy --------> modified rebuy --------> new-task buying Purchasing methods Vendor analysis, inspection buying, sampling buying, specification buying, competitive bids, negotiated contracts, long-term contracts Toothpaste Market Segment Description Segment Name The sensory segment Principal benefit Flavor, product sought appearance Demographic Children strengths Users of Special spearmint behavioral flavored characteristics toothpaste Brands disproportion- Colgate, Stripe ately favored Personality High selfCharacteristics involvement Life-style Hedonistic characteristics The sociables segment Brightness of teeth Teens, young people The worriers segment Decay prevention The independent segment Price Large families Men Smokers Heavy users Heavy users Macleans, Plus White Ultra Brite Crest Brands on sale High sociability Active High High autonomy hypochondriasis Conservative Value-oriented Positioning and Differentiation Positioning analysis is based on how (potential) customers think about a firm's current or potential offering Positioning considers how customers think about competitors' offerings as well as the firm’s own offering Positioning analysis identifies what kind of offering different segments see as ideal Differentiation focuses on developing a marketing mix that target customers will see as distinct from competing mixes Positioning and differentiation help with combining and segmenting, by revealing which segments view the market in similar (or dissimilar) ways