MARKETKEY CONCEPTSTARGETING STRATEGYCONSUMER SEGMENTATION VARIABLESCONSUMER SEGMENTATION VARIABLES: DEMOGRAPHICSCONSUMER SEGMENTATION VARIABLES: GEOGRAPHICCONSUMER SEGMENTATION VARIABLES: PSYCHOGRAPHICCONSUMER SEGMENTATION VARIABLES: BEHAVIORISTICMarketing Golden Chapter 10MARKET•Consumer –vs- Organizational•4 Requirements–Need or desire for a specific product–Ability to purchase–Willing to use buying power–Authority to buyMarketing Golden Chapter 10KEY CONCEPTS•Homogeneous Market: Similar needs.•Heterogeneous Market: Diverse needs.•Market Segmentation: Process of segmenting.•Market Segment: Groups that have one or more similar characteristics that make them have similar needs. (e.g., children 7 to 12 years old)Marketing Golden Chapter 10TARGETING STRATEGY•Undifferentiated•Concentrated•DifferentiatedMarketing Golden Chapter 10CONSUMER SEGMENTATION VARIABLES•Demographic Variables•Geographic Variables•Psychographic Variables•Behavioristic VariablesMarketing Golden Chapter 10CONSUMER SEGMENTATION VARIABLES: DEMOGRAPHICSDEMOGRAPHICS•Age•Gender•Race•Ethnicity•Income•Education•Occupation•Family size•Family life cycle•Religion•Social classMarketing Golden Chapter 10CONSUMER SEGMENTATION VARIABLES: GEOGRAPHICGEOGRAPHIC•Region•Urban/Suburban/Rural•City size•County size•State size•Market density•Climate•TerrainMarketing Golden Chapter 10CONSUMER SEGMENTATION VARIABLES: PSYCHOGRAPHICPSYCHOGRAPHIC•Personality•Motives•Lifestyles–Activities, Interests, and OpinionsMarketing Golden Chapter 10CONSUMER SEGMENTATION VARIABLES: BEHAVIORISTICBEHAVIORISTIC•Volume usage•End use•Benefit expectations (sometimes classified as psychographic)•Brand loyalty•Price