MKTG 477 1st Edition Lecture 6 Outline of Last Lecture I Integrated Marketing Communications Outline of Current Lecture II Marketing principles applied to promotion III Approaches to segmenting IV Criteria for establishing segments V Definition of meaningfully defined VI Purpose of a profile Current Lecture In class assignment given due Wednesday Marketing principles applied to promotion in this order 1 Segmenting discovering unique groups of consumers that exist in the marketplace 2 Target marketing deciding which of these segments you wish to target focus on 3 Positioning developing and executing a creative strategy that creates or reinforces a brand image So what s the difference between a market segment and a target market Market segments are all the groups considered and target markets are the ones you decide to go after Two approaches to segmenting A Priori Before any data are gathered and examined o Assumes that differences must exist among consumers segment accordingly These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Empirical Begins with research of the marketplace o Data analysis reveals segments What must be established to say that indeed you have defined segments Criteria for establishing segments 1 Homogeneous within members in each individual group share relevant traits and needs 2 Heterogeneous between traits and needs of one group are different than those of another group 3 Substantial large enough to be potentially profitable 4 Meaningfully defined descriptions of the groups are appropriate for the product service being segmented How are groups segments meaningfully defined Segment bases Demographic o Age income marital status gender education family size race occupation etc Geographic o Country region state city neighborhood etc Psychographic o Lifestyles AIO s activities interests opinions Behavioristic specifically relate to the product o Usage rate 80 20 rule heavy vs light users brand loyalty store type where do you buy specific product benefits sought why do you buy this product questions 10 and 11 from Panasonic survey Assignment give at least two descriptions for each segment base The expected outcome is to develop a profile of consumers for each of the three segments United States is fine for each segment So what s the purpose of the profile Directs guides advertisers in their attempt to reach consumer segments Reaching consumers Creativity an advertising campaign that consumers can identify with speaks to them Literally via media
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