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chapter four

chapter four. Segmentation, Targeting, and the Marketing Mix. Objectives_1. Describe the role of marketing in creating satisfying exchanges Explain the role of advertising in communicating a product’s utility

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chapter four

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  1. chapter four Segmentation, Targeting, and the Marketing Mix

  2. Objectives_1 • Describe the role of marketing in creating satisfying exchanges • Explain the role of advertising in communicating a product’s utility • Identify the various methods advertisers use to segment and aggregate consumer and business markets

  3. Objectives_2 • Discuss how target marketing affects the firm’s advertising strategy • Describe the elements of the marketing mix and the role of advertising in the mix • Explain the purpose and importance of branding

  4. Marketing and Exchange The purpose of marketing is to create exchanges that satisfy the perceived needs and wants of individuals and organizations

  5. Consumer Needs & Product Utility Utility is the product’s ability to satisfy both functional needs and symbolic wants

  6. Types of Utility Form Task Possession Time Place Psychic

  7. Market Segmentation • Identifying groups of people with similarities • One or more groups become target market • Hardee’s Thickburger campaign targets young men

  8. Segmentation Variables Geographic Demographic Behavioristic Psychographic

  9. Geographic Segmentation Variables Region County size Climate City or SMSA size Density

  10. Geographic Segmentation

  11. Purchase Occasion Benefits Sought User Status Usage Rate Loyalty Status Readiness Stage Marketing-Factor Sensitivity Behavioristic Segmentation Variables

  12. Exhibit 4-2 Usage Rates Vary For Different Products

  13. Age Gender Family life cycle Family size Education Religion Race/Nationality Income Occupation Demographic Segmentation Variables

  14. Exhibit 4-3 Ad Spending Growth in U.S. Hispanic Media

  15. Psychographics Lifestyles Personality Values Attitudes

  16. Exhibit 4-5The VALS classificationsystem segments according to resources and decision-making motivation

  17. Segmenting Business Markets Manufacturers Government agencies Other institutions Retailers Wholesalers Banks

  18. Exhibit 4-7 Clarita’s PRIZM NE This shows how PRIZM NE classifies prospects in the Chicago area by census tract. Each area is labeled by shared characteristics.

  19. The Marketing Mix Product Place Price Promotion

  20. Exhibit 4-8 Product Life Cycle Objectives change as the product proceeds From one state to the next

  21. Extending the Product Life Cycle

  22. Exhibit 4-9 Product Classifications

  23. Product Differentiation Perceptible differences Hidden differences Induced differences

  24. Product Branding • Individual brand • Family brand • National brands • Private labels • Licensed brands

  25. Brand Equity

  26. Distribution Intensive Selective Exclusive

  27. Marketing Communications Factors important for advertising success • Strong primary demand • Chance for product differentiation • Hidden qualities of high importance to consumers • Opportunity to use strong emotional appeals • Substantial sums available to support advertising

  28. Behavioristic segmentation Benefits Benefit segmentation Brand Brand equity Branding Business markets Communication element Cooperative advertising Copy points Decline stage Demographic segmentation Direct distribution Distribution channel Distribution element Early adopter Exchange Key Terms_1

  29. Exclusive distribution Family brand Four Ps Geodemographic segmentation Geographic segmentation Growth stage Hidden differences Individual brand Induced differences Intensive distribution Introductory phase Licensed brand Market segmentation Marketing communications Marketing mix Maturity stage Key Terms_2

  30. National brand Network marketing North American Industry Classification System (NAICS) codes Perceptible differences Position Price element Primary demand Primary motivation Private label Product concept Key Terms_3

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