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Fashion Marketing Chapter 5

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Fashion Marketing Chapter 5

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    1. Chapter 5 Segmentation and the Marketing Mix 1

    3. Definition “Market segmentation is the subdividing of a market into distinct subsets of customers, where any subset may conceivably be selected as a target market to be reached with a distinct marketing mix”

    4. Segmentation recognises that people differ Different tastes, needs, lifestyles, etc. What products or markets can you think of which have been segmented, i.e. different variations of the same product are offered to different identifiable groups of customers?

    5. Segmentation leads to marketing strategy that may result in: Changes in products Changes in promotional appeals Changes in distribution Changes in pricing

    6. Criteria for effective segmentation In order for segmentation to be viable, the market must be: Identifiable, definable and measurable Accessible or reachable Substantial or sizeable Relatively stable

    7. Segmentation bases Geodemographic – descriptors Behaviourist Psychographics

    8. Descriptors – demographic, geographic and personality

    9. Market segmentation descriptor variables

    12. Behavioural or benefit segmentation The key concern is with how the consumer behaves and the benefits he/she seeks from the product

    13. Market segmentation; behavioural and benefit variables

    14. Psychographic segmentation Divides the market up by the way people think and the things that motivate them Asks questions of people about: How individuals spend their time on activities Their major interests Their opinions about themselves and the world in general Leads to lifestyles

    15. Lifestyle analysis of the British cosmetics market SELF-AWARE: concerned about appearance, fashion and exercise FASHION-DIRECT: concerned about fashion and appearance, not about exercise and sport GREEN GODDESSES: concerned about sport and fitness, less about appearance UNCONCERNED: neutral attitudes to health and appearance CONSCIENCE-STRICKEN: no time for self-realization, busy with family and responsibilities DOWDIES: indifferent to fashion, cool on exercise, dress for comfort

    17. Segmentation strategies Undifferentiated marketing Concentrated marketing Multi-segment marketing

    19. Target Marketing Market Information Market Segmentation Market Targeting

    21. Top Man Ranges

    22. The Marketing Mix is the ‘tool kit’ that marketers use to do their job It is the appropriate combination of the four key elements – the Four P’s – that are at the heart of a company’s marketing programme.  The Four P’s are made up of:- PRODUCT PRICE PLACE PROMOTION

    23. Under each of the four P’s are a variety of concerns PRODUCT Product features Quality Brand name Packaging Services Warranties Size

    24. Price List price Discounts Credit terms Payment methods

    25. Place Channels Locations Distribution method Coverage

    26. Promotion Advertising Personal selling Sales promotion Publicity

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