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Focusing on the Customer: Segmenting and Targeting

Focusing on the Customer: Segmenting and Targeting. Market Segmentation Defined. Market segmentation involves dividing the total market into groups of customers having relatively common or homogeneous needs and attempting to develop a marketing mix that appeals to one or more of these groups. .

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Focusing on the Customer: Segmenting and Targeting

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  1. Focusing on the Customer:Segmenting and Targeting

  2. Market Segmentation Defined • Market segmentation involves dividing the total market into groups of customers having relatively common or homogeneous needs and attempting to develop a marketing mix that appeals to one or more of these groups.

  3. Identifying Markets to Serve 1. Name the broad product-market. 2. Determine potential customer needs. 3. Divide the market on relevant dimensions into homogeneous submarkets--i.e., “narrow” product-markets. 4. Identify those needs that characterize each submarket. 5. Name (nickname) the possible product markets. 6. Make a rough estimate of the size of each product-market segment.

  4. Determine Segmentation Strategy • Choose the target market(s). A target market is a fairly homogeneous group of customers to whom a company wishes to appeal. • Multisegment approach - focus on several segments. • Concentration approach - focus on one segment. • Combination approach - combine one or more segments. • Micromarketing (segment-of-one) - focus on individual.

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