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MARKET SEGMENTATION

MARKET SEGMENTATION. WHY SEGMENTATION: Designing products and services to match customer’s expectations Effective and efficient communications and customer relations management (CRM) Rationalization of promotion expenditures Enhancing competitive strength. SEGMENTATION PARAMETERS.

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MARKET SEGMENTATION

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  1. MARKET SEGMENTATION

  2. WHY SEGMENTATION: • Designing products and services to match customer’s expectations • Effective and efficient communications and customer relations management (CRM) • Rationalization of promotion expenditures • Enhancing competitive strength

  3. SEGMENTATION PARAMETERS • CONSUMER MARKET • DEMOGRAPHIC • GEOGRAPHIC • PSYCHOGRAPHIC • BEHAVIOR

  4. SEGMENTATION PARAMETERS CONSUMER MARKET • DEMOGRAPHIC • Age • Gender • Income • Education • Occupation • Family Size • Family Lifecycle • Religion • Social status

  5. SEGMENTATION PARAMETERS CONSUMER MARKET • GEOGRAPHIC • Region • Urban or Rural • State size • Market density • Climate • Terrain

  6. SEGMENTATION PARAMETERS CONSUMER MARKET • PSYCHOGRAPHIC • Personality attributes • Mode of adoption • Risk acceptance • Consumption Propensity • Motives • Biological • Security • Societal • Self esteem • Lifestyles

  7. SEGMENTATION PARAMETERS CONSUMER MARKET • BEHAVIOR • Benefit Expectations • Brand Loyalty • Price Sensitivity

  8. SEGMENTATION PARAMETERS • II- INDUSTRIAL MARKET • Industry type • Size of company • Geographic location • Purchase decision • Adoption mode • Benefit sought • Product usage • Price sensitivity • Brand loyalty

  9. SEGMENTATION PARAMETERS • II- INDUSTRIAL MARKET • Purchase decision • Centralized • Decentralized

  10. SEGMENTATION PARAMETERS • II- INDUSTRIAL MARKET • Adoption mode • Innovators • Early adopter • Early majority • Late majority • Laggards

  11. METHODS OF MARKET SEGMENTATION Cluster Analyses I - Rank Ordering Clustering II - Hierarchal Technique III - K Means Technique

  12. TARGETING MARKET SEGMENTS

  13. TARGETING MARKET SEGMENTS CRITERIA OF SELECTION OF A TARGET SEGMENT • SIZE • PUBLICITY • EASY TO ACCESS • EASY TO SATISFY • EASY TO SUPPORT • PRICE INSENSITIVE • BRAND LOYAL • ADOPTION MODE • INCOME • NUMBER OF COMPETITORS • PROFITABILITY • GROWTH POTENTIAL

  14. Example AHP Product: Laptop Market Segments: • Lecturers • Students • Businessmen Targeting Criteria: • Size • Price Sensitivity • Mode of Adoption • Publicity Leading Particulars of the three segments REQUIRED to define the Ranking of the Market Segments as regards to the FOUR Targeting Criteria.

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