Summary Complete Fundamentals of Segmentation in Marketing (references from MM by Kotler)
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Course
MM101 (MKT101)
Institution
XLRI Jamshedpur - Xavier School Of Management
Book
Marketing Management
This master presentation covers the basics of Segmentation in Marketing. Through these notes, you will have complete knowledge of the following:
1. What is segmentation in marketing?
2. Why is segmentation important?
3. Different characteristics of marketing segmentation
4. Segmenting consume...
Test Bank for Marketing Management 15th Edition by Keller & Kotler.pdf
Test Bank for Marketing Management 15th Edition by Philip Kotler Kevin Lane Keller.
Test Bank for Marketing Management 15th Edition by Philip Kotler Kevin Lane Keller.
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XLRI Jamshedpur - Xavier School of Management
MM101 (MKT101)
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Content preview
Segmentation
Ontela-A
, Definition
• Segmentation is the process of dividing the market into groups bas
upon important consumer characteristics.
, Why Segment?
• Better focus on customer needs
• Promotes new product ideas
• Helps develop effective marketing mix strategy
• Allocation of marketing resources to different products depending upon segm
attractiveness.
,Technical reason for segmentation…
• Markets are composed of customers who view a product differentl
from each other.
• For example a mobile phone for me is “functional” while for my daughter,
psychosocial.
• This difference is captured in the Willingness to Pay (WTP) of each custom
• Now, if we do not segment the market, our demand curve would look like
this……
• However, if you are able to segment and charge different prices to differen
segments, you will be able to “extract” more consumer surplus, and
therefore, make more money!
• No point in segmentation unless you are able to
• Charge different prices for same products—More Money
• Charge same prices for different products—More Customers
, Segmenting Consumer Markets
• Nation or country
Bases for • State or region
Segmentation • City or metro size
• Density
• Geographic
• Climate
• Demographic
• Psychographic
• Behavioral
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