Class notes
Mar 3023 Marketing Segmentation Notes
- Course
- MAR 3023
- Institution
- Florida Atlantic University
This is a comprehensive and detailed note on chapter 7;Marketing Segmentation for Mar 3023.
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CHAPTER 7 MARKETING NOTESMARKETING SEGMENTATION
• Market segmentation and market segments help firms in three major ways
– Helps firm define needs and wants of customers
– Helps firm design specific marketing strategies
– Helps firm decide how to allocate marketing resources
• Criteria for Effective Market Segmentation
– Substantial: large enough for firm to make a profit
– Measurable: size and purchasing power clearly identified
– Differentiable: must be able to do
– Accessible: be able to reach and serve
– Actionable: able to attract certain segments
SEGMENTATION BASES
• Demographic segmentation
– Age
– Gender
– Income
– Marital status and family size
• Geographic segmentation
– Market size
– Customer convenience
– Population shifts
• Psychographic segmentation
– Lifestyle segmentation divides people based on opinions
– VALS network identifies three motivations
• Ideals
• Achievement
• Self-expression
• Behavioral segmentation
– Categorizes consumers based on they act toward product
– 80/20 rule
• Business-to-Business Segmentation Bases
– Demographic
– Geographic
– Behavioral
• The Role of Social Media in Market Segmentation
– Access to a larger and more diverse consumer base
– Questions on how to engage and whom to engage
CUSTOMER CONVENIENCE: Gas stations, banks, and retailers like Cracker Barrel Old Country Store make
customer convenience based on geographic segmentation a central part of their marketing strategy.
LIFESTYLE SEGMENTATION: Hunting, fishing, and outdoor gear retailer Cabela used lifestyle
segmentation to develop a marketing campaign called “It’s in Your Nature” that consisted of multiple
videos promoting the various activities the retailer’s customers pursue, including boating and camping.
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