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Summary principles of marketing chapter 7
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principles of marketing chapter 7 Kotler
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MarketingChapter 7
Market segmentation:
- Dividing a market into smaller segments
o Consumer markets
Geographic: divide into geographic units like nations, regions, states,
countries or cities
Demographic: divide based on variables like age, gender, family size,
income, occupation, education, religion
Psychographic: divide based on social class, lifestyle or personality
Behavioural: based on knowledge, attituded, uses or responses. But
also occasions, benefits sought, user status, usage rate, loyalty status
o Business markets
Operating characteristics
Purchasing approaches
Situational factors
Personal characteristics
o International markets
Geographic
Economic
Political
Cultural
Requirements for effective segmentation:
1. Measurable
2. Accessible
3. Substantial
4. Differentiable
5. Actionable
Multiple segmentation is used to identify smaller, better-defined target group
Market targeting:
- Select the segment or segments to enter
- Evaluating each segment
Differentiation:
- Differentiating the market offering to create superior customer value
Positioning:
- Competing products in the minds of consumers
o Perceptions
o Impressions
o Feelings
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