Customer-Driven Marketing Strategy: Creating Value for Target Customers - Market Segmentation
13 important questions on Customer-Driven Marketing Strategy: Creating Value for Target Customers - Market Segmentation
In marketing, we distinguish segmenting for consumers, business markets and international markets. When talking about segmenting for consumers, we have nine options:
- Geographic
- Demographic
- Age and life-cycle
- Gender
- Income
- Psychographic
- Behavioral
- Occasion
- Benefit
Which of the above predicts the buyer's choice the most?
Why do companies segment the market?
Demographic segmentation is most popular. Why?
2. Easier to measure.
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The four types of segmentation are:
2. Business market segmentation
3. International market segmentation
What is hyper local social marketing and with which consumer segmentation strategy does it correspond?
This corresponds with geographic segmentation.
What is geographic segmentation?
In which four ways can international markets be segmented?
2. Economic factors; a countries economic structure shapes its population product and service needs and therefore the marketing opportunities.
3. Political and legal factors;
4. Cultural factors
What is inter market segmentation (also called cross-market segmentation)?
What are the 5 characteristics of effective segmentation?
2. Accessibility
3. Sustainability
4. Differentiability
5. Actionable
What is behavioral segmentation, and what sectors are there in this segment?
-Occasions: when consumers get the idea to buy or actually make their purchase.
-Benefits sought: Refers to finding major benefits people look for in a product class.
-User status: Non-users, ex-users, potential users, and regular users.
-User rate: Licht, medium, or heavy. The heavy users are a low percentage, but make up a high percentage of total consumption.
-Loyalty status: consumers can be ranked on their degree of loyalty.
What is international market segmentation, and how can you segment the market?
1. Geographical
2. Economic
3. Cultural
4. Political
5. And other factors
What is Intermarket segmentation?
What are the requirements for effectively segmenting a market?
- Accessible: The market segment has to be able to be effectively and efficiently reached.
- Substantial: Large and profitable enough to serve
- Differentiable: Segment is differentiable and will respond differently to different marketing mixes and programs.
- Actionable: Effective programs can be designed to attract and serve segments.
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