Identifying Market Segments and Targets
6 important questions on Identifying Market Segments and Targets
Why target specific markets?
- More effective and efficient marketing programs
- Greater sales and profitability
- Lack of resources to entirely serve the whole market properly
What are the requirements for effective target marketing?
- Identify and profile distinct groups of buyers who differ in their needs and wants (Market segmentation)
- Select one or more market segments to enter (market targeting)
- For each target segment, establish and communicate the distinctive benefits of the company's market offering (market positioning)
The four groups with higher resources of the VALS framework are?
- Innovators
- Thinkers
- Achievers
- Experiencers
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The four groups with the lower resources of the VALS framework are?
- Believers
- Strivers
- Makers
- Survivors
Behavioral segmentation done in different ways:
- Needs and benefits
- Decision roles
- User ans usage
Five forces of porter that determine the intrinsic long-run attractiveness of the market segment:
- Threat of intense segment rivalry
- Threat of new entrants
- Threat of substitute products
- Threat of buyers' growing bargaining power
- Threat of suppliers' growing bargaining power
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The question on the page originate from the summary of the following study material:
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- Never study anything twice again
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