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A General Overview of Market Segmentation

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A General Overview of Market Segmentation

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This video provides a clear and concise explanation of segmentation using ketchup purchasers as an example. It addresses key questions of the whos, whys, and hows of segmentation. Markets are segmented because they are too large to observe every individual's purchasing behavior. Also, many consumers are similar and display similar purchasing habits. These inherent similarities form the segments and in the ketchup example are price conscious, taste, and organic ingredients. Businesses segment based on a few features of their product and appeal to the values of their customers. By segmenting the market, firms maximize sales, return on investment, and can better meet the needs of the market.

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In this video, Ms. Langford defines segmentation and covers the 4 most common types of segmentation which are demographic, geographic, behavioral, and psychographic. Her definition of segmentation is grouping consumers by their interests, needs, wants, and motivations. Demographics include age, gender, income, occupation, education, marital status, religion, and nationality. Demographic information is easy to collect, but isn't always specific enough to make accurate predictions about consumers. Geographic segmenting utilizes location, urbanicity, climate, culture, and language. Behavioral segmentation analyzes consumers' buying behavior and preferences online, in-store, and over apps. Two illustrations of this are Spotify and Netflix, who consistently leverage consumers' likes and tastes. Lastly, psychographic segmentation uses personal attributes like personality, attitude, lifestyle, interests, values, interests, and opinions. Firms gather this type of data easily from social media where consumers volunteer a wealth of information about themselves and their purchases.

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4 Main Types of Market Segmentation & Their Benefits

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This video addresses similar market segmentation methods as the previous one, but it includes different specifics within each of the main types. For example, in demographic segmentation the variables of life cycle and family size are included. The presenter emphasizes how different businesses will place value in different variables depending on their respective markets and highlights that good segmentation helps brands reach the target consumer and effectively target their advertising. Geographic data can influence micro-marketing decisions and macro-level strategies from opening a location downtown to entering a country. Psychographic segmentation creates the most intimate customer profile by catering to their values, but this data is difficult to obtain. However, it explains why consumers make certain choices. Lastly, behavioral data monitors customer loyalty, willingness to purchase, and shopping frequency.

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Ms. Lombardo describes why products need to be tailored to customers by illustrating with several example goods like lipstick, a football, and types of water. Each good appeals to a certain type of consumer and satisfies different needs/wants. She defines what a market is; people or organizations who have the ability to purchase a good/service. Ms. Lombardo also defines market segment as a subgroup of people with one or more characteristics that cause them to have similar product needs. Her video is ideal for someone who has no familiarity with marketing or markets. It provides definitions for all key terminology and builds on simple foundational knowledge to arrive at the conclusion that segmentation is a process that identifies specific groups to be targeted by the marketing mix. Ultimately, segmentation allows for effective use of corporate resources and increases the chance of survival of the firm.

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Market Segmentation  Why Market Segments Are Important

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In this video Professor Wolters notes the 5 criteria for determining the attractiveness of a segment; identifiable, substantial, reachable, responsive, profitable. Being identifiable means a firm needs to be able to differentiate between segments. What distinguishes one segment from the others? A substantial segment will have enough people or money to sustain itself. Firms must decide is Segment X worth pursuing? It's important to consider current size and growth rates when examining substantiality. Firms need to be able to communicate with segments which determines reachability. If segments are unreachable they are not worth pursuing. Responsiveness entails customer behavior and the extent to which they act according to the firm's wishes. Will they buy the product? Will they purchase the service? Lastly, segment profitability is if a firm can make money off of a segment. How competitive is the market? Is there enough profit to be made to justify the costs?

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Segment Attractiveness: How to Know Which Market to Target

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From 3:33 to 6:26 Mr. Erhart explains how to target market segments once they've been identified. Targeting answers the question: who do you want to serve? Firms should identify which segments to target based on attractiveness and their ability to meet segment needs. The most attractive segments are the ones that will derive the maximum value from the firm's goods or services. Mr. Erhart suggests that firms that are struggling to choose segments to pursue look at their top 20% of customers or the ones generating the most revenue.

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MARKETING 101: Marketing Segmentation, Targeting, and Positioning

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From 3:25 to 5:03, Mr. Riley defines what a target market is and how to go about the targeting process. A target market is an attractive segment that a business has decided is worth marketing towards. There are 3 main targeting strategies; undifferentiated, differentiated, and niche. Undifferentiated is targeting the entire market, differentiated is targeting specific segments, and niche is focusing more narrowly on certain segments. Differentiated targeting calls for products designed specifically for each segment and requires separate marketing plans.

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Marketing: Segmentation - Targeting - Positioning

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From the beginning to 6:15, Mr. Earhart goes into the process of determining the target market using a few frameworks. Creating an ideal customer avatar is the first one. Essentially, a firm needs to have a clear picture of exactly who they want to sell to. It can be based off of actual customers, but it needs to be based on the customers that patronize the firm best. Second is using the PVP framework which stands for personal fulfillment, value to market, and profitability. This framework allows a firm to examine segment compatibility or the degree of enjoyment they derive from serving different segments. This aspect is important for long term success and attracting quality customers. PVP also touches on the perceived value of a product to a segment and how this affects attractiveness. If a segment places high value in a firm's product then the segment increases in attractiveness.

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How To Identify Target Market | Target Market Examples

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In this video, Mrs. DeNovellis provides 4 questions to help firms identify their target market.

1. Who needs the business?
2. Who is already using the business?
3. Who is the competition and what are they doing?
4. What is our niche?

Her prompts help firms gain a better understanding of their business and their market by creating a perceptual map. She also encourages creating a client avatar to achieve a deep interpersonal understanding of customers' wants and motivations. Mrs. DeNovellis advocates for firms understanding their customers on a psychographic level to best serve their desires and needs. This video uses simple language and a question-and-answer framework to impart the basic steps of determining the target market to the viewer.

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Developing a Targeted Marketing Strategy

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Developing a Targeted Marketing Strategy

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Ms. Graham talks about the 3 keys of developing a targeted marketing strategy which are; to understand why you must use a strategy, think like your customers, and continually ask yourself "why".

She highlights the difference between a marketing strategy and marketing plan. The marketing strategy being the why firms make decisions and the marketing plan being how they integrate their choices.

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How To Create a Target Marketing Strategy with Examples (Attract your Target Audience in 2019)

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Mr. Godin employs an analogy of a piano teacher to explain the value of selecting and serving a niche in the market. He also highlights the benefit of competition and the advantage of a perspective shift when it comes to consumer scarcity and business traffic. His argument is that positioning can act as a service to customers to effectively meet their needs by sending them to the best suited firm. Mr. Godin believes that a loyal niche is more valuable than overextending the firm to serve customers outside of the niche and that competing firms are useful because they can serve the clients' needs that your firm can't. By catering to a defined niche, the firm gains a sense of sufficiency.

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Seth Godin’s Approach to Market Positioning Is Genius

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In this video from 3:27 to 5:13, positioning is introduced as differentiating a product from competitors in the mind of consumers. 3 types of positioning are covered: functional, symbolic, and experiential. The video also identifies and explains value proposition as the unique market position of a good. Functional positioning solves a problem or provides a benefit. Symbolic positioning enhances self image/ego. Experiential positioning has elements of the good connect emotionally with the consumer.

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A Comprehensive Explanation of Positioning

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A Comprehensive Explanation of Positioning

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Mr. Houraghan emphasizes that branding is not about logos it's about influencing the minds and perceptions of consumers. His take on positioning is real-world oriented and focuses on how positioning functions in the actual world not the textbook. He defines brand positioning as how a brand distinguishes itself from its competitors to its clients and why they should care. Mr. Houraghan also covers the components of positioning which are understanding the consumers' minds and defining an effective position.

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What Is Brand Positioning? [With Examples]

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Mr. Wolters articulates the key principles of positioning and the importance of having a specific strong position. He emphasizes the importance of uniqueness among brands. Unique features cater to niches that become loyal customers. The unique product or service features that comprise the value proposition must also be important to the customer. The third principle is enduring. Firms must think long-term to ensure a clear image in the buyers' minds. A good position should also be believable and realistic to the consumer. Lastly, consistency is vital. Being consistent earns consumer trust and solidifies the position in their minds.

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Dr. Clayton frames positioning as the strategic image firms strive to have in the minds of their buyers in relation to the competition. Then, he examines the marketing mix and how positioning is strengthened and enforced by the marketing mix. He also describes the market map and how to read and interpret it by axis. The three steps to cultivating a strong position are; assessing the competition and comparing your product, determining a favorable niche (what position is in line with the broader business strategy and optimizes profits), and developing the marketing mix/advertising to communicate the value proposition.

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Marketing Mix: The Fifth P - What is Positioning?