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Understanding Consumers and Market Segments

The two marketing alternatives marketers can follow to approach the target markets are:
Market Aggregation: This strategy means, in effect, that little if any subdivision of the market is applied.
With this approach, a firm would produce a single product and offer it to all consumers with a single
marketing program. This approach has also been described as mass marketing, undifferentiated
marketing, and product differentiation.
Market Segmentation: The stereotype of a single, homogeneous market is a fiction that no longer exists.
Companies employing market segmentation typically select several market segments to appeal to with
different products, using different promotional efforts and price, and perhaps selling through different
distribution outlets.
Benefits and Costs of Market segmentation: Although market segmentation produces benefits for the
firm, it also boosts costs. Manufacturing costs can be higher because of the need to investigate more
segments; promotional costs are higher when quantity media discounts are lost; and overlapping market
results may lead to cannibalization.
Market criteria for effective segmentation:
1) Identifiable and measurable
2) Accessible
3) Substantial
4) Responsive
Performing Market Segmentation:
1) Define the problem or determine the use to be made of the research
2) Select a segmentation basis
3) Choose a set of descriptors that defines, characterizes, or relates to the segmentation basis
4) Select a sample of consumers that is representative of the large population of interest
5) Collect data on segment descriptors from the sample of consumers
6) Form segments on based on chosen consumer descriptors
7) Establish profiles of segments
8) Translate the results into marketing strategy
Demographic Characteristics and Market segmentation:
Demography is the study of human population statistics, including size, age, sex, race, location,
occupation, income and other characteristics.
Market = People X (Purchasing power) X (Willingness to buy)
Demographic characteristics:
1) Population growth
2) Changing age mix
3) Regional distribution
4) Metropolitan population
5) Non-metropolitan population
6) Geographic mobility
Profiles of Low- and High-Mobility Consumers

Low Mobiles High Mobiles


Infrequently shop outside their community of Frequently shop outside their community of
residence residence
Are infrequent convenience store shoppers, Are infrequent convenience store shoppers,
purchasing relatively few convenience store purchasing relatively more convenience store
products products
Are older Are younger
Have lower education level Have higher education level
Are most satisfied with life Are least satisfied with life
Have most traditional family ideology Have least traditional family ideology

7) Geodemographic Clustering of Markets


8) Education
9) Income

Limitations of demographics in predicting consumer behaviour:


1) Explaining consumer behaviour is based on the claim that while demographic factors may have
been very relevant in the past, they are not obsolete because of the narrowing difference in
income, education and occupational status.
2) Demographics have generally failed to explain and predict consumption behaviour.
The technique of lifestyle segmentation:
1) How people spend their time engaging in activities
2) What is of most interest or importance to them in their immediate surroundings
3) Their opinions and views through themselves and the world around them
Usage segmentation:
1) Volume segmentation
2) Brand-user segmentation
3) Product-user segmentation
4) Loyalty segmentation
5) Situation segmentation
Product positioning strategies:
1) Position on product feature
2) Position on benefits
3) Position on usage
4) Position on user
5) Position against competition
6) Lifestyle positioning
7) Perceptual mapping