Strategic Marketing Management

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Pages : 538; Paperback;
210 X 275 mm approx.

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Chapter Code : SMMC10

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Segmenting Markets : Overview

Marketing is one of the most important activities of organizations. Retaining customers and serving them according to their tastes and preferences is the key for successful business performance.

Marketing is considered as an organization-wide activity. The conventional mass marketing and product-variety marketing have now shifted to individualized marketing. The rapid advances in technology are giving an impetus to the changing marketing environment of the organizations.

Customers in the changing global marketing environment expect companies to serve them better and companies have to gear themselves up to meet the changing expectations of the customers. To serve customers better, companies need to segment the markets according to the characteristics of customer groups. Once the companies segment the market, the next thing that they do is to target those market segments with sales and promotional strategies.

One of the important objectives of market segmentation is to identify different clusters in the market that are clearly distinct. Each cluster should have different characteristics when compared to other clusters. The two most important approaches to market segmentation are the a priori approach and the post hoc approach.

The criteria for effective segmentation are that the segments must be identifiable, and that there should be differences in customer responses, actionability of the segment, financial suitability of the segment, and stability of the segment. Consumer markets can be segmented based on the geographic, demographic, psychographic, and behavioral characteristics of the customers. Geo-demographic segmentation has been one of the marked developments in market segmentation.

The strategic analysis of the market segment involves a detailed analysis of each market segment that has been selected for its potential attractiveness. This analysis involves customer analysis, competitor analysis, and positioning analysis.

Chapter 10 : Overview

Markets and Marketing Approaches
Segmentation, Targeting, and Positioning

Market Segmentation
Approaches for Segmenting Markets
Requirements for Effective Segmentation
Developments of Segments

Niche Marketing

Bases for Segmentation
Geographic and Geo-demographic Segmentation

Demographic Segmentation
Behavioral Segmentation
Psychographic Segmentation

Multi-Attribute Segmentation
Segmenting Industrial Markets

Strategic Analysis of Market Segments Customer Analysis Competitor Analysis Positioning Analysis

1] Strategic Marketing Management - An Introduction
2] Marketing Strategy and Planning
3] Business Strategy and Competitive Advantage
4] Marketing Audit and SWOT Analysis
5] Marketing Costs and Financial Analysis
6] Market and Environmental Analysis
7] Competitor Analysis
8] Customer Analysis
9] Learning in Marketing Organization
10] Segmenting Markets
11] Targeting and Positioning Strategies
12] Relationship Strategies
13] Generic Strategies
14] Planning for New Products
15] Product Branding and Customer Service Strategies
16] Pricing Strategy
17] Advertising and Sales Promotion Strategies
18] Public Relations and Direct Marketing Strategies
19] Sales Force Strategies
20] Distribution Strategy
21] Strategic Issues in Marketing
22] Designing an Effective Marketing Organization
23] Marketing Strategy Implementation and Control