______ segmentation delves into how consumers actually describe themselves. Psychographic Consumer Profiling 2019-01-06

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MKT 3400 Test 2 (Chpt 5,6,7,9)

______ segmentation delves into how consumers actually describe themselves

Reachable The best product or service cannot have any impact, no matter how identifiable or substantial the target market is, if that market cannot be reached or accessed through persuasive communications and product distribution. Companies can cater to very small segments, sometimes as small as one customer at a time, relatively efficiently and inexpensively e. Such tactics need to balance the ideal with the realistic. The first circle represents the customer needs and wants, the second circle represents the benefits that the company provides i. This data is gathered via data-mining.


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Example of Target Market Analysis

______ segmentation delves into how consumers actually describe themselves

For example, when airlines realized that passengers cared little about the appearance of a piece of lettuce underneath the in-flight sandwiches they were served, they saved millions of dollars they had previously spent on unwanted produce. Self-Concept The image people ideally have of themselves. When airline customers prefer a cattle-call approach to seating, which allows them to choose their own seats on the plane as long as they get an early check-in, they turn to Southwest, and Southwest alone, for their flights. Cards Term Geographic sementation Definition Organizes customers into groups on the basis of where they live. Demographically they are the same, but Jack is risk-averse and John is a risk taker. Starbucks is using its loyalty programs and mobile apps to enhance value for its customers, as highlighted in Marketing Analytics 9.

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Example of Target Market Analysis

______ segmentation delves into how consumers actually describe themselves

The firm knows what the consumer thinks of the products or services in the marketplace and their positions relative to one another. Maintaining a unique value proposition can be sustained in the long term only in monopoly situations or possibly monopolistic competition situations. Another common positioning strategy focuses on the product attributes that are most important to the target market. They are also often found next to each other on store shelves, are similarly priced, and are viewed by customers as sports drinks. At one time, firms such as Nike assumed that activewear would be purchased exclusively by young, active people, but the health and fitness trend has led people of all ages to buy such merchandise. If competitors offer features that the firm does not, it is important to determine their importance to customers. Print media are similar: A company such as Proactiv, which seeks to appeal to both men and women worried about the condition of their skin, therefore carefully considers the gender-based appeal of different magazines when it purchases advertising space.

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wikipedia

______ segmentation delves into how consumers actually describe themselves

With its all-wheel-drive Quattro, Audi has positioned itself on Page 189performance and handling. By segmenting populations by gender, race, ethnicity, and income, Rockefeller asserted, data gatherers were inherently discriminatory. But before you read about these steps, examine Charts A—D , a hypothetical perceptual map of the soft drink industry. On the basis of these informed predictions, Camillo decides the business segment is more profitable for his lawn service. Geographic Segmentation organizes customers into groups on the basis of where they live. Or consider the Texaco star, the Nike swoosh, or the Ralph Lauren polo player.


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wikipedia

______ segmentation delves into how consumers actually describe themselves

There is a relationship between lifestyle and consumer behavior Fullerton 2007 , so people with similar lifestyles buy similar products. Its brochure has activities for children and youths, adults, and older adults. Camillo can charge a much higher price to businesses, and they use lawn services more frequently. Term Psychographics Definition Method of segmenting that delves into how consumers actually describe themselves. Strategy or Objectives Step 2. Gap has Banana Republic, Gap, and Old Navy - Helps firms obtain a greater share of the market and increase the market for their other products as well. Airline customers that are looking for a good value and will therefore tolerate a cattle-call approach to seating, which allows them to choose their own seats on the plane as long as they get an early check-in, turn to Southwest for their flights left.

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wikipedia

______ segmentation delves into how consumers actually describe themselves

Condé Nast has more than 20 niche magazines focused on different aspects of life. Some parks and recreation agencies, especially those in the public and nonprofit sectors, feel they must provide services for everyone. Perceptual map: displays two or more dimensions in consumers mind. How do they know all this information? Thus, firms must always view the first three steps of the positioning process as ongoing, with adjustments made in step four as necessary. If values provide an end goal and self-concept is the way one sees oneself in the context of that goal, lifestyles are how we live our lives to achieve goals. Predatory lenders who identify a population of lower-income, less educated consumers might target them unfairly, such as by promising loans but only at very high interest rates.

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The Park and Recreation Professional’s Handbook: Customer analysis an important part of marketing recreation services

______ segmentation delves into how consumers actually describe themselves

Page 177 Benefit Segmentation groups consumers on the basis of the benefits they derive from products or services. Such small producers and service providers generally can tailor their offerings to individual customers more easily. Other brands promote an idea of luxury being valuable because it lasts for generations, as exemplified by Patek Phillipe, Hermès, and Chanel. The firm thus has several options. The trip is designed and promoted as a trip for people 55 years or older, but this does not mean that a 50-year-old would be excluded from the trip City of Manhattan Beach 2009.

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Free Marketing Flashcards about MKT 300 Chapter 9

______ segmentation delves into how consumers actually describe themselves

For example, Nike has shoes for basketball players, dancers, lacrosse players, and walkers. Marketers generally agree that aspirations are more predictive of buying behavior than demographic data. Alternatively, it could reengineer its approach to stop providing these unwanted benefits, which likely would enable it to save money. But a differentiated strategy is likely to be more costly for the firm. Variables such as demographics, lifestyle, urbanization, and socioeconomic status are used to cluster these neighborhoods.

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Psychographics Is The Segmentation Method That Delves Into How Consumers

______ segmentation delves into how consumers actually describe themselves

Go see Trouble with the Curve, starring Clint Eastwood, Amy Adams, and Justin Timberlake, for by the time you leave the theater, you are likely to feel quite happy: The lead characters will have faced obstacles, overcome them, and ultimately found love. Determining psychographics involves knowing and understanding three components: self-values, self-concept, and lifestyles. So, the segment adoption rate for the homeowner segment is only 1 percent, compared with 20 percent for the business segment. Can be grouped by country, region, or areas within a region. Snack food companies such as Frito-Lay also make and promote snacks for various occasions—individual servings of potato chips for a snack on the run but 16-ounce bags for parties. Which segment is being targeted? For example, an agency can launch an advertising campaign to convince a potential consumer that a need exists, can make information readily available so the customer can make an informed decision about which product to buy, can make the purchase easy and can build the anticipation of the experience via e-mail messages or photos of past experiences, and can send reminders of the experience that has passed by giving certificates, providing photos, or making phone calls to follow up on the experience. But recent hearings held by the U.

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