In this learning activity, we will develop skills related to explaining market segmentation and segmentation variables, and their relevance to marketing. A market segment is a piece of the market. Market segmentation involves aggregating prospective buyers into groups that have common needs and who respond similarly to marketing programs. They are similar in their consumption behaviour, attitudes, and target market profiles. Find an example product category from your life or your purchasing habits that fits into each of these four segmentation categories. Mass marketing strategy: Marketing a product with a broad appeal to the entire market without any product or marketing differentiation This is uncommon and can be seen with utility companies. Segment marketing strategy: Marketing a range of different products and brands to specifically meet the needs of an organization's varied target markets. This is common with large companies such as car manufacturers and packaged goods companies. Niche marketing strategy: Marketing a limited product line to a narrow but profitable segment of the market that is of marginal interest to major competitors. This is seen with smaller companies that manufacturer or sell specialty goods. Individualized marketing strategy: One-to-one marketing that involves customizing offers and in some cases, products to fit individual needs.
In this learning activity, we will develop skills related to explaining market segmentation and segmentation variables, and their relevance to marketing. A market segment is a piece of the market. Market segmentation involves aggregating prospective buyers into groups that have common needs and who respond similarly to marketing programs. They are similar in their consumption behaviour, attitudes, and target market profiles. Find an example product category from your life or your purchasing habits that fits into each of these four segmentation categories. Mass marketing strategy: Marketing a product with a broad appeal to the entire market without any product or marketing differentiation This is uncommon and can be seen with utility companies. Segment marketing strategy: Marketing a range of different products and brands to specifically meet the needs of an organization's varied target markets. This is common with large companies such as car manufacturers and packaged goods companies. Niche marketing strategy: Marketing a limited product line to a narrow but profitable segment of the market that is of marginal interest to major competitors. This is seen with smaller companies that manufacturer or sell specialty goods. Individualized marketing strategy: One-to-one marketing that involves customizing offers and in some cases, products to fit individual needs.
Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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Transcribed Image Text:Market Segmentation and Your Purchase Habits
In this learning activity, we will develop skills related to explaining market segmentation and segmentation
variables, and their relevance to marketing. A market segment is a piece of the market. Market
segmentation involves aggregating prospective buyers into groups that have common needs and who
respond similarly to marketing programs. They are similar in their consumption behaviour, attitudes, and
target market profiles.
Find an example product category from your life or your purchasing habits that fits into each of these four
segmentation categories.
Mass marketing strategy: Marketing a product
with a broad appeal to the entire market without
any product or marketing differentiation This is
uncommon and can be seen with utility
companies.
Segment marketing strategy: Marketing a range of
different products and brands to specifically meet
the needs of an organization's varied target
markets. This is common with large companies
such as car manufacturers and packaged goods
companies.
Niche marketing strategy: Marketing a limited
product line to a narrow but profitable segment of
the market that is of marginal interest to major
competitors. This is seen with smaller companies
that manufacturer or sell specialty goods.
Individualized marketing strategy: One-to-one
marketing that involves customizing offers and in
some cases, products to fit individual needs.
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