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market segmentation process with market strategies

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market segmentation process with market strategies

  1. 1. TOPICS
  2. 2. Market ?
  3. 3. MARKET “A market is a place where buyers and sellers gather to exchange of goods and services”. It’s the root word of marketing.
  4. 4. Requirements of a Market 1.Need + 2.Ability 3.Willingness 4.Authority
  5. 5. MARKET SEGMENTATION
  6. 6. MARKET SEGMENTATION According to kotler, “market segmentation is the subdividing of market into homogeneous subsections of customers ,where any subsection may conceivably be selected as a target market to be reached with a distinct marketing mix”.
  7. 7. Market segmentation have 6 steps as follows: 1.Establish overall objectives. 2.Decide the bases for segmenting the market. 3.Select segmentation variables.
  8. 8. 4.Profile the segments. 5.Evaluate segment attractiveness. 6.Select segment/s(or target marketing)
  9. 9. 1.Establishing overall objectives. The first step in the segmentation process is to establish the objectives of the firm’s marketing strategy clearly. It will also helps
  10. 10. 2.Decide the bases for segmenting the market. There are several methods or bases by which a market can be segmented namely demographic ,psychographic , geographic etc. For
  11. 11. 3.Select segmentation variables. After deciding the basis of segmentation , the firm has to select the segmentation variables like age ,
  12. 12. 4.Profile the segments. Profiling helps to marketing manager to characterize large , identifiable groups within a market . Through the analysis of each segments , the marketing manager
  13. 13. 5.Evaluate segment attractiveness. This is done by estimating profit contribution expected from each segment. Several kinds of informations are needed for this process such as
  14. 14. 6.Select segment/s In this phase , the firm selects only the most suitable segment where it can serve more effectively . The selection of more
  15. 15. PROCESS OF MARKET SEGMENTATION Establish Decide the Selection bases for overall segmentatio of objectives n variables Evaluate Selection attractive Profile the of segment ness segments
  16. 16. The manufactures can adopt 4 importan strategies are ; 1.U n d i f f e r e n t i a t e d ma r k e t i n g 2.D i f f e r e n t i a t e d ma r k e t i n g 3.C o n c e n t r a t e d ma r k e t i n g
  17. 17. 1.Undifferentiated marketing Under this strategy, the producer does not differentiate between different consumers . ie , one marketing mix is used for whole market. eg ; soft drinks like Thumps – Up etc.
  18. 18. 2.Differentiated marketing Under this strategy, a number of market segments are identified and a different marketing mix is developed for each of the segments . It is one of most popular approach.
  19. 19. 3.Concentrated marketing It deals with the concentration of all marketing efforts on one selected segment within the total market . The producer selects a market where there is a little or no competition.
  20. 20. 4.Customised marketing Under this , the firms view each customer as a separate segment & customise marketing programmes to that individual’s specific requirements like interior design.
  21. 21. Different Marketing Strategies 2.Different 3.Concentr 4.Customi 1.Undiffer iated ated sed entiated marketing marketing marketing marketing
  22. 22. THANK YOU

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