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MARKETING SEGMENTATION

MEANING -
Marketing segmentation is a marketing concept which divides the
complete market setup into smaller sub-sets comprising of consumers with a
similar taste, demand & preference.

DEFINITION -
Market segmentation is the sub dividing of a market into
homogeneous sub-set of consumers where any sub-set may
conceivably be selected as a market target to be reached with
a distinct marketing mix.
Prof. Philip kotler

CHARACTERISTICS OF MARKETING SEGMENTATION –


1. Measurable
2. Accessible
3. Profitable
4. Market responsiveness
IMPORTANCE OF MARKETING SEGMENTATION –
1. Better care 4. Higher profit
2. Specialisation 5. Maximum use of scare resources
3. Higher profit

TYPES OF MARKETING SEGMENTATION


1. Geographic
2. Behavioural
3. Demographic
4. Psychological
•area •attitude
•climate •product
•population density •occasion
•benefit -
•volume
•loyality
•rate of usage

geographic BEHAVIOURAL

•age •lifestyle
•sex •personality
•religion •social class
•income
•family cycle
•family size
•occupation
•education

DEMOGRAPHIC psychological

METHOD OF MARKET SEGMENTATION


1. Every individual buyer as a separate group
2. Broad group of buyers

BASES OR CRITERIA FOR MARKET SEGMENTATION


I. BASES FOR CONSUMER PRODUCTS
1) Socio economic criterion
a) Age
b) Sex
c) Income
d) Educational level
e) race & religion
f) size of family
2) Geographic criterion
a) Area
b) Climate
c) Population density

3) Psychological or personality criterion


a) Personality
b) Lifestyle
c) Social class
4) Consumer behaviour criterion
a) Attitude towards product
b) Occasion
c) Loyalty
d) Benefit
e) Volume
f) Rate of usage
II. BASES FOR INDUSTRIAL PRODUCT
1) Kind of business
2) Geographical location
3) size of user

STEPS OF MARKET SEGMENTATION


1. Identify the target market
2. Identify the expectation of target market
3. Create subgroups
4. Review the needs of the target audience
5. Name of market segment
6. Marketing strategies
7. Review of the target market
8. Size of the target market

LEVELS OF THE MARKET SEGMENTATION


1. Segment marketing
2. Niche marketing
3. Local marketing
4. Customised marketing

Marketing mix
MEANING
A company’s marketing mix is the combination of marketing activities it uses
in order to promote a particular product or service .The variables such as
product, price, promotion & place managed by an organisation to influence
demand for a product or service.

DEFINITION
For achieve success in the market by the manufacturers. The
policies used or adopted from the marketing mix.

Prof. Rustom s. Davar

CHARACTERISTICS OF MARKETING SEGMENTATION


1. Combination of marketing variables
2. Used by business & non-business organisation
3. Organisational objectives
4. Dynamic concept
5. Focus on consumer
6. Variables are interrelated
7. Proper mixing of variables need, imagination & intelligence etc.
8. Interaction between marketing mix & environmental variables.

ELEMENT OF MARKETING MIX


1. Product
2. Price
3. Promotion
4. Place
IMPORTANCE OF MARKETING MIX
1. It helps in a clean mix creation
2. New product development
3. Guide to improve business
4. Helps in differentiation
5. Helps in being dynamic

FACTORS AFFECTING MARKETING MIX


1) Market factors
a) Consumer behaviour
b) Competition
c) Pattern of distribution system
d) Government control

2) Marketing factors
a) Product planning
b) Brand policy
c) Packaging policy
d) Distribution channel
e) Personal selling
f) Advertising policy
g) Special sales promotion policy
h) Physical distribution
i) Market research

TYPES OF MARKETING MIX


a) Product mix
b) Price mix
c) Place mix
d) Promotion mix
MARKETING ENVIRONMENT
MEANING
Marketing management wants to build relationship with customer value and
satisfaction however marketing managers cannot do this alone. To this
effectively they must understand the major environment forces that
surrounded all this relation.

DEFINITION
A company’s marketing environment consists of the internal
factors and forces outside marketing that affect marketing
management’s ability to develop and maintain successful
transactions with its target customers.

Prof. Philip kotler

TYPES OF MARKETING ENVIRONMENT

1. Micro environment
The micro environment consists of the forces close to the company
that affects its ability to serve its customers. The micro environment
consists of some forces, that are-
1) Company
Purchase department, finance, research, operation, management &
other department.
2) Supplies
3) Marketing intermediaries
i) Physical distribution (warehouse, transportation)
ii) Marketing service agencies
iii) Financial agencies
4) Customer
i) Customer market
ii) Reseller market
iii) Government market
iv) Industrial market
5) Competitors
6) Publics
i) Financial publics
ii) Media publics
iii) Government publics
iv) Local publics
v) General publics
2. Macro environment
Company & all of the other factors operate in surrounded by the
macro environment. There are many factors which affected by the macro
environment. They are given below-
1) Demographic environment
2) Economic environment
i) Changes in income
ii) Changing consumer spending pattern
3) Natural environment
i) Shortage of natural resource
ii) Increasing population
iii) Increasing govt intervention in natural resource management
4) Technological environment
5) Political environment
6) Cultural environment

CONSUMER DECISION MAKING


PROCESS
NEED RECOGNITION & PROBLEM
AWARENESS

INFORMATION SEARCH

EVALUATION OF ALTERNATIVES

PURCHASE DECISION

POST PURCHASE EVALUATION

1. Need recognition
2. Information search
i) Personal source
ii) Public source
iii) Experience source
3. Evaluation of alternatives
4. Purchase decision
5. Post purchase evaluation