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Kotler • Keller Phillip Kevin Lane
Marketing Management • 14e
Iden%fying Market Segments and Targets
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Discussion Ques%ons 1. What are the different levels of market
segmenta%on?
2. In what ways can a company divide a market into segments?
3. What are the requirements for effec%ve segmenta%on?
4. How should business markets be segmented?
5. How should a company choose the most aQrac%ve target markets?
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Target Marke%ng Requirements
1. Iden%fy and profile dis%nct groups of buyers (market Segmenta%on).
2. Select one or more market segments to enter (market Targe%ng).
3. For each, establish and communicate benefits of offering (market Posi%oning).
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Marke%ng Segment
A market segment consists of a group of customers who share a
similar set of needs and wants.
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Bases for Segmen%ng Consumers
Geographic
Demographic
Psychographic Behavioral
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Geographic Segmenta%on
Geoclustering
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Demographic Segmenta%on
Age and Life-‐cycle Stage Life Stage Gender Income Genera%on Race and Culture
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Age and Life-‐Cycle Stage
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Life Stage
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Gender Women:
Influence 80% of consumer purchases Make 75% of new home decisions Purchase 60% of cars
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Income
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Genera%on
Gen X (1964-‐1978) Baby Boomers (1946-‐1964) Silent Genera%on (1925-‐1945)
Millennials (Gen Y) – (1979-‐1994) -‐78 Million people -‐$187 annual spending power
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Cohort Size Defining Features
Millennials (1979-‐1994) 78 m Raised in affluence, tech savvy,
perceived immunity from marke%ng
Gen X (1964-‐1978) 50 m Parents relied on day care, accepts diversity, pragma%c and individualis%c
Baby Boomers (1946-‐1964) 76 m
Control 3/4th of the wealth in the U.S, seek fountain of youth (hair color, hair replacement), home exercise equipment
Silent Genera%on (1925-‐1945) 42 m Lead vibrant lives, spend money and
%me on grandchildren.
U.S. Genera%on Cohorts
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Race and Culture
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Mul%cultural Market Profile
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Psychographic Segmenta%on
• Personality traits
• Lifestyle • Values
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VALS Segmenta%on System
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Behavioral Segmenta%on
User and Usage
Needs and Benefits
Decision Roles
Ini%ator
Influencer
Decider Buyer
User
Usage occasions
User status
Usage rate
Buyer-‐readiness
Loyalty status
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Brand Funnel
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Consumer Altudes
Enthusias%c Posi%ve Indifferent Nega%ve Hos%le
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Behavioral Segmenta%on
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Bases for Segmen%ng B2B Markets
Demographic
Opera%ng Variables
Purchasing Approach
Situa%onal Factors
Personal Characteris%cs
Industry, company size, loca%on
Technology, user status, customer capabili%es
Power structure, nature of exis%ng rela%onship
Urgency, specific applica%on, size of order
Buyer-‐seller similarity, loyalty, risk altude
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Market Targe%ng
Effec%ve Segmenta%on Criteria Measurable Substan%al Accessible Differen%able Ac%onable
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Market Targe%ng Porter’s Five Force
Rivals
New Entrants
Subs%tute Products
Buyer Power
Supplier Power
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Evalua%ng and Selec%ng Segments
Individual marke%ng
Full market coverage
Mul%ple segment specializa%on
Single-‐segment concentra%on
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Levels of Segmenta%on
