Measurement error
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Diff between info desired and info provided by measurement process
Bases for segmenting business markets
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2 general bases:
(1) based on company characteristics (customer geographic location, comp
type, size and product use
(2) based on buying processes customers use
,Market
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People or orgs w/needs or wants and ability & willingness to buy
Steps in segmenting markets
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(1) select market or product category for study
(2) choose basis or bases
(3) select segmentation descriptors
(4) profiling/evaluating segments
(5) selecting target markets
(6) designing, implementing, maintaining appropriate marketing mixes
To be successful, CRM relies on
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Personalization, time savings, loyalty, and technology
Unsought products
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, Either new or require aggressive selling because of avoidance or
overlooked by consumers
Sampling error
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Sample does not represent target population
Alternative strategies for selecting target markets
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3 strategies: (undifferentiated, concentrated and multi segment targeting)
Classification of consumer products
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Convenience, shopping, specialty, and unsought
Scanner-based research
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, Gather info from single group of respondents by continuously monitoring
advertising, promotion and pricing they're exposed to and things they buy
Geodemographic segmentation
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Neighborhood lifestyle categories
Executive interview
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Survey where business people are interviewed in office concerning
industrial products or services
Importance of market segmentation
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Enables marketers to tailor marketing mix to meet need of particular pop
segments. Segmentation help ID consumers needs/preferences, areas of
declining demand, and new market opps
Observation research
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Diff between info desired and info provided by measurement process
Bases for segmenting business markets
Give this one a try later!
2 general bases:
(1) based on company characteristics (customer geographic location, comp
type, size and product use
(2) based on buying processes customers use
,Market
Give this one a try later!
People or orgs w/needs or wants and ability & willingness to buy
Steps in segmenting markets
Give this one a try later!
(1) select market or product category for study
(2) choose basis or bases
(3) select segmentation descriptors
(4) profiling/evaluating segments
(5) selecting target markets
(6) designing, implementing, maintaining appropriate marketing mixes
To be successful, CRM relies on
Give this one a try later!
Personalization, time savings, loyalty, and technology
Unsought products
Give this one a try later!
, Either new or require aggressive selling because of avoidance or
overlooked by consumers
Sampling error
Give this one a try later!
Sample does not represent target population
Alternative strategies for selecting target markets
Give this one a try later!
3 strategies: (undifferentiated, concentrated and multi segment targeting)
Classification of consumer products
Give this one a try later!
Convenience, shopping, specialty, and unsought
Scanner-based research
Give this one a try later!
, Gather info from single group of respondents by continuously monitoring
advertising, promotion and pricing they're exposed to and things they buy
Geodemographic segmentation
Give this one a try later!
Neighborhood lifestyle categories
Executive interview
Give this one a try later!
Survey where business people are interviewed in office concerning
industrial products or services
Importance of market segmentation
Give this one a try later!
Enables marketers to tailor marketing mix to meet need of particular pop
segments. Segmentation help ID consumers needs/preferences, areas of
declining demand, and new market opps
Observation research
