- Krishna Unadkat, MEFGI

Market segmentation, Strategic Targeting & Product positioning are the key elements of marketing most consumer goods. Criteria for Effective Targeting :

1.
2. 3. 4.

5.

IDENTIFIABLE SIZEABLE STABLE ACCESIBLE CONGRUENT WITH COMPANYS OBJECTIVES & RESOURCES

1.

Demographic Segmentation : Age Gender Marital Status Family Life Cycle (Bachelorhood, Honeymooners, Parenthood, Postparenthood and Dissolution) Income, Education and Occupation

2. Geo-demographic Segmentation : A hybrid Segmentation scheme based on the premise that people who live close to one another are likely to have similar means, taste, preference, lifestyle and consumption habits.

3. Personality Traits : People are unlikely to disclose their traits because they do not consciously recognize them. Eg : Extrovert, Trust, Perceived Risk, Willingness to buy, Word of mouth, Open minded

4. Lifestyles: Known as psychographics, consist of activities, interests and opinions (AIOS). - VALS Framework :Values, Attitudes & Lifestyles

5. Socio- cultural Values and Beliefs : - Culture and Subculture - Cross cultural or Global Marketing Segmentation

1.Usage Rate Segmentation Heavy , Medium & Light users Awareness status / level of involvement 2.Usage Situation Special occasions/ General Usage

3.Benefit Segmentation Functional, Value for Money, Social Benefit, Positive Emotional Benefit, Negative Emotional Benefit 3.1 Media Benefits 3.2 Brand Experience as a Segmentation Basis 4.Brand Loyalty & Relationship

1. Behavioural Targeting : Segmentation based on usage behavior 2. Micro targeting : Aggregating individual customers into relatively small groups narrowcasting

3.

Concentrated v/s. Differentiated Marketing : Target just one segment using a unique marketing mix v/s. Targeting several segments using individual marketing

4. Counter-segmentation : More generic need or characteristic is identified , two or more segments can be combined and targeted with a redesigned marketing mix. XOXOXOXO