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Mba Innovation Essay

4871 words - 20 pages

CHAPTER

8

IDENTIFYING MARKET
SEGMENTS AND
TARGETS

LEARNING OBJECTIVES
In this chapter, we will address the following questions:
1. What are the different levels of market segmentation?
2. In what ways can a company divide a market into segments?
3. What are the requirements for effective segmentation?
4. How should business markets be segmented?
5. How should a company choose the most attractive target markets?
CHAPTER SUMMARY
1. Target marketing includes three activities: market segmentation, market targeting, and
market positioning. Market segments are large, identifiable groups within a market.
2. Two bases for segmenting consumer markets are consumer characteristics ...view middle of the document...

Students may have difficulty
understanding the various steps of the segmentation process as well as differentiating
between target markets and market positioning. The instructor is urged to use personal
examples of target markets—the differences between the instructor’s age cohort and that
of his/her students—for example in illustrating the different markets.
Second, the concepts of consumer characteristics and responses may be new to many
students as it applies across different age groups and different consumers. Students who
have little contact with other people outside their sphere of influence may have a hard
time realizing that other consumers hold differing views and have different usages for
products and services.
Suggestions to help students understand the degree of sophistication used by marketers
include using the Claritas’ PRIZM Web site during the class lecture, pinpointed by a
student’s zip code for example, to show the amount of information available to
marketers. Additional examples for classroom demonstrations include asking students to
research information on the Internet on their particular favorite product and information
by their zip code or other criteria. Many firms provide differing products to different
consumers, Toyota, for example offers the Toyota line of cars and the Lexus family of
cars. Both of these brands can be used to illustrate product differentiation and target
marketing.
TEACHING STRATEGY AND CLASS ORGANIZATION
PROJECTS
1. Students should turn in their market segmentation segment of their semester-long new
product or service report.
2. Students should select a product or service that they are familiar with, such as jeans,
computers, or personal CD players. Once these items are selected, the students must
undertake research into the specific items: target market and market segmentation.
Student reports should contain information as to: How large is the target market, what
is the future growth potential of this target market, how do/does the marketer reach
this target market and so on? The second section of this project is for the students to
“re-position” this product to another market segment. For example, if the students
select personal CD players as their product of choice, and confirm that the target
market for this is Gen Y, then the students should define how the manufacturers of
personal CD players will attempt to re-position the product to attract the baby boomer
generation to increase their purchases of personal CD players.
3. Sonic PDA Marketing Plan Market segmentation is an important part of any
marketing plan. It is the first step in the STP process that precedes any marketing
Copyright 2012 Pearson Education

strategy: segmentation, targeting, and positioning. The purpose of STP is to identify
and describe distinct market segments, target-specific segments, and then pinpoint the
differentiating benefits to being stressed in marketing.
In your role as...

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