Transcript 03 Segmentation and Marketing objectives

Czech University of Life Science
CULS
Segmentation and marketing Objectives
Czech University of Life Science
CULS
Market Segmentation
• Every market can be divided (segmented) into groups
of potential customers who have similar characteristics.
The benefit to the marketer in doing this is that each
segment has less variability than the market as a whole
• The most common bases of segmentation are:
– Demographic
– Socio-economic
– Buying patterns
– Personality, attitudes, values
– Life style
Czech University of Life Science
CULS
Bases of Market Segmentation (1)
• Demographic, for example:
– age, gender, geographical distribution
– family size, family composition, life cycles stage
– ethnic groups, geographical mobility, physical
characteristics such as skin and hair type
• Socio-economic, for example:
– earnings, wealth, credit potential
– type of housing
– newspapers and magazines read
Czech University of Life Science
CULS
Bases of Market Segmentation (2)
• Buying Patterns
– buyers and non-buyers
– brand loyalty
• Personality, Attitudes and Values
– ‘compliant’ and ‘aggressive’ personality types
– social, reparative, indulgent and oceanic drinkers
• Life Style
– activities, interests, opinions and values
– spending habits
Marketing
Objectives
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of Life Science
CULS
• Your marketing objectives should be based on
understanding your strengths and weaknesses, and
the business environment you operate in. They
should also be linked to your overall business
strategy.
• For example, suppose your business objectives
include increasing sales by 10 per cent over the next
year. Your marketing objectives might include
targeting a promising new market segment to help
achieve this growth.
• For more information on how to identify the best
opportunities, see the page in this guide on external
and internal analysis for your marketing plan.
Czech University of Life Science
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Objectives should always be SMART
Specific
for example, you might set an objective of getting ten new customers.
Measurable
whatever your objective is, you need to be able to check whether you
have reached it or not when you review your plan.
Achievable
you must have the resources you need to achieve the objective. The
key resources are usually people and money.
Realistic
while you should set targets that stretch you, there is no point in being
too ambitious.
Time-bound
you should set a deadline for achieving the objective. For example,
you might aim to get ten new customers within the next 12 months.
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Follow this link for more on Marketing Objectives here