Blog for class 2-8-2012

This week’s class was on chapter 7 segmenting & targeting markets. Some of the things I learned this week where:

Market segmentation, a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs.  As well as market: segmentation, the process of dividing a market into meaningful, relatively similar and identifiable segments or groups. I like the way the power point slide demonstrated the market segmentation; it really made it sink in for me.

Also the criteria for segmentation: 1) Substantiality, 2) identifiability and Measurability, 3) Accessibility, and 4) Responsiveness

The bases for segmentation are: 1) Geography, 2) Demographics, 3) Psychographics, 4) Benefits and 5) Usage Rate.

The 6 steps to segmentation: 1) select a market for study, 2) choose bases for segmentation, 3) select descriptors, 4) profile and analyze segments, 5) select target markets, and 6) Design implement and maintain marketing mix.

I think all of these steps and processes used in segmenting markets will come in handy once I have my degree and need to start drawing in customers.  My product will be able to be targeted to specific groups rather then to everyone in general.   ( All pictures are taken form the Power point presentation from chapter 7 in MKTG student edition by Lamb, Hair, and McDaniel).