Lecture 1.3.1 Business student project for MBA

business consumer behaviour

1. DISCOVER . LEARN . EMPOWER UNIT-1 Marketing Management- Segmentation , INSTITUTE –University School of Business DEPARTMENT -Management M.B.A MARKETING MANGEMENT- 22BAT-607 Ms. Gurleen Kaur Assistant Professor Chandigarh University B 1

2. Space for visual (size 24) 2 CO Number Title Level CO1 Provide information to student by explaining the key principles and concepts of marketing. Understand   CO2 Students will be able to Construct an effective marketing strategy, including a marketing mix for a product/service. Apply   CO3 Plan an integrated marketing communications campaign that uses a range of mass communications media that are well suited to reach the target market. Analyze Course Outcome Will be covered in this lecture https://skillshop.exceedlms.com

3. Market Strategy A marketing strategy refers to a business's overall game plan for reaching prospective consumers and turning them into customers of their products or services. A marketing strategy contains the company’s  value proposition , key brand messaging, data on  target customer  demographics, and other high-level elements. A thorough marketing strategy covers " the four Ps " of marketing—product, price, place, and promotion. 3

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5. Market Segmentation Market segmentation is the research that determines how your organisation divides its customers or cohort into smaller groups based on characteristics such as, age, income, personality traits or behaviour. These segments can later be used to optimise products and advertising to different customers. By understanding your market segments, you can leverage this targeting in product, sales, and marketing strategies. Creating your marketing communications both in ad messaging and advanced targeting on digital platforms like Facebook and Google using your segmentation will allow for better response rates and lower acquisition costs. According to a study by  Bain & Company , 81% of executives found that segmentation was crucial for growing profits. Bain also found that organizations with great segmentation strategies enjoyed a 10% higher profit than companies whose segmentation wasn’t as effective over a 5-year period. Companies like  American Express ,  Mercedes Benz , and  Best Buy  have all used segmentation to increase sales, build better products, and engage better with their prospects and customers.

6. REQUIREMENTS FOR EFFECTIVE MARKET SEGMENTATION

7. LEVELS OF MARKET SEGEMENTATION

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9. GEOGRAPHIC SEGMENTATION Divide markets into different geographic units. Examples: – World Region or Country: North America, Western Europe, European Union, Pacific Rim, Mexico, etc. – Country Region: Pacific, Mountain, East Coast, etc. – City or Metro Size: New York, San Francisco – Population Density: rural, suburban, urban – Climate: northern, southern, tropical, semi-tropical An example of geographic segmentation is an ice cream company segmenting a country by how hot different regions are and targeting those specific areas that are hottest and therefore more likely to buy ice cream.

10. Demographic Segmentation Use Differences in: – age, gender, family size, family life cycle, income, occupation, education, race, and religion – Most frequently used segmentation variable - Ease of measurement and high availability. – Usually the worst variable to use.

11. Psychographic Segmentation Psychographic segmentation divides a market into different groups based on social class, lifestyle, or personality characteristics. People in the same demographic classification often have very different lifestyles and personalities. Behavioral Segmentation

12. 15 Blackboard Assessment Pattern 15 Components HT-1 HT-2 Assignment Surprise Test Business Quiz GD Forum Attendance Scaled Marks Max. Marks 10 10 6 4 4 4 2 40

13. 16 THANK YOU