behavioral segmentation

Examples of behavioral segmentation in the following topics:

• Identifying the Target Market

  • In addition to the above segmentations, market researchers have advocated a needs-based market segmentation approach to identify smaller and better defined target groups.
  • Identify clusters of similar needs - Demographics, lifestyle, usage behavior and pattern is used to differentiate between segments.
  • Apply a valuation approach - Market growth, barriers to entry, market access, and switching is used to valuate segments.
  • Test the segments - A segment storyboard is created to test the attractiveness of each segment's positioning strategy.
  • Modify marketing mix - The segment positioning strategy is expanded to include all aspects of the marketing mix.

• Developing a Market Segmentation

  • A market segmentation is developed based on one of two strategies and several consumer identifying characteristics like demographics and behavior.
  • There are two major segmentation strategies followed by marketing organizations: a concentration strategy and a multi-segment strategy.
  • In the multi-segment strategy, a company focuses its marketing efforts on two or more distinct market segments.
  • It is actually based on the behavior of the consumer.
  • Markets could also be segmented by usage rates.

• Purchase Behavior

  • However, like consumer markets, business marketers monitor and analyze customer purchase behavior to develop segmentation strategies and customer intelligence.
  • Predicting customer purchase behavior also allows B2B companies to segment industrial markets.
  • The goal for every industrial market segmentation scheme is to identify the most significant differences among current and potential customers and/or suppliers that will influence their purchase decisions or buying behavior, while keeping the segmentation approach as simple as possible.
  • Thus, segmenting the supply side of an organization can also prove value to companies.
  • Identify the unique characteristics of B2B purchase behavior and how it influences B2B marketing tactics

• Marketing Data Types

  • Aliens within the same demographic group can exhibit very different psychographic profiles.Market segmenting is dividing the market into groups of individual markets with similar wants or needs that a company divides into distinct groups which have distinct needs, wants, behavior or which might want different products & services.
  • The overall intent is to identify groups of similar customers and potential customers; to prioritize the groups to address; to understand their behavior; and to respond with appropriate marketing strategies that satisfy the different preferences of each chosen segment.
  • In behavioral segmentation, consumers are divided into groups according to their knowledge of, attitude towards, use of or response to a product.
  • It is actually based on the behavior of the consumer.
  • Segmentation according to occasions.

• Stimulating Demand

  • Greater attention was given to the product or service, rather than understanding consumer behavior .
  • It is possible and common to have latent needs that do not serve as the motive of behavior.
  • For motivation to be useful in stimulating demand for products, brands must understand what motives and behaviors are influenced by the specific situation in which consumers engage in goal-directed, problem-solving behavior.
  • For the most part, the research in motivation involves benefit segmentation and patronage motives.
  • Discuss the psychological factors that drive consumer demand, and how they play into marketing segmentation

• Target Market Characteristics

  • The different characteristics of a target market are geographic, demographic, psychographic, behavioral, and product related.
  • The different characteristics of a target market are geographic, demographic, psychographic, behavioral, and product related.
  • The behavioral target market focuses on occasions and degree of loyalty.
  • Product related segmentation describes a target approach for customers who already own a specific product.

• Selecting Target Markets

  • Strategic targeting can optimize the return on investment by selecting the best segments in the market for return on investment.
  • To start, the organization should collect as much data as possible on the industry, competition, consumer behavior, and expected growth trajectories.
  • What are the demographic, psychographic, behavioral, and geographic characteristics of each segment?
  • Is is practically feasible to enter where the ideal segment is (i.e. geographically)?
  • Recognize the importance of segmentation and how to translate data into smart decisions

• Introduction

• Determining Segmentation Variable(s)

  • Markets can be segmented primarily according to geographic, demographic, usage, and psychological segments--or a combination of the above.
  • As noted, religion is an interesting basis for demographic segmentation.
  • Thus, the simple classification of male versus female may be useful only if several other demographic and behavioral characteristics are considered.
  • Income may also may uncover other buying behaviors.
  • The heavy user is an important basis for segmentation.

• Social Behavior of Consumers

  • The data helps sales and marketing professionals improve segmentation to target prospects and customers.
  • Research has shown that consumer behavior is difficult to predict, even for experts in marketing communications.
  • Societal buying behavior incorporates identification and suggestion to prompt a specific buyer behavior.
  • Brands commonly use behavioral targeting techniques to market to consumers based on their online behavior.
  • Describe how social media aids the study and measurement of consumer behavior