Describe Microsoft’s target market segments, including size, growth, and important characteristics. Explain customer needs and applications for the company’s products and services. 1.5 – 2 pages of single spaced additional content needed to existing 1 page single page. Need less information about Microsoft’s background and more details around the specifics of the market segments (geographical, demographical, etc.):
Notes from the lecture:
Market segmentation is the process by which a market is divided into distinct subsets of customers with similar needs and characteristics that lead them to respond in similar ways to a particular product and marketing program,
The process of subdividing a market into distinct subsets – within those subsets are segments where customer needs and purchasing behavior are similar
Between the segments, they should be as different as possible
Segmenting Demographically
Organize segments by considering who they are
Organize by age, income, occupation, education level, etc.
Ex: automobile manufacturers can make segments based on income and age factors – Toyota lexus is targeted at a different segment that Toyota corolla
In B2B markets, could consider the age of the firm, how long they have been in business, size of the firm, revenue of the firm, number of employees, etc.
Segmenting Geographically
Organize segments by considering where they are
Different locations or regions vary in their sales potential, growth rates, customer needs, purchase rates
Ex: food and clothing preferences may vary from one region to another; stores and restaurants may offer different things based on the location they offer
Behavioral Segmentation
Organize segments by considering how they behave
Marketers divide buyers into groups on the basis of their knowledge, attitude or their response to a produce
One way to think of this is based on product usage / rate (heavy users versus light or moderate users)
Based on needs and benefits sought – one segment may be savvy shoppers (discount bins) verses image seekers (willing to pay more)
Innovative Segmentation
There are two ways to construct innovative segments
First method involves a combination of attributes used to more precisely target an attractive segment
Example: enterprise rent-a-car used this approach to segment their market by combining behavioral, demographic and geographic dimensions which involve customers in need of a car while their car was being repaired in suburban locations
Second method is based on the idea of microsegmentation – involves identifying subsegments within the existing segments and breaking down those clusters into smaller clusters of subsets
To be successful with the microsegmentation method requires investments and competencies and data collection, data analysis and customization of products and marketing communication programs
Example: mapping software can be used to pinpoint the location of the customers and then specific products could be designed and promoted for each zip code
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