Motivation, Values, and Influence

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Table of contents

1. Market Segmentation: Using Demographics, Psychographics and Other Niche Marketing Techniques to Predict Customer Behavior.............................................................................................................................. 1

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Document 1 of 1 Market Segmentation: Using Demographics, Psychographics and Other Niche Marketing Techniques to Predict Customer Behavior Author: Campbell, Leland; Butaney, Gul T ProQuest document link Abstract: The book Market Segmentation: Using Demographics, Psychographics and Other Niche Marketing Techniques to Predict Customer Behavior, by Art Weinstein, is reviewed. Links: Linking Service Full text: Market Segmentation: Using Demographics, Psychographics and Other Niche Marketing Techniques to Predict Customer Behavior Art Weinstein, Probus Publishing Company, Chicago, IL, 1994, 313 pp. Discovering what customers need and finding ways to meet these needs is the fundamental aspect of marketing. Marketers are able to meet customer demands effectively by applying the concept of market segmentation. Briefly, market segmentation is the process of dividing a total market into separate and distinct groups, each of which has people sharing common needs. Marketers can then evaluate and target potentially profitable groups. The selection of these groups is crucial to the marketing process and a cornerstone of profitable marketing ventures. It forms the basis for strategic decisions in the marketing mix (i.e. product, price, promotion and place), as well as positioning and differentiating strategies. The concept of market segmentation is drilled into marketers from the time they take their first introductory course. In fact, since the late 1950s, there have been few, if any, marketing topics that have received as much attention from the academic and popular press. In recent years, with the emergence of niche marketing, micromarketing and supersegmentation strategies, the concept of segmentation has seen a revitalization. So, just how does one plan and implement this crucial element of marketing strategy? Art Weinstein tackles these issues and describes the process of developing a segmentation strategy in his book Market Segmentation. Weinstein, an academic with valuable practical experience, has written a book that is not only easy to read but provides marketing practitioners and scholars with an informative "state-of-the-art" guide on how to segment consumer and business markets strategically. Industry practitioners are likely to find the book extremely useful in understanding how markets can be effectively divided and attacked. The book also provides sources where additional information can be found when needed. Academics will find it a valuable resource for a marketing management and/or marketing strategy course, or perhaps an entire course focussing on the art of market segmentation. Using the most up-to-date research from the leading marketing publications and material tested in executive seminars, Weinstein presents an in-depth look at the segmentation process. The book is divided into five separate parts, with each part including information and issues that are fundamental to the segmentation process. Issues addressed in the book include segmentation planning, the dimensions of segmentation, segmentation strategy formulation, implementation and control, real company case examples and segmentation resources. The book contains 13 short chapters with each focussing on a major aspect of segmentation. Part 1 (chapters 1-4) sets the stage and provides a helpful understanding for the segmentation process. This section gives an overview of the market segmentation concept and presents the basic issues associated with the process. This part also explains how primary, secondary and syndicated research data can be used when segmenting a market. This information can be used to develop research guidelines and act as a blueprint for conducting cost-efficient studies. While nonmarketers may find this portion of the book more valuable, current marketing practitioners may wish to use it as a refresher.

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Part 2 (chapters 5-11) details the various approaches and procedures that can be used to apply the geographic, demographic, socio-economic, psychographic and behavioral bases that are typically used for segmentation decisions. The early portion of this part focusses on the consumer and the latter portion addresses the specific issues related to segmenting business (industrial) markets and international markets. However, given the current interest in global marketing, this section could be strengthened with more attention paid to international issues and sources. Industry practitioners and marketing consultants are likely to find these chapters to be of significant value. Part 3 (chapters 12 and 13) provides information on the implementation and control issues related to segmentation strategy. Weinstein has recognized that planning a strategy alone is not enough, "but its [segmentation's] real value lies in its ability to be implication-oriented to create profitable business opportunities from similar market situations" (p. 205). Hence, the true and underlying importance of market segmentation to the success of a firm is realized and appreciated. Toward this end these chapters provide insights on how to translate the findings obtained from the various segmentation studies and incorporate them into action-oriented strategic marketing plans. Included in this section is an interesting viewpoint of how the future will look. Weinstein uses current major trends to predict how segments will look in the year 2000 and how these trends are likely to influence segmentation strategies. The final two parts of the book approach the segmentation process from a practical point of view. Part 4 presents five diverse cases of successful companies that illustrate the segmentation process at work. Marketers will see segmentation in action and may select and apply issues that are pertinent to their situation. The final part of the book presents a comprehensive list of where marketers can go for segmentation information. This section will be helpful for those who are involved with market planning and strategy and will be especially useful for those working in a small business environment. The book is richly peppered with tables, charts, graphs and models that help explain the art of segmentation. The book contains many useful examples that illustrate specific concepts. There are many key features associated with this book. First, the chapters are short, concise and provide a comprehensive focus on several specific aspects of the segmentation process. Second, the book provides plenty of "hands-on" approaches and "how-to" guidelines that will enable practitioners to apply the segmentation process. The use of theoretical and quantitative material, as well as technical jargon, has been kept to a minimum, making the book easy to follow and understand. Third, the author provides numerous examples of real-life situations so that the reader can see the segmentation process at work. These include a variety of examples that range from high-tech industrial products to services and consumer goods. Finally, each of the chapters contains a number of useful exhibits called "action lists" and "skillbuilders". The action lists present specific case scenarios and related questions that one should ask when involved with a specific part of the segmentation process. While these lists may not be totally inclusive or applicable for all situations, they will generate ideas and may be customized to fit one's needs. The skillbuilders are well-developed, action-oriented questions that a marketer can use to develop a personal expertise on the process. Some may wish to use these as practice questions to gain valuable insight into the issues at hand. Marketers will find this to be a helpful and useful book. Even those who have experience with the segmentation planning process will wish to keep this close by to act as a handy reference. Less experienced marketers will see the total segmentation process in depth and gain an appreciation for the many issues and activities involved with this portion of the strategic planning process. AuthorAffiliation Leland Campbell and Gul T. Butaney Bentley College, Waltham

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Subject: Market segmentation; Niche marketing; Consumer behavior; Marketing management; Classification: 7000: Marketing Publication title: The Journal of Consumer Marketing Volume: 13 Issue: 2 Pages: 58-60 Number of pages: 3 Publication year: 1996 Publication date: 1996 Publisher: Emerald Group Publishing, Limited Place of publication: Santa Barbara Country of publication: United Kingdom Publication subject: Business And Economics--Marketing And Purchasing ISSN: 07363761 Source type: Scholarly Journals Language of publication: English Document type: Book Review-Favorable ProQuest document ID: 220123645 Document URL: http://search.proquest.com/docview/220123645?accountid=35812 Copyright: Copyright MCB UP Limited (MCB) 1996 Last updated: 2014-05-26 Database: ProQuest Central

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