Handbook of Market Segmentation: Strategic Targeting for Business and Technology Firms / Edition 3

Handbook of Market Segmentation: Strategic Targeting for Business and Technology Firms / Edition 3

by Art Weinstein
     
 

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ISBN-10: 0789021560

ISBN-13: 9780789021564

Pub. Date: 04/28/2004

Publisher: Taylor & Francis

Develop a successful strategy for segmenting high-tech and industrial markets!

Whether it's due to a lack of focus, lack of time, or just bad planning, most companies fall short of the mark in their target marketing. The Handbook of Market Segmentation, 3rd Edition: Strategic Target Marketing for Business and Technology Firms is a practical, how-to guide to

Overview

Develop a successful strategy for segmenting high-tech and industrial markets!

Whether it's due to a lack of focus, lack of time, or just bad planning, most companies fall short of the mark in their target marketing. The Handbook of Market Segmentation, 3rd Edition: Strategic Target Marketing for Business and Technology Firms is a practical, how-to guide to what marketers need to know about defining, segmenting, and targeting business markets: assessing customer needs; gauging the competition; designing winning strategies; and maximizing corporate resources. The latest edition of this marketing classic combines content and features from the previous editions with an emphasis on successful practices in business-to-business and high-tech segmentation. This valuable research source puts the latest thinking from the business and academic communities at your fingertips.

From the author:

The most important thing I’ve learned from working in market segmentation research and strategy for more than 15 years is that few companies get the most from their target marketing. Their top executives advocate the need to be market- or customer-oriented but base their marketing plans on cursory, incomplete, or emotional analyses. They end up with ’fuzzy’ business missions, unclear objectives, information that isn’t decision-oriented, unfocused promotional strategies, and no real plan to attack niche markets. This happens because they haven’t developed an effective strategy for segmenting high-tech and industrial markets. They don’t have a process that introduces and improves their business segmentation planning and execution. What they need is a handbook for improving their organization’s performance in new and existing business markets.

Handbook of Market Segmentation, Third Edition: Strategic Target Marketing for Business and Technology Firm is a state-of-the-art guide to market identification, analysis, selection, and strategy. The book is organized into four parts (segmentation planning, business segmentation bases, implementing segmentation strategy, segmentation strategy cases) and includes applications, case studies, checklists, figures, and tables. Each chapter features a Segmentation Skillbuilder (a field-tested exercise that improves your working knowledge of key business-to-business segmentation topics) and a Business Segmentation Insight (an in-depth look at a key segmentation issue).

Handbook of Market Segmentation, Third Edition: Strategic Target Marketing for Business and Technology Firms examines:

  • how to conduct effective, cost-efficient, and profitable segmentation studies
  • segmentation options such as differentiation and niche marketing
  • defining business markets
  • a 10-point program for segmenting business markets (planning and research)
  • business segmentation bases (geographics, firmographics, benefits, usage, purchasing behavior)
  • how North American Industrial Classification System (NAICS) has replaced SIC analysis
  • criteria for choosing target markets
  • implementing segmentation in business organizations
  • how to conduct (and benefit from) a segmentation audit
  • detailed segmentation studies on six companies—Collins Aviation Services, Dev-Soft, Dow Corning, Lexmark International, Pharmacia Corporation, and Sportmed
  • and much more!
Handbook of Market Segmentation, Third Edition: Strategic Target Marketing for Business and Technology Firms is an essential resource for business professionals working in the high-tech, industrial, and business service industries, and for educators training the next generation of marketers, managers, and strategists.

Product Details

ISBN-13:
9780789021564
Publisher:
Taylor & Francis
Publication date:
04/28/2004
Series:
Haworth Series in Segmented, Targeted, and Customized Marketing
Edition description:
REV
Pages:
260
Product dimensions:
6.20(w) x 8.50(h) x 0.90(d)

Table of Contents

Preface
Acknowledgments
PART I: SEGMENTATION PLANNING

Chapter 1. Market Segmentation: An Overview
Segmentation: The Key to Marketing Success
Segmentation in Action
Segmentation Options
Business Segmentation Insight 1: Segmentation Research Findings in
High-Tech and Industrial Markets
Nichemanship: Segmented Marketing at Its Best
The Benefits of Segmentation
Limitations of Segmentation
Segmentation Skillbuilder 1: How Well Is Your Company Using Segmentation
Techniques?
Segmentation: Some Misunderstandings Resolved
Summary

Chapter 2. Market Definition and Segmentation in B2B Markets
The Market Definition Challenge
Business Segmentation Insight 2: Mission, Vision, and Market Definition
A Strategic Market Definition Framework
Market Definition Applications Based on the Framework
Segmentation Skillbuilder 2: Defining Your Market—A Three-Level Approach
Summary

Chapter 3. Segmentation Planning and Research Guidelines for Business
Marketers
Segmentation Roadblocks
Using Planning and Research to Segment Business Markets: A Ten-Point
Program
Segmentation Skillbuilder 3: Designing the Segmentation Study
Business Segmentation Insight 3: Segmentation Research—An Assessment
Summary
Appendix: Internet Segmentation—Business Marketing Applications

PART II: BUSINESS SEGMENTATION BASES

Chapter 4. Geographics and Firmographics
Geographic Segmentation Bases
Segmentation Skillbuilder 4: Defining Geographic Markets
Business Segmentation Insight 4: How a Major Pharmaceutical Company Uses
Geographic Sales to Segment Its Markets
Tapping Census Products for Geographics and Business Demographics
Firmographics
Summary

Chapter 5. Usage Analysis
End Use Analysis
Usage Segmentation
Conceptualizing and Operationalizing Usage Dimensions
Business Segmentation Insight 5: Usage Segmentation Applications
Assessment of the Usage Dimension
Segmentation Skillbuilder 5: Usage Analysis—Key Issues
Summary

Chapter 6. Benefit Segmentation
Concepts and Applications of Benefit Segmentation
Business Segmentation Insight 6: Customer Value and Benefits
Pros and Cons of Benefit Segmentation
Three Brief Examples of Benefit Segmentation in Business Markets
Segmentation Skillbuilder 6: Using Segmentation Grids to Identify Benefit
Segments for Your Company
Summary

Chapter 7. Purchasing Behavior and Organizational Psychographics
How Business Markets Are Different
The Nested Approach
Business Segmentation Insight 7: In Conversation with Dr. Benson P. Shapiro
Segmentation Skillbuilder 7: Using the Nested Approach to Segment Your
Market
Business Psychographics
Buyer Adopter Categories
Summary

PART III: IMPLEMENTING SEGMENTATION STRATEGY

Chapter 8. Strategic Target Marketing
Target Market Strategy Formulation
The Three Basic Steps to Strategy Formulation
Business Segmentation Insight 8: Guidelines on Market Segment
Attractiveness
Segmentation Strategy Development
Business Segmentation and the Marketing Mix
Segmentation Skillbuilder 8: Target Market Strategy Worksheet
Target Market Strategy: An Application
Summary

Chapter 9. Enhancing Segmentation’s Value
Creating a Segmentation-Driven Organization
Business Segmentation Insight 9: How High-Tech Business Cultures Impact
Segmentation Strategy
Strategic Segmentation and Implementation Considerations
The Segmentation Audit
Segmentation Skillbuilder 9: Segmentation Implementation Questions
Twenty-First-Century B2B Segmentation: A Look Back, a Look Ahead
Summary

PART IV: SEGMENTATION STRATEGY CASES

Case 1. Collins Aviation Services: Building a Cluster-Based Segmentation
Model
Market Definition and Segmentation
Recommended Segmentation by Loyalty-Based Characteristics
Segmentation Applied to Date
End-of-Case Questions
Suggested Readings

Case 2. Dev-Soft S.A.: Segmentation and Distribution in Europe
Company Background
Industrial Software Sector
Dev-Soft’s Product Lines and Preliminary Distribution Channels
Segmenting the Software Market
Target Market Selection
Revising the Distribution Strategy
Risks and Challenges
End-of-Case Questions
Suggested Readings

Case 3. Dow Corning: Segmentation and Customer Value
Change in the Market Situation for Dow Corning
How Did Dow Corning Tackle This Challenge?
Value-Based Marketing at Dow Corning: Discovering and Understanding the
Customer
End-of-Case Questions
Suggested Readings

Case 4. Lexmark International: Creating New Market Space
Introduction
What Is New Market Space?
Lexmark International: NMS As a Competitive Marketing Tool
Lexmark and New Market Space: Some Lessons Learned
Future Prospects
End-of-Case Questions
Suggested Readings

Case 5. Pharmacia Corporation: Pharmaceutical Segmentation
Industry Overview
Brief History
Industry Challenges and Market Segmentation
Pharmaceutical Segmentation Bases
An Rx for Pharmaceutical Segmentation
End-of-Case Questions
Suggested Readings

Case 6. Sportmed: Market Definition and Benefit Segmentation
Sportmed’s Customers
Sportmed’s Market Definition
Extending the Market Definition Analysis
Strategic Marketing Considerations
End-of-Case Questions
Suggested Readings
Notes
Index

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