The process of developing and implementing a useful market segmentation is difficult, requiring dedication and a significant investment of resources. Despite the many challenges inherent in market segmentation analysis and implementation, it can give a company a substantial competitive advantage.
This interactive two-day course includes in-depth discussion of all aspects involved in the process of developing an effective market segmentation solution. The approach is research methods-oriented, emphasizing technical aspects of segmentation solution development with a concentration on practical applications. The course focuses on how to create an actionable segmentation solution with a secondary emphasis on implementation processes. Real-world examples of segmentation solution development will be used to illustrate principles and techniques discussed in the course. Although there will be discussion of business-to-business segmentation examples, more emphasis is given to consumer segmentation.
Learning Objectives
-What does the diversity of wants in our market mean to our business?
-What is the most effective way to segment our present and potential customers?
-How do we develop an actionable market segmentation solution?
Who should attend?
Market research managers and analysts, marketing managers and advertising professionals.
Prior Knowledge Required
A fundamental understanding of marketing is needed. A basic course in statistics is highly desirable, as is familiarity with research data and analysis.
Benefits of Attending
After completing this course, attendees will be able to design and implement improved segmentation projects that provide useful and actionable results. Attendees will achieve a better understanding of:
-How to link market segments to buying behaviors and obtain more actionable segmentations
-How to avoid common pitfalls in segmentation studies
-How cluster analysis, latent class analysis, and tree analysis are used to develop segmentations
-How to evaluate alternative segmentations to achieve the objectives of your or your client’s organization
About the Instructor
Jacqueline M. Dawley, Ph.D., has completed market segmentation work for a wide variety of businesses and is a frequent national speaker on market segmentation. She is president of Insight Analysis, a consulting firm that specializes in the use of multivariate statistical analyses for marketing research applications.
Lynn DeVon, Ph.D., is president of Decisive Information Group, a research-based consulting firm specializing is helping companies get the greatest return on their research investment. Lynn has helped numerous companies effectively implement segmentation solutions by creating segment-focused processes.
Day 1:
8:00 – 8:30am Continental Breakfast
8:30am – 12:00pm
Overview
Course Objectives
Participant Expectations
Segmentation and Strategic Marketing
Benefits of Segmentation
Barriers and Limitations
Requirements for Effective Segmentation
Types of Segmentation
A Priori Versus Post Hoc
Key Terms
The Segmentation Process
Consumer Decision-Making and Segmentation
Risk and Involvement
Category Differentiation
Product Life Cycle
12:00 – 1:00pm Lunch
1:00 – 5:00 pm
Bases for Market Segmentation
Observable Versus Unobservable
General Versus Specific
Joint Segmentation
Consumer Segments Versus Business Segments
Designing a Segmentation Study
Market Definition
Measurement and Input
Research Methods and Sampling
Developing Segmentation Solutions
Data Preparation and Exploration
Measurement, Variability and Standardization
Alternative Segmentation Methods
Overview of Analytic Procedures
Predictive Versus Descriptive
Introduction to Homework Assignment
Day 2:
8:00 – 8:30am Continental Breakfast
8:30am – 12:00pm
Segmentation Development Tools
Cluster Analysis
Tree Analysis
Latent Class Analysis
Other Approaches
Evaluating Segmentation Solutions
Segment Number and Size
Within Segment Similarity
Differentiation Across Segments
12:00 – 1:00pm Lunch
1:00 – 5:00pm
Profiling Segments
Bivariate Methods
Multivariate Methods
Discriminant Analysis
Tree Analysis
Segment Solution Validity and Reliability
Segment Classification and Use
Putting It All Together:
In-Class Development of a Segmentation Solution
Tips and Tools for Effective Implementation
Summary/Questions and Answers
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